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CHAIRMAN’S MESSAGE

By 2020-01-28 September 3rd, 2020 No Comments

Solidarity Group Holding (The Group), since its inception, had a vision to be a leading regional Islamic-oriented financial services group focusing on Islamic insurance and related products with a mission to operate and invest in the MENA region and Asia. The Group currently operates in the Kingdom of Bahrain, Hashemite Kingdom of Jordan and Kingdom of Saudi Arabia through its two subsidiaries and an Associate.

The Group has faced many challenges in the past but it only made us more determined to expand our operations in all three countries. As a part of expansion, the Group has recently successfully acquired companies in Hashemite Kingdom of Jordan and the Kingdom of Bahrain, which were merged with local operating entities, which are now one of the top companies in their respective markets.

As the global market is changing with disruptions from new entrants with the adoption of new technologies, the Group as a whole took significant strides towards bringing the DID (Differentiate, Innovate, Disrupt) strategy to fruition. Surrounded by a fast changing technological landscape where new technologies and young start-ups are upending incumbent market leaders and business models, the Group has embarked on a digital transformation journey that has the customer at its heart.

A comprehensive exercise was undertaken to select a Core Insurance System for both of the Group’s entities in the Hashemite Kingdom of Jordan and the kingdom of Bahrain operations. The Core System will provide the base for the new strategy of “Solid Digital Transformation” and is currently being pursued across the three main operating entities of the Group. With the new Core System being the backbone, other complementary initiatives are being implemented spanning Infrastructure, Partnerships, Cyber Security, Digital Channels and Stakeholder Touch Points. Among other things, the Group entities have implemented and/or working towards the following:

  • Video Insurance – first of its type in GCC
  • Digital Branch in the Kingdom of Bahrain
  • ISO 27001 certification
  • Digitising the back office – paperless
  • Digital Touch points including – Kiosks, Mobile Wallets, Web Applications, Web Based Aggregators, Multi Payment Portals etc.
  • Customer engagement initiatives including; Digital Que Management, Claims Tracker, and Customer Call centre outsourcing to independent professional managers

In addition to above, the Group is also engaged in constant dialogue with start-ups in the MENA region and worldwide in order to explore potential partnerships, with the latter working on innovative technologies such as robotic process automation, big data analytics and artificial intelligence. With the emergence of Solidarity Bahrain as a leading player in the Kingdome of Bahrain, supported by consistently strong performance of Solidarity Jordan and continuous strides by Solidarity Saudi to achieve critical mass in the largest MENA Insurance Market, the Group is well poised to continue its robust performance in the future. The myriad initiatives towards the instrumentalisation of a technology enabled customer focussed strategy would supplement the strength of core operations and help the Group pioneer business model innovations across its various operating markets.

 

Rashed Ismaeel Al Meer