Could you provide a brief journey of how you arrived where you are today?
After 13 years in the Belgian insurance industry, I accepted the position as a regional risk and finance manager with the Fortis Group (currently known as Ageas) in Hong Kong. Being fascinated by the cultural diversity and yearning to learn the differences between Asia and the rest of the world, I moved to Hong Kong in 2004. A year later, I was sent to Malaysia as a representative of Ageas to handle the acquisition of MNI and Takaful Nasional, a merger with the insurance and Takaful companies of Maybank that led to the creation of Etiqa. When the opening for chief financial officer (CFO) at Etiqa became available in 2007, I seized the opportunity. After four years as CFO I was approached by Abdul Wahid Omar, the president and CEO of Maybank, to come on board the bank’s executive committee as CEO of Etiqa Insurance & Takaful.
What does your role involve?
As CEO, I lead the growth and expansion of Etiqa Insurance & Takaful locally and internationally. Etiqa is the second largest insurance and Takaful group in Malaysia with RM24.4 billion (US$7.9 billion) assets under management and over 2,000 employees. It is a true multi-channel distributor of insurance and Takaful products via its 21,000-strong agency force, 33 insurance and Takaful branches and more than 400 Maybank branches, ATMs and other third-party banks, providing full accessibility and total convenience to customers.
What is your greatest achievement to date?
With the completion of the merger process which started four years ago, we more than doubled our profit before tax to RM548 million (US$177.52 million) in 2011 from RM204 million (US$66.08 million) in 2006. In 2011, Etiqa is also ranked number two in overall gross written premiums/contributions, combined totaling RM4.7 billion (US$1.52 billion). Etiqa Takaful became the first Takaful company in the world to surpass RM2 billion (US$ 647.88 million) contributions.
Which of your products/services deliver the best results?
All Etiqa products established in the market deliver the best results, through their respective distribution channels. Consumers have the ease and opportunity to choose from a wide variety of products that suits their needs: be it from insurance or Takaful, life or family as well as general, all under one roof.
What are the strengths of your business?
Etiqa is about people and we put people over policies. We break down boundaries and we aim to change the face of the insurance and industry, to make life easier yet tangibly richer for everyone. We offer products and services that creatively answer respective needs yet are simple to understand and clearly transparent to our customers.
What are the factors contributing to the success of your company?
I believe that the success of Etiqa is built by more than 2,000 Etiqans. There is a strong “drive to perform” and “energy to change”, present within all Etiqans. Humanizing our products and services is not a management project; it is in the hearts and minds of our employees. The company also benefits from a good blend of management expertise.
What are the obstacles faced in running your business today?
The main challenge is the increasing complexity of our business combined with a continuous need for more experienced talent. I am pleased to see that the regulator puts talent management high on its agenda. The success of our industry will depend on the ability to attract and groom top performing talent. We invest significant time and money in training our talent. The world is becoming more flat, and mobility of talent needs to be managed carefully.
Where do you see the Islamic finance industry in the next five years?
Malaysia is rapidly becoming a leading hub for the global Islamic finance, with strong support from the government and regulator to establish an Islamic economic and financial system. We anticipate that the growth of Islamic finance will continue to outpace the conventional market as it looks at potential areas for growth, both locally and internationally, and becomes more prevalent in other markets outside the GCC region.
Name one thing you would like to see change in the world of Islamic finance.
To sustain the competitiveness and attractiveness of Islamic finance, more innovative products and access to a wider Islamic capital market is needed. At the same time, the industry will need access to capital to support its rapid growth.