In 2016, ADNIC posted its first annual profit in 3 years. What are the highlights of ADNIC’s 2016 financial results?

AHMAD IDRIS: In 2016, we achieved a profit for the first time in three years and the only way we could do that is that we had to put in place a robust, clear and pragmatic underwriting strategy and we had to put in place as well proper controls to ensure discipline meaning uh a prudent pricing and prudent risk selection. Profits were healthy, ADNIC's profit in 2016 was 205 million AED ($56m). We achieved the profits both on the investment side as well as the technical side. Most of our business clients generated profit. It was a turnaround by all means. So it was a shift from loss to making profit on most of our lines of business.

What new initiatives is ADNIC currently undertaking?

AHMAD IDRIS: In 2016, we introduced with new products. We are continuing to revamp a couple of other products. But what is most exciting in what we do is what we do to enhance our customer service. Our aim is to make our services and products available to all our clients through diverse business channels including their smart phones.

In what ways has ADNIC been successful in bringing innovation to the insurance industry? How important is innovation in driving the UAE’s insurance sector as a whole?

AHMAD IDRIS: In a competitive, actually, extremely competitive market, the only way for companies to achieve their goals is to differentiate themselves in service. So, leveraging technology and strengthening the resources capabilities is key to success. Otherwise, the only way to generate business will be compete on price which is a recipe for failure.

The most important innovation that has allowed ADNIC to stay ahead of our competition is to continue to develop our app features. To make it easier and more efficient for our customers to access our service.

For example, you track your claim. You know where your claim is lying with whom and at what stage. You will be able to know when the money is transferred to your bank account. You can also know where to go in case you have, you are a card holder for medical insurance, which doctor to go, which you know the network. And many other similar features.

What strategies allowed the company to achieve these results?

AHMAD IDRIS: Customer service was at the center of everything we did. At the back end, we have to set a clear and robust strategy in underwriting. We had to put in place proper controls to insure discipline, meaning prudent risk selection and pricing. At the same time, we had to enhance our resources and we added more resources in our underwriting and claims functions to make sure that the increasing expectation of customers are met.

What is your outlook for ADNIC’s future performance?

AHMAD IDRIS: Looking to the future, we realize that we have to continue with what we are doing right now on the underwriting side, on the service side, but realize that we should not take the customers for granted and realize also that their needs and expectations continue to grow and therefore we should every time continue to enhance our service delivery.