Kenneth Maw has joined Universal Assuretech as Board Director. Universal Assuretech, headquartered in Singapore is an insuretech which amalgamates vast insurance knowledge on to its technology platform UServeTM.

 

 

Welcoming Kenneth Maw on Board of Universal Assuretech, Abhinav Puri, Co-founder and Executive Director of Universal Assuretech said “We transform insurers to become insurance service providers. UServeTM is an outcome of over decades of deep knowledge and experience of insurance domain specialists and technology experts amalgamated for an end-to-end technology suite. UServeTM is unique, composite and extremely user friendly making it a pioneering experience for the new age insurance users. The founders of Universal Assuretech have brought forth their conviction that technology has to be married to end customers’ insurance needs by way of a user friendly and seamless platform. We welcome Ken on board. The exemplary work Ken and his team have undertaken in the last three decades in the insurance sector in Middle East shall be of immense value to Universal Assuretech in fulfilling its objectives of disrupting this vast industry.”

 

 

Kenneth Maw said “I am delighted to be on Board of Universal Assuretech which has been set up with the vision of disrupting the information asymmetry in the insurance industry by creating a seamless and open access technology bridge, UServeTM, between the insurance providers and the end customers. In today’s digital world, consumers are looking at flexibility, simplicity, choice and personalization in their interaction with the insurance providers and UServeTM aims to be the technology bridge enabling this connectivity. Universal Assuretech enables insurers penetrate the market thereby positively impacting their top line and also helps in reducing the distribution cost to make them more profitable. It is a WIN-WIN for insurers as well as end customers.”

 

UServeTM aims to create strategic partnerships with the top insurers, both life and non-life, to extend their geographical reach and also enable them to provide personalized services to their existing and prospective customers.

After extensive market research, Universal Assuretech has planned its addressable market to be South East Asia, Middle East and Africa.

Refpoint Insurance Consultants (RPIC) and RedAir Limited in London have signed an agreement that will see RPIC bring RedAir’s innovative blockchain-based flight delay compensation service, Red Assist, to the Middle East.

 

 

Recognizing the value of RPIC’s long-established relationships with key airlines in the GCC, RedAir is also keen to harness RPIC’s knowledge of the insurance markets to help it to best position its service, RedAssist, with low cost carriers (LCCs) and full service carriers (FSCs) – oLen referred to as ‘budget’ airlines and ‘flag’ carriers. RedAssist is a transformational service that reduces the costs of administration for airlines in handling complaints and claims. With time savings come cost savings plus an increase in customer satisfaction as claims are processed immediately and automatically with payment made to passengers in minutes.

 

 

 

Insurance companies and airlines are oLen perceived as deliberately delaying the process of paying passengers’ compensation. RedAssist removes that perception. Offering the flexibility to cater for legislation internationally (EU261, etc.) and reflecting compensation payments accordingly, RedAssist enables airlines to “make things right, when things go wrong”.

RPIC deal with RedAir

Ken Maw of RPIC (l) and Richard Marsden of RedAir (r) chose to bring the services to regional airlines for their excellent services.

RedAir’s CEO Richard Marsden said, “With air travel set to double over the next 20 years (according to the IATA), RedAssist’s innovation and automation will be required more and more by established and new airlines. The Middle East is one of a number of regions that is set to see major growth – Asia and LATAM being two of the others. Being able to deliver the levels of customer service that are synonymous with the culture of the Middle East was one of the main reasons that we elected to work with RPIC. It already has an excellent reputation in both the insurance market and the GCC and RedAir is keen to align to like-minded partners, like this to serve the MENA Market.”

Ken Maw, MD of RPIC, commented, “Bringing innovative new services like RedAssist to the GCC made perfect sense to me. Giving customers an experience like no other is what the Middle East’s airlines are world renowned for. Excellence in customer service is what Middle East airlines deliver like few other airlines internationally. Bringing this value-added service to their passengers will see them take passenger experience to yet another level for the rest of the world to aspire to. RPIC is proud to partner with RedAir to enhance both passenger experience and airline efficiency.”

Refpoint Insurance Consultants LLC (RPIC) considers increasing demand likely for specialist Insurance Consultancy services in the Kingdom…

by Natasha Keats {Original Article can be found here}

Attending conferences provides an opportunity for Axco to expand our industry knowledge as well as an excellent forum to meet with customers and contacts to exchange ideas. Ken Maw, MENA Regional Ambassador for Axco recently attended the Sharm El Sheikh Rendezvous. This first rendition, of what will be an annual event, brought together re/insurance industry professionals from all over the world, a large contingent of whom came from the MENA region. Ken met with many of the key movers and shakers including a brief meeting with Egypt’s Minister of Finance, Minister of Public Enterprise and the Governor of South Sinai who were present for the opening ceremony.

The conference theme “Spreading Precious Ideas” reflected the collective desire to improve the future of the industry. Over 2 days, delegates were treated to a series of very well-presented panel discussions and keynote presentations, conducted mainly in English but audio headphones with simultaneous translation were readily available to ensure everyone could benefit from the various discussion topics.

An Exhibition Area outside the main hall was a showcase for many major industry players and providers as well as private meeting rooms. All in all, plenty of opportunities to mix, network and build new friendships throughout the region.

The main learning point was the potential spoken of the Egyptian Insurance market. Although still relatively small, it is one of the fastest growing in the world with plenty of untapped potential. Experts expect it to expand in double-digit figures and it will no doubt benefit from large-scale infrastructure projects across all major sectors including oil & gas, mining and power as well delving into other commercial lines and the massively untapped individual personal lines business where the subject of “Micro Insurance” opportunities was highlighted. Unsurprisingly this scope for development echoes the views from Axco’s insurance market report.

My thanks and congratulations are extended to the organisers for what was an excellent program, I am sure with the success of this first such event at Sharm El Sheikh, the future renditions will become even grander.