Karine Cherfane Haddad has been working in the Insurance and Reinsurance field for more than 18 years. She is currently the managing director of “General Reinsurance Services Ltd.” (GRS), a Reinsurance Brokerage Firm based in Lebanon which has been in operation for over twenty years. GRS has its origin back to 1994. Karine Cherfane Haddad is also one of the principal shareholders of the Company.
GRS's short term plan is to launch our office in Saudi Arabia (Jeddah) under the name of Modern Ins. & Reins. Brokers (MIB) and we are hopeful this will occur in the near future along with maintaining and expanding the company’s client portfolio. Management and staff consist of experienced professionals in insurance and reinsurance business mostly accredited from the Chartered Insurance Institute of London and from St.Joseph University – College of Insurance in Lebanon. GRS provides its clients with a wide range of services in designing, structuring and implementing risk transfer programs. GRS have earned a reputation for being successful to obtain secure coverage for many unusual and specialized risks and at the same time its team handles with reputable ease non marine and Marine Treaty and Facultative in property; construction & engineering; Marine, Energy & Aviation; Life / Accident and health throughout the MENA area. The insurance market has also been changing fast. There have been many acquisitions and mergers made by global players. In the mid-term, premium levels will become higher especially for motor branches. Brokers need to be powerful to take advantage of these opportunities. First of all, brokers need to have the financial strength. Second, they need to understand the business culture of a specific country. Having both for local brokers is not easy. The MENA economy will keep growing. An important point, however, is how to measure the growth. Insurance agents and brokers had many fires to extinguish in 2013. Along with long-standing challenges like competing with direct writers, recruiting top talent and staying ahead of the tech curve, they also had to grapple with healthcare reform (as both employer and client advisor), carrier price and underwriting changes, and maximizing their use of social media. These setbacks can become opportunities for growth in 2014. Hiring and retention will continue to challenge the insurance industry in 2014 and beyond. But many mid-sized agencies are hiring producers under age 30. Insurance brokers are needed to help consumers understand options and help give them tools and knowledge to make a decision. Insurance brokers are even more important to consumers as health reform regulations are a moving target. Health insurance brokers can help consumers find the best plan for their needs, at the best price. So many small businesses are turning to brokers to explore more affordable alternatives to traditional health insurance.
BL: As one of the leading insurance brokers, what pushed you to start the accelerated plan with a focus on expansion, growth and profitability that will push forward General Reinsurance Services (GRS) amidst this turbulent markets environment?
K. Cherfane Haddad: Indeed it is a turbulent market environment but we should adapt to the situation and overcome the difficulties. The field is expanding and becoming challenging as the Reinsurance sector has no borders and there is a significant growth in competition. We recognized the change in the Insurance and Reinsurance field early on and maneuvered to deal with the change. That coupled with the passion for our work has spurred us on even in these difficult times. The ever changing demands of our clients are pushing us to expand and diversify and make adjustments in our way of working which are leading us towards more profitability and grow.
BL: What factors helped in the growth of GRS regionally and locally?
K. Cherfane Haddad: I think that the main factors in helping us to grow regionally and locally are our professionalism, transparency, good service, good relations with our clients and the reinsurers along with the confidence of our clients in GRS.
BL: What are your present and future plans? How long will it take you to accomplish all your forecasted plans?
K. Cherfane Haddad: Our short term plan is to launch our office in Saudi Arabia (Jeddah) under the name of Modern Ins. & Reins. Brokers (MIB) and we are hopeful this will occur in the near future along with maintaining and expanding our client portfolio.
BL: Is it true that presently your group is one of the top leading brokerage firms in the MENA?
K. Cherfane Haddad: While we have several larger and smaller competitors, we always focus on the best service and professionalism in our work. In effect, we only concern ourselves to do the best possible work and keep clients satisfied.
BL: Does GRS as it stands now fulfill the expectations you had you first joined the company?
K. Cherfane Haddad: I grew up in this company and have succeeded proving myself step by step but we are never satisfied and I have still a lot of expectations from GRS that I would like to fulfill.
BL: What are the 2013 financial results and your expectations for the 2014 financials?
K. Cherfane Haddad: The financial results of 2013 were fair in comparison to the previous years despite the fierce competition in this field. We have elevated our targeted growth for 2014.
BL: In what ways can GRS operations be enhanced?
K. Cherfane Haddad: IGRS operations can be enhanced by developing and maintaining a solid market strategy, coordinated team work and of course lots of hard work!
BL: How do you keep GRS growing?
K. Cherfane Haddad: We try to keep GRS growing by the good work, the solid commitment of all our staff, our quality services and our strong business relationships in the market.
BL: What are the differences between today’s insurance industry and 10 or five years ago?
K. Cherfane Haddad: There are significant differences between today’s insurance Industry and 10 years ago: better underwriting, more adequate rates, better transparency along with more respect to the industry and those working in it.
BL: What is the best way to fix the Middle East Insurance?
K. Cherfane Haddad: It is and should remain free market. I do not think controlling the Insurance market in the long run is achievable or practical. Each player should be his/her own regulator to fix and adjust the market.
BL: Do you think that health insurance needs a reform?
K. Cherfane Haddad: I do think that the Health Insurance sector needs to be constantly reformed due to the emergence of new diseases and the ever growing and ageing population growth in our region and indeed worldwide. As an example we would like to see a push for wider hospitalization fees in areas.
BL: Could you elaborate on treaty renewal?
K. Cherfane Haddad: The treaties last year have been renewed very smoothly and we hope to continue this year with all the schemes being renewed easily. We are targeting several new treaties for 2015.
BL: How do you keep your team motivated?
K. Cherfane Haddad: It is a stressful environment but we try to keep the good spirit and think positive. As Richard Branson said: “Train people well enough so they can leave, treat them well enough so they don’t want to.”
BL: Is it difficult to work in a male dominated sector?
K. Cherfane Haddad: I believe in the women role in all field of business and I do not think it is as much as difficult as people think. If you love what what you do, the challenge is challenging and you try to overcome the constraints that may be imposed by men.
BL: Do you like what you do?
K. Cherfane Haddad: I like my job and I am passionate about it even sometimes it is tiring and stressful. I do not feel guilty about my work i.e. my passion, so I feel happy in what I do.
BL: Do you have time for yourself?
K. Cherfane Haddad: It is all about time management. I do manage my time at work and outside work. It is a balance and I do try to do what give me positive vibes in order to work in a more energetic and efficient way.
BL: Is it true that presently your group is one of the Do you travel a lot for business purposes?
K. Cherfane Haddad: Of course, I do travel a lot approximately 2 to 3 times per month. As you know, our job does relay a lot on personal relationships. You should adapt to all the cultures and situations. The most important thing is to have a plan of action and results after each trip
