Setting the foundation for a convenient insurance platform

Gargash Insurance Services LLC has come a long way since its establishment in 1994. With a stronghold in Dubai, Sharjah and Abu Dhabi, the organisation is one of the oldest and renowned insurance brokers in the country that continues to tread down a path of success with innovation.
Led by its Founder and Managing Director Mustafa O. Vazayil, Gargash Insurance Services LLC remains as the first organisation in the UAE to receive the title of Chartered Insurance Brokers, accredited by the Chartered Insurance Institute, London as early as 2008.
"We have always been innovative in the marketplace - we were the first to introduce the auto loan insurance, the first among all insurance brokers and insurance companies to have a website running in the UAE, and the first to introduce online payment as early as 2006," Vazayil says.
At the time, Gargash Insurance Services LLC had hosted a campaign that introduced convenience into the lives of residents looking to apply or renew their insurance policies.
"From 2006 to 2007, there was a huge boom in the UAE. We noticed that people had a difficult time approaching insurance companies due to the traffic, their work hours; even finding a parking spot got in the way of renewing policies. We'd made it very simple - go online, share your details and receive an approved quotation. All this was 10 years before online transactions became the norm," he says.
The pioneering campaign launched by Gargash Insurance Services LLC set the foundation of online insurance policies across the UAE, and Vazayil says that its system is one of the most efficient, convenient and modern, to date.
Development in the insurance market
The insurance market is a reflection of the economy, according to Vazayil. "When the economy is buoyant, we are also buoyant. What we have seen is over the last few years is more robust regulations coming into play, which has helped enhance the level of professionalism in the overall insurance domain," he adds.
Just as Fintech is making its foray into the mainstream, there is a further adaptation of technology in the market, and the insurance regulator is performing a significant role to ensure the market is stable.
"The insurance scene has demonstrated positive results in 2017. We do not expect it to grow at the same level in 2018 for various reasons, but I believe 2019 will see business pick up again," he says.
VAT perspective
Vazayil further shares his thoughts on the value-added tax (VAT) law that was introduced in the UAE earlier this year and its potential.
"VAT is a paradigm shift for the UAE, which was once an open and free market. However, it has brought in a lot of discipline. As we are still in the first year of its implementation, the market has yet to acclimatise and adapt to it fully. It will take some time to become integrated into UAE's eco-system, VAT is bringing a number of positives to the UAE," says the Managing Director.
Besides generating revenue for the economy, small and medium enterprises (SMEs) are expected to benefit from the implementation of the VAT, according to Vazayil.
"From their (SMEs') perspective, it would now be easy for them to validate their business through VAT returns, allowing banks to ease on credit. This could all fall into place perhaps by early 2019," he adds.
- farhana@khaleejtimes.com
 
Accolades
Mustafa O. Vazayil, Managing Director of Gargash Insurance Services LLC, is:
 Ranked 53rd by Forbes Middle East as one of the Top 100 Indian Business leaders in the UAE for his strategic leadership.
Was the Board Member of the Federal Body of Insurers, Emirates Insurance Association, and previously the Secretary-General of the Insurance Business Group of the Dubai Chamber of Commerce.
A socially committed philanthropist. He is the Chairman of Asraya Charitable Society, Malabar recently opened a Palliative Care and Hospice Centre with 60 beds. The centre looks after people from an economically marginalised section of society, free of cost. The motto of the society is "Every human being has a right to dignified life and death".
Nominated by the Government of Kerala to the Board of NORKA Roots, an agency of the State Government, that looks after the interests of Keralite diasporas globally.
Expertise
Gargash Insurance Services offers Personal Insurances, Corporate Insurances, Special Risks, and Life & Investments. It also specialises in insurance products like Property, Marine, Transit, Engineering, Liability, Travel, Medical, Motor, Professional Indemnity, D&O, Aviation, and many more, alongside risk management, customisation of insurance policies, renewals and claims assistance.

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