What does the customer want is probably the most commonly asked question in every marketing department and board room of every insurance institution. In fact, it is probably safe to argue that this is the most commonly asked question in every institution whatever its line of business.

However, the saddest thing in our industry, is we can’t remember the last time somebody asked what the customer actually needs?!

Ladies and gentlemen of the market, we hope this month’s feature article will get some of our readers thinking!
It is a shame that in a region which commands over 1/3 of the world’s energy resources, that its insurance industry continues to lack from innovation, research and development, and more importantly the proper education of the market’s next leaders.

Insurance in the Middle East has become more than ever a “one size fits all” industry.

All our ads look the same. All our press releases, conventions, meetings, and marketing materials look the same.

Everybody is doing the same thing. Nobody seeks to create, invent, or think outside the box.

All you see is the same products copied and pasted, the same boring advertising copied and pasted, the same lack of risk analysis and modeling, and more and more promotions for the same type of people who will ensure moving forward that nothing changes.

No wonder insurance penetration in the Middle East is amongst the lowest in the world as a percentage of GDP far behind our developed counterparts in the world.

It is not religion, cultural issues, or language. It is lack of education and communication.

Everytime you open your mail, it seems somebody is arranging another insurance conference, for whom? You guessed it. Other insurers, brokers, reinsurers, or mostly anybody who has nothing to do with the actual insurance buying, the customer! Ok, so they invite a couple of risk managers from some of the larger corporations around like the oil and gas companies and airlines, but what about your average customer or business that make up over 70% of the market? Who’s talking to them? Who’s doing research? Who’s educating the customer?