Securite Assurance started its operations in the late 50’s, making it one of the oldest insurance companies in Lebanon. Today the company holds a robust financial standing backed by one of the highest capital in the market (15 Mn USD). With 10 branches covering Lebanon, Securite Assurance issues over 300,000 policies every year with a clear leadership in the cargo and travel insurance lines throughout the MENA region.
Lebanon records the highest insurance penetration in the MENA region, standing at 3% of GDP. In comparison to the region, our insurance market has been regarded as the pioneer in talent, and expertise. This being said, our insurance industry still has room to improve when compared to developed economies, especially in terms of customer service. Today the industry is dry and introvert, meaning the focus has been on operations rather than on consumer needs.
Two years ago, Securite Assurance conducted an assessment which led the company to realize that the market suffers from a lack of customer compassion. It noticed that customers are viewed as claim numbers, not individuals. Their psychological state and specific needs are being overlooked. This realization defined Securite Assurance’s goal: to become a customer obsessed insurer, to the point that it becomes the obvious and evident insurance partner, the top of mind insurance brand.
In light of this, the company started a transformation journey to turn the company into an extreme customer centric organization. The first step was to secure the buy-in of the company’s most important asset: its team. This helped promote abled employees to lead the company’s transformation program, and part ways with those who did not prove to be strategic fits. Most importantly the internal alignment helped having all employees move in the same direction: towards customer satisfaction.
Today the transformation journey is done. In terms of claims, a key overarching philosophy was put in place, and that philosophy is to grant each claimant’s right as quickly and as hassle-free as possible, and to be generous and flexible. To further improve service, the company set up a customer service and a broker division available 24/7 to answer clients’ and brokers’ requests, and as evidenced by the feedback received, the service level improved drastically. In terms of product and pricing, the company came up with a product kit which includes simplified offerings with best-in-class benefits and prices, and a generous commission structure. Online systems were developed to enable partners to issue almost any policy and handle claims. Finally an appraisal system was created to reward good behavior and safeguard the customer centric culture.
Going forward the company will find innovative ways to further improve its service levels. For example, the company is developing an App that enables brokers to do almost all their work from their phones. The company will also be heavily focused on branding & communication. For that it has partnered with NINETEEN-84, a prominent agency. Lastly, leveraging on the service & branding efforts, the focus will be on growth mainly through brokers to whom the company will provide well-studied offerings and a state-of-the-art service.