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Awareness about benefits of insurance vital for growth: CEO, SPI Insurance

Published on 18th May, Edition 20, 2015

Insurance plays a key role in sustainable growth both on social and economic fronts, said Mian M. A. Shahid CEO, SPI Insurance, however, awareness of the masses at grassroots level about the benefits of insurance is equally important for growth of insurance in the country.

Mian M. A. Shahid was addressing the 10th annual general meeting of SPI Insurance, which was attended by members of the board of directors and shareholders.

The meeting also discussed the Window Takafal Operations, audit and accounts and other related matters. During the proceedings the minutes of the 5th EOGM held on September 11, 2104 were confirmed and the Audited Accounts for the year ended December 31, 2014 showing considerable improvement were approved and adopted. M/s Ilyas Saeed and CO, Chartered Accountants, were also reappointed as external auditors for the year 2015. The shareholders appreciated the overall performance of the Company as well as commencement of Window Takaful Operations.

Addressing the annual general meeting, CEO Mian M. A. Shahid said due to less literacy people at grassroots level are not aware about the benefits of insurance. This is why the ratio of insurance in Pakistan is less than the insurance ration of the developed nation. He said the key is to raise awareness amongst the masses regarding the benefits of insurance so that people could be facilitated with difference insurance-based schemes. He stressed the need of maintaining even closer contacts with the consumers of the insurance industry and take efforts to further wide this consumer base. Chairman SPI Insurance Azizullah Memon said the insurance industry has been facing different problems and it is necessary to take solid steps to remove these obstacles so that the insurance industry fully and freely flourishes in Pakistan. He said despite challenges and problems, we are working to provide even better services to our clients. He said the government should make a strategy to develop the Pakistani insurance industry at par with the insurance industry of the European countries.

Director SPI Insurance Muhammad Moazzam Khan said the success of the company is the result of its successful team work. He said SPI Insurance believes in fair market competition. He said there is a need to introduce new and innovative insurance products in the Pakistani market. Abdul Majeed, Director SPI Insurance , said that insurance is a vast field in which there are ample opportunities for young people to develop their careers. He said this field demands hard work, passion and dedication and it also offers befitting rewards.

Directors Uzman Naveed Chaudhry, Jameel Ahmed Khan and others also spoke. SPI Insurance Company Limited is a general insurance company providing insurance coverage to various renowned companies and financial institutions of Pakistan. SPI Insurance started its operations from April 14, 2005 and since then it has managed to emerge as one of the successful companies of the insurance industry. Fortunately to its credit, it is jointly supported by the strong SPI Insurance Group and Silk Bank Limited, a consortium of Bank of Muscat, Nomura of Japan, IFC and others. The company commenced its operations with a paid up capital of Rs200 million, which has been raised to Rs325 million with an authorized capital of Rs500 million, thus providing a strong base for operations and substantial capacity for accommodating large industrial risks. The company is manned by duly qualified and experienced professionals of all discipline of insurance having substantial knowledge of underwriting various products and claims management. Claims are the end product of the insurance. At Saudi Pak, we believe in the philosophy that every claim is a service to the client and therefore must be handled in the most professional and judicious manner. We therefore give great emphasis to expeditious claim handling including assistance to the client in the risk management, loss mitigation, fast settlements and early payments. For this purpose the Company’s claim department is led by a veteran who is assisted by a very efficient technical team of professionals.

Believing in the quality of service, the company employs the leading loss adjusters of the country who have foreign affiliation and years of experience to their credit. A suitable number of strategically located branches and desirable for an insurance company, SPI Insurance has plans to expand its operations nationwide in order to provide services to its clients who may situated at remote and far reaching places. With 28 online branches across Pakistan, SPI Insurance enjoys unique position when it comes to client service. With the above credentials we are sure that our company has desired financial strength and expertise to provide coverage to your various insurance requirements and hope that you will consider us to be the potential insurers of your valuables assets.

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