Need to fully understand Takaful paybacks.

Byline: KHALIL AHMED

Interview with Dr. Syed Arif Hussain - General Manager Marketing and Compliance, Alpha Insurance Company Limited

Profile:

Dr. Syed Arif Hussain is General Manager Marketing and Compliance at Alpha Insurance Company Limited. He has gotten expertise in management, resource development, marketing and execution of business strategies. His professional experience is spread over 24 years at progressive senior level positions and has the experience of underwriting, reinsurance, claims management and marketing with the State Life Insurance Corporation of Pakistan, Dawood Family Takaful Limited and as a Chief Executive Officer. He also headed Takaful Pakistan Limited a Non-Life Takaful Company and Excel Insurance Company Limited and Head of Takaful of East West Insurance Company Limited. His expertise include Life, Health and project related Insurances/Takaful schemes. He has extensive experience in restructuring, insurance operations and automation. He holds M.B.B.S. and Master's Degree in Business Administration. He has attended a number of Insurance/Takaful and management related workshops and conferences held locally and internationally.

Alpha Insurance Company Limited is a Subsidiary of State Life Insurance Corporation of Pakistan, registered in 1951 and to underwrite all classes of general insurance businesses. It acquired IFS rating "A" by JCR-VIS. With the objective of providing and delivering the best the organization is operational all over the country. It is a bona fide member of the Insurance Association of Pakistan. The balance sheet reflects the financial soundness of the company with sizeable paid-up capital of Rs. 500 million, Equity 705 million.

PAKISTAN and GULF ECONOMIST had an exclusive conversation with Dr. Syed Arif Hussain vis-a-vis insurance sector. The excerpts of the conversation are as under:

Underwriting is the process by which the Company makes an assessment of the risks to be accepted and determines the terms on which the risks would be acceptable to the Company. The underwriting process generally involves obtaining and managing essential underwriting information on the risks, assessing and accepting risks according to underwriting guidelines and authority levels, and monitoring and reviewing the risks accepted.

"Slow and Steady walks won the race". It is a long term strategic investment planning, needs patience and vision. In Pakistan insurance sector is regulated by the Securities and Exchange of...