By John Lee.

The Iraq Britain Business Council (IBBC) has announced that it has established a Health Sector Table.

This Table will be chaired by Professor David Kerr, Rhodes Professor of Clinical Pharmacology and Cancer Therapeutics, and Head of Department of Clinical Pharmacology at Oxford University.

It is being supported by the Iraqi Minister of Health and the Environment, Dr Ala Alwan, who attended its first meeting.

The Table’s first meeting was held at IBBC’s offices on the morning of Friday 28th June. Its purpose is to allow relevant member organisations to become involved in the further development of the Iraqi health sector.

Healthcare is a priority for IBBC, and the Minister will personally be liaising with this Table. Also present at this meeting were representatives of Almanseer Insurance, Serco, Protechnique, GE Healthcare, Perkins+Will UK, PwC, Management Partners, and The Amar Foundation.

For more information on the Iraq Britain Business Council, visit https://www.iraqbritainbusiness.org/

(Source: IBBC)

By Padraig O’Hannelly.

Insurance is a complicated business, and as economies develop they demand more of it.

This brings challenges, such as how to assess claims when the skills are not readily available locally, how to satisfy reinsurers that risks have been correctly priced and losses properly assessed, and how to develop lower-premium business without driving up costs.

One Iraqi insurer believes fintech assists in providing the solution to several complex issues.

Al Maseer Insurance was founded by Chairman Arak al-Bayati and CEO Sarah Safa Kasim in 2011, with the aim of bringing innovation, knowledge and global skillsets to the insurance sector in Iraq.

As Chief Underwriting Officer Douglas Way told the recent IBBC Technology Conference in Baghdad:

“Iraq is a challenging market for insurance, to put it bluntly; there are some extremely large risks in Iraq, which require very large reinsurance, which is where fintech solutions come to the fore.

When a proposition is difficult, rather than just saying ‘no’, we find a way to make it happen, and increasingly that involves the use of imaginative and cutting edge technology.”

For example, the company is currently working with Virtual i, which enables it to use experts located remotely to carry out detailed surveys on the ground in Iraq.

Just taking a photo and ticking a box is not sufficient to satisfy reinsurers,” Way explains, adding that using this system also helps to up-skill local Iraqis. “We are very much committed to providing the highest level of service, and very committed to using Iraqi people to do that.

Similarly at the low-premium end of the market, the use of mobile devices and automated systems is helping to strip out the costs of processing applications and claims, enabling new business to be written.

When I visited their offices in Baghdad’s Al Mansour district, CEO Sarah Safa Kasim and her team were busily expanding to serve a growing base of international and domestic clients.

Kasim also took me on a virtual tour of their impressive new HQ, designed by Mutaa Al Hashimi, which will be ready in 2022:

“We’re investing in the right people, the right technology and the right facilities – we’re very confident that Iraq can look forward to a bright future.”

Iraq Britain Business Council (IBBC) has announced that Al Maseer Insurance Company has joined the Council.

Founded in 2011, Al Maseer provide a range of insurance products covering the key sectors in Iraq: construction insurance, energy insurance, agriculture insurance, health insurance, marine insurance, motor insurance, property insurance.

Chairman and  co-founder, Arak Fadhil Hameed Al-Bayati, said the company is currently researching special cover for farms, loss of profits after a fire, and professional indemnity.

(Source: IBBC)