Browse
related articles
Based on the new structure the Board has confirmed the appointment of six Vice Presidents. The Vice Presidents are Saad A. Al-Marzoqi, VP-Technical; Ahmed A. Al-Shalan, VP-Marketing & Sales; Saleh A. Al-Subail, VP-Key Accounts; Hesham M. Al-Shareef, VP-Motor Insurance; Raeed A. Al-Tamimi, VP-Medical & Takaful Insurance; Fahad A. Al-Husni, and VP-General Insurance.
The study states that the new structure will allow extensive concentration on sales growth with clear accountability for each strategic unit and individual departments. Also, it is designed to concentrate on profitability and maintaining NCCI's leading position which are key factors in the new competitive environment of the Saudi market.
Ali Al-Subaihin, NCCI's CEO, said,
"The new structure will give the company the ability to face the many challenges in the Saudi insurance market such as competition with the newly licensed insurance companies and the growth of the motor and medical insurance markets."
Al-Subaihin added "The new structure will assist the strategic business units to swiftly react to customer needs and take advantage of market opportunities through an accurate information system that monitors performance and building a bonus and incentive program that depends mainly on profitability.
The Board also approved the business plan and corporate strategies for the next five years, 2006 to 2009. The business plan and corporate strategies were confirmed after reviewing the current competitive state of the market and NCCI's market share. The Board also reviewed NCCI's performance for the first nine months of 2006 which showed an increase of 24% in revenues. It is expected that NCCI will maintain its leading market share during 2006 and through its five year plan it will maintain it for the coming future even with the recent developments in the Saudi insurance market.
Posted by Anne-Birte Stensgaard, Senior News Editor
