Interview with Mr. Ihtsham Ul Haq Qureshi, CEO – Asia Insurance Company Limited
ACHIEVEMENTS IN 2016:
1- Completion of company’s new head office named ‘Asia House’ in Lahore
2- Introduction of Group/Corporate Health Insurance
3- Launch of ‘Asia Window Takaful Operations’
4- Increasing business portfolio resulted in enhancement to double the work force of the company
5- Opening of 10 new offices in different cities of the country now it came to 27
6- Business activities spread out to Azad Jammu and Kashmir
7- Agreement with Livestock Dairy Development Department Punjab for insurance coverage of Animals extending Asia Insurance coverage to 7 banks in total
Asia Insurance Company Limited is one of the fastest growing Insurance Companies of Pakistan. The company offers various solutions which are inclusive, economical and tailored for its valued clients. The company’s aim is to provide a steady hand helping people back onto their feet, while prudently managing risks. Asia Insurance Company Limited was established in 1979 as a Public Limited Company and commenced its business in 1980. The Company is listed and quoted on both the Karachi and Lahore Stock Exchanges.
About Mr. Ihtsham Ul Haq Qureshi after graduating from UET Lahore with a BSc. Electrical Engineering in 1973 , he was employed by Amijee Walijee, an engineering company. After serving there for some years, he moved on to BBC and finally, to Pak Electron. In 1985, sensing a shift in Pakistan’s economy towards privatization, Mr. Ihtsham Ul Haq Qureshi set up Falcon Engineering Services with the aim of bringing the best of European technology to Pakistan. Years later, this was followed by the founding of Indus Insurance, its merger with Asia Insurance and their buyout of the other shareholders in 2007.
Mr. IHTSHAM UL HAQ QURESHI says:
“I FIRMLY BELIEVE IN TAKING NO SHORTCUTS TO GROWTH AND PROFITABILITY, AND IN MY ESTIMATION, IT IS BETTER TO FOREGO IMMEDIATE PROFIT FOR THE SHAKE OF BUILDING A STRONG BASE FOR FUTURE GROWTH.
OUR MISSION IS TO PROVIDE EXCELLENT SERVICES BY WAY OF BEST RISK MANAGEMENT AND HASSLE-FREE SETTLEMENT OF CLAIMS THROUGH A NATION-WIDE NETWORK OF BRANCHES MANNED BY A SOUND, DYNAMIC TEAM, ENSURING GOOD GOVERNANCE.”
ASIA INSURANCE AT GLANCE
Asia Insurance Company Limited is one of the fastest growing Insurance Companies of Pakistan. The company offers various solutions which are inclusive, economical and tailored for its valued clients. The company’s aim is to provide a steady hand helping people back onto their feet, while prudently managing risks.
Asia Insurance Company Limited was established in 1979 as a Public Limited Company and commenced its business in 1980. The Company is listed and quoted on both the Karachi and Lahore Stock Exchanges.
We are a composite Insurance Company which has been authorized by Security Exchange Commission of Pakistan to transact all classes of General Insurance business; Fire and Allied Perils; Marine Cargo; Marine Hull; Motor; Personal Accident; Travel Insurance; Agri Insurance; Cash in Transit and Safe; Machinery Breakdown; Guarantees, Bonds and Takaful etc.
The Company’s operational functions are split into seven departments, each of which is housed in the head office in Lahore. These include Underwriting, Claims processing, Accounts, I.T., Human Resources, Reinsurance and Internal Audit. Marketing and sales are carried out through the head office and a network of branches that extends throughout Pakistan. The entire branch network is connected to the Company’s IT system, which allows fluid, paperless operations in real-time.
Asia Insurance has reinsurance arrangements with the leading reinsurers of the world, whose credit rating has been certified as ‘A’ by International Credit Rating Agencies.
As a sign of Asia Insurance’s growing stature on the basis of sound fundamentals, the Company has seen a consistent increase in its Insurer Financial Strength (IFS) rating by the Pakistan Credit Rating Agency (PACRA).
PACRA currently rates Asia Insurance as ‘A-‘.
Asia Insurance Company Ltd. aims to be an ideal Insurance Company with a large equity base; To provide more opportunities and options for utilization of funds and to increase profitability through economies of scale, better resource mobilization and reduction in operational cost; To achieve this while providing better service to our clients and stakeholders
Provide excellent services by way of best risk management and hassle-free settlement of claims through a nation-wide network of branches manned by a sound, dynamic team, ensuring good governance.
CORE VALUES DERIVED FROM ASIA CODE OF CONDUCT
- Customer Service
- Stimulate Personnel, Reward them and enhance their skills
- Contribution towards Company’s Financial goals and focus on achieving results.
- Commitment towards excellence in quality of work
Asia is pursuing profitable business and responsible leadership within the insurance industry. The company witnessed a positive growth in underwriting premium. Asia Insurance Company Limited has made a significant improvement in 2015 and our achievement for year ending December 2015 showing the continuous progress.
The gross premium written of the company has increased to Rs. 450 million representing 48% increase from previous year. The Business figures of 2015 and last Three years are as under;
The Company’s ability to create new modes of operation relies on the aforementioned financial growth. It also helped to improve corporate infrastructures and support a new foundation that is flexible and adaptable.
ASIA WINDOW TAKAFUL OPERATIONS
Asia insurance Company Limited has been granted license of Window Takaful operation by SECP. Takaful is a system of Islamic insurance based on the principle of Ta’awun / Waqf (mutual assistance) and Tabarru (voluntary contribution), where risk is shared collectively by a group of participants, who by paying contributions to a common fund, agree to jointly guarantee themselves against loss or damage to any one of them as defined in the contract. Takaful is operated on the basis of
- Shared responsibility
- Mutual cooperation
Takaful is an Islamic way to Insurance. It has benefit of “Profit Sharing” and recognized by Shariah Advisory Board. Window Takaful operations of the Company offers modified services according to customer’s need. The company’s Window Takaful operations under the Brand name of Asia Window Takaful will transact in all classes of risk namely Fire, Marine, Engineering, Motor Vehicle and miscellaneous.
Through its existing infrastructure in Pakistan and new staff dedicated to Asia Takaful window operations, Asia Insurance aims to bring to Takaful the same sense of responsibility, prudence and excellence in customer service that its clients in conventional insurance enjoy.
INTRODUCTION OF GROUP HEALTH INSURANCE
In a changing environment with stress, strain and anxiety, coupled with ever increasing cost of health care, falling sick and being hospitalized is indeed a traumatic experience for every individual.
As a prudent employer, you can appreciate that a fit and healthy work force is essential for successful running of a business. Employees’ medical problems and illness can adversely affect an efficient and effective working system. Moreover, medical costs have a tendency to escalate at a much higher pace than our historical inflation rate particularly where hospitalization expenses are involved.
HEALTH INSURANCE BENEFITS
- Health Insurance enables employers to contain medical expenses within their budgeted limits, thus ensuring adequate provision of medical care for employees against contingencies.
- Unexpected medical expenses, if not budgeted for can put an undue strain on financial resources of an employer. With our Group Hospitalization Insurance cover employers will experience the following benefits:
- Sharp fluctuations in their health costs can be smoothed out, making it possible to contain expenses within budgeted amounts.
- Their healthcare related administration costs can be almost eliminated as we do the work for them.
- The network of our panel hospitals are accredited based upon the credentialing of their physicians/surgeons and favorable assessment of their facilities, which can ensure better quality care for their employees.
- Unreasonable and inflated bills can be screened out by our expert case managers.
- Health insurance premium is a tax-deductible expense.
We provide bank guarantees for travel agents and travel insurance service for our corporate clients, individuals, students and special packages for Hajj and Ummrah tour operators and groups. Our travel insurance policies are approved for travel around the world, including the Schengen Area.
Asia Travel Policy take your worries from you. Just relax and enjoy your time abroad, knowing that you and your loved ones are protected against any unforeseen mishap or sickness. The cover is available to any Pakistani traveler proceeding abroad as a passenger.
SALIENT FEATURES OF TRAVEL INSURANCE POLICY
There are no hidden charges all Govt taxes have been included in premium rates
- Our assistance is available anywhere in the world 24/7
- Loss of baggage claim cover
- Loss of passport claim cover
- Evacuation and medical reparation cover
- Possible to change in insurance period before the effective date of policy
- Direct settlement of medical claims abroad
- Emergency dental care cover.
We provide insurance coverage against agriculture loans disbursed by banks, which cover insurance for farmers of their crops and livestock, as well as farm implements such as tractors.
- Crop policy provide cover against natural calamities, excessive rain, hail, frost, snowfall, windstorm, flood or drought
- Crop related diseases, viral and bacterial attacks
- Locust attack &/or insect attack
- Animal death from any disease or accident covered under Livestock policy