Read Full Magazine Here. Dealing with pending liabilities in a company’s books, such as long outstanding financial reconciliations related to premiums or claims, can be a challenge when debtors delay payments or ignore reminders.
Debt collections can negatively impact credit reports for years, starting from the initial delinquency. This becomes even more difficult when debtors are located overseas, and previous attempts to claim the debt have been unsuccessful. In such cases, the expertise of ELAM Solutions is essential to streamline the process, ensuring profitability without compromising time and resources. Our services allow partners to focus on growth while we efficiently resolve pending debts.
ELAM Solutions is a unique company providing comprehensive support to stakeholders in the MENA insurance and reinsurance industry. Our commitment to delivering value is reflected in our name, with “solutions” at the core of our business philosophy. With the insurance and reinsurance market in the MENA region experiencing significant growth, handling billions of dollars in premiums and claims, challenges arise, including long-outstanding receivables and complex claims that require skilled negotiation. This is where ELAM Solutions excels. Leveraging our expertise, we provide tailored solutions to effectively address these challenges.
Our primary objective is to contribute technical input to the market and assist partners, including brokers, insurers, and reinsurers, in improving their financial statements by resolving pending debts. By doing so, we enable partners to focus on core business activities such as development and expansion, enhancing their competitiveness. We position ourselves as a supportive partner to stakeholders, rather than a direct competitor.
With our comprehensive experience in insurance and reinsurance, we possess a holistic understanding of the industry. This expertise allows us to address the unique needs of all actors in the value chain and deliver innovative and customized solutions.
In addition to our core services, we offer auxiliary support, such as assisting brokers in managing technical aspects, risk filtering, and claims control. Reinsurers also seek our expertise in reviewing underwriting and claims files when granting binder authority to brokers for instance. This auditing function ensures clients’ operations align with industry standards. Furthermore, we specialize in claims management outsourcing, where we have accumulated extensive experience and received increasing requests from brokers. By entrusting the claims management process to us, clients can concentrate on growing their portfolio while ensuring efficient claims handling.
While primarily focusing on the MENA region, we operate from our headquarters in Beirut, Lebanon, and maintain a regional hub for the Gulf Cooperation Council (GCC) in Ras el Khaimah (RAKEZ). Our team’s deep understanding of the region’s unique characteristics and challenges allows us to deliver tailored solutions to meet clients’ specific needs.
ELAM Solutions positions itself as a key player in the MENA insurance and reinsurance industry, providing support and services to various stakeholders. We strive to establish ourselves as a leading entity, leveraging our expertise and commitment to delivering solutions tailored to the needs of our clients.
Robert Habchi, the founder of ELAM Solutions, is a specialist in insurance and reinsurance with a strong business strategy and legal background. With over a decade of experience in this industry, Robert has played a vital role in managing critical aspects, including development and coordination with external partners. From August 2017 to March 2023, he served as the Head of Claims and Legal at Nasco Re Holding in Beirut, Lebanon. In this role, Robert led a multinational team, overseeing complex cases, including the Beirut blast explosion, major claims, and legal matters. He also facilitated arbitration and mediation sessions with various stakeholders and contributed to fostering closer partnerships through public relations development. Additionally, Robert was involved in finalizing and negotiating major run-off/commutation agreements.
Beyond his professional pursuits, Robert Habchi demonstrates a diverse range of interests, including self-development, human psychology, history, civilizations, theology, and sports. He possesses native proficiency in French, fluent English, and fluent Arabic. He holds a Master’s degree in Management and Business Strategy from ENACO Business School in Lille, France and a Master’s degree in Insurance and Maritime Law from LILLE 2 University in Lille, France.
Robert’s contributions and expertise have earned recognition within the industry. He was selected as one of the most influential in-house lawyers in the MENA region by Legal 500 in 2019 and 2022. Additionally, he holds certifications as a coach in Taekwondo and Tennis. Robert has published reinsurance legal articles on Lexology since August 2017, covering various topics such as improving coordination between a mother company and its foreign subsidiary, and the legal status and implications of private military companies in combating maritime piracy.
Robert Habchi’s unwavering commitment to value creation in the market, combined with his deep understanding of the industry’s unique characteristics and challenges, empowers ELAM Solutions to deliver innovative solutions that help clients achieve their goals and thrive in the market. ELAM Solutions’ rapid success drives their anticipation for further accomplishments as they continue to assist the international insurance sector.
As one of the most sought-after figures in the MENA insurance industry, Robert Habchi shares his insights in an exclusive interview with BUSINESS LIFE. With a futuristic vision, he envisions revolutionizing the insurance business and driving it toward a transformative future. Robert firmly believes that the insurance industry is evolving to meet the present and future needs of customers, even amidst global economic changes.
BL: Would you tell me more on ELAM Solutions, how beneficial is it to the insurance and reinsurance sectors and how the idea came to you to establish this timely company in the Arab region?
Robert Habchi: We believe in the benefits of our approach because we serve all the stakeholders involved in the insurance and reinsurance industry, including brokers, insurance companies, and reinsurers. Rather than considering them as clients, I prefer to refer to them as partners. Brokers, for instance, have specific needs and must focus on sales to grow their portfolio. We provide technical support, such as claims management outsourcing, allowing them to concentrate more on sales growth.
Our consultancy services cater to clients by assisting them with the technical aspects, including underwriting and audit. This support helps streamline processes and enhance profitability, contributing to a comprehensive before and after-sales experience. Additionally, our debt collection services address a market need and prove beneficial to insurers and reinsurers. For instance, we are working with companies that outsource to ELAM Solutions their entire collection portfolio, including premiums, claims and pending financial reconciliations. Our expertise even extends to the recovery of claims from retrocession on behalf of reinsurers, thanks to our in-depth knowledge of the insurance/reinsurance industry.
This Business-to-Business (B2B) approach is a new concept that focuses on technically serving the B2B insurance field. While some insurance companies may rely on lawyers for collections from direct insureds, our comprehensive approach to servicing the industry sets us apart. Investing in customer service is vital for long-term business success, and our assistance-oriented approach allows clients to prioritize sales while we handle claims, financial collections and administrative tasks.
Regarding debt collection, it is not uncommon for clients to have pending receivables on their balance sheets after several years in business. ELAM Solutions steps in to address this issue. We believe in efficiency, and as debt collectors, we aim to recover past-due debts on behalf of creditors in exchange for a fee. Rather than requesting upfront deposit/flat fees that would add liabilities to their companies, we operate on a performance-based model. We only receive a percentage of the collected amount, incentivizing us to execute and achieve results.
At ELAM Solutions, we are committed to implementing our vision by serving all stakeholders in the industry, not just a single company. We understand the importance of maintaining excellent connections with our partners, be it insurers, brokers, or reinsurers, recognizing and addressing their unique requirements. For instance, in situations where a reinsurer requires an audit of their clients, whether insurance companies or reinsurance brokers, the common practice in the region has been to seek assistance from individuals in London or other foreign countries. However, ELAM Solutions, as a new company based in the MENA region, fills this gap. I take great pride in this achievement and have full confidence in our technical expertise. Starting a venture requires a firm belief in its potential, and we possess that unwavering belief.
BL: Why are you so passionate about it?
Robert Habchi: Work is not just a mere occupation for me; it is my passion. I find genuine happiness in what I do. I firmly believe that the key to happiness lies in pursuing one’s passion. During the early stages of my career, I found great satisfaction in tackling significant challenges and supporting partners during their most trying moments. These experiences invigorated me, making me feel truly alive and enabling me to derive immense joy from my work.
BL: If an individual approaches you for a big debt, would you accept it as a business?
Robert Habchi: Yes, if the engagement is facilitated through a broker, since it aligns with our approach because brokers are our valuable partners in our business. Our intention is not to enter into competition with brokers or insurance companies; rather, our dedication lies in serving them. It is essential to recognize that within the MENA region’s culture, many insured individuals, particularly the larger ones, prefer to engage with brokers. Understanding and respecting this preference, I strive to work in collaboration with brokers, offering our expertise and services to enhance their operations and ultimately serve their clients effectively.
BL: If lawyers approach you, would you cooperate with them?
Robert Habchi: Indeed, there have been instances where top firms in the region have approached us, expressing their interest in collaborating. We are open to sitting down with them and exploring potential partnerships. There is a clear demand for claims consultant specialists who can provide the necessary technical input and expertise. Sometimes, it goes beyond just legal aspects and involves negotiations. We excel in the technical domain, while they bring their legal background to the table. I find it fascinating to delve into the details and engage in face-to-face negotiations. This approach allows us to uncover key insights that others may have missed. Drawing from my previous experience as a broker in claims and the legal side, I can offer a unique perspective. Lawyers have a different approach, focusing on defending their clients, whereas I emphasize the technical aspects at the time of assessment. It’s not a matter of simply defending and demanding payment. Instead, we analyze the situation based on factors one, two, three, or four. In some ways, you can draw a parallel between our approach and that of lawyers. We are prepared to collaborate with anyone who shares our commitment to providing the best solutions for our clients.
BL: Do you have any competitor in Lebanon or in the MENA region?
Robert Habchi: We differentiate ourselves by offering three distinct pillars of services, which sets us apart from potential competitors. These pillars include consultancy, debt collection, and claims management Third-Party Administration (TPA). While some companies may offer one of these services individually, it is rare to find a provider that encompasses all three.
For instance, when it comes to consultancy, although many brokers also offer consulting services, their primary focus tends to be on brokering. As true consultants, we bring a different level of expertise and dedication to the consultancy aspect of our services. In terms of the three packages we offer, I believe we face minimal competition, especially considering the risks involved in entering the balance sheets of companies through our services of debt collection. However, we possess the necessary experience and are willing to take on such risks. Our competitive advantage lies in our extensive knowledge and expertise across the entire insurance value chain. Understanding the entire process from A to Z gives us a unique advantage in opening doors and effectively navigating the intricacies involved.
Given our comprehensive understanding of the industry, attention to detail, and the ability to handle all aspects of insurance, I believe we have a distinct edge over potential competitors. While we acknowledge the presence of competition, our primary focus is on leveraging our talent to elevate the technical aspects of the MENA region. We aim to contribute our technical input to foster the growth of the region as a center of excellence. We welcome partnerships and view healthy competition as a driving force for improvement.
Harnessing these opportunities in the MENA region would lead to higher economic growth rates and increased equity and well-being for the countries involved. We recognize the importance of competition and how it motivates us to continually strive for excellence.
BL: How did you think of the idea of ELAM solutions?
Robert Habchi: This idea holds a personal significance for me. I had always expressed my desire to implement my vision and test my limits by the age of 35. When I reached that milestone, I found myself in a comfortable situation, making it a challenging decision. However, I ultimately decided to take the leap and pursue my dream. This aspiration had been brewing inside me since my early to late twenties. I had a strong yearning to create something meaningful and truly believed in its potential. The achievements of individuals who disrupted our industry served as inspiration, and they continue to inspire me to this day. We are fortunate in the MENA region to have witnessed some successful examples of disruption over the past few decades, which can be truly inspiring.
The name of my company, “ELAM,” holds personal significance as it shares the same meaning as my mother’s name, “ELHAM,” which means “inspiration.” I deliberately chose an Arabic name for my company, and I take great pride in the fact that it is my mother’s name.
“ELAM” has an international appeal, and by removing the “H,” it retains the essence of “inspiration.” While we serve clients worldwide, our primary focus is on the MENA region, as it is where I have built my expertise and where I truly believe in the potential for growth. Even when working with European clients, our collaboration primarily revolves around their engagements in the MENA region.
Despite the ongoing geopolitical challenges, the Middle East and North Africa (MENA) region is a diverse region with immense development potential.
As a Lebanese individual, I have great faith in the talents of young Lebanese individuals. If we can empower them to believe in themselves, encourage them to establish and grow businesses, and leverage their technical expertise, it would bring me great joy. I am a strong supporter of the youth in Lebanon and their incredible potential.
BL: Currently most markets are passing by economic and political challenges. How does this impact ELAM solutions? What are your expectations for this year?
Robert Habchi: Inflation has been a major source of instability for countries. This volatility in the market can have detrimental effects, causing businesses to lay off employees. During periods of economic instability, the price level of goods and services may skyrocket, making a thousand dollars today significantly different from a year ago. Such depreciation of currency can occur when a currency’s value falls relative to other currencies.
In the reinsurance industry, many companies are experiencing losses rather than gains. Despite this, rates in the market have increased, which may seem illogical to some. Clients may find it difficult to comprehend why they are being asked to pay more when their own money has depreciated. The insurance industry is undergoing significant changes due to increasing rates, competitive pressures, and regulatory requirements.
This market dynamic presents challenges: clients want to deal with top players but are hesitant to pay higher rates. The market is currently hardening, and this situation creates opportunities for those who can provide technical input and leverage technology to find new avenues, even with limited experience.
Communication with clients has also evolved over time. In the Middle East, the market is professional, handling billions of premiums annually and dealing with substantial claims. Swiftly addressing these claims requires technical expertise. International players are now advising and supporting the market, recognizing the need for technical input.
Analyzing a company’s balance sheet is crucial to understanding its financial standing. By offering to solve debt-related issues with success-based fees, we present a reversal mindset and a proactive approach to problem-solving.
We work with numerous clients and already handle recoveries worth dozens of millions of dollars. Several brokers have entrusted us with claims management authority. As a startup company, we take pride in these achievements and remain confident. We aim to provide added value for our clients. This approach reflects our commitment to a new concept of service, where value is paramount.
BL: What are your expectations for your business and for the market for the year 2023?
Robert Habchi: ELAM Solutions has set its sights on expanding its operations to Africa in the mid-term, a region where there is a significant need for its services. We have a plan for Africa and have already established connections and relationships within the continent. Through these interactions, an understanding of the African mindset has been developed, reinforcing the belief in the potential and demand for ELAM’s services.
The interest shown by major players in the industry further validates the value that ELAM Solutions can bring to the market. ELAM aims to enhance its business image and become a regional player while also cooperating with global leaders. The company seeks to transcend limitations and take pride in its Lebanese and Middle Eastern heritage.
We believe that ELAM offers something new and distinctive in the market. The target is to enter the African market before the end of 2023, but the initial focus for the first nine months of 2023 is on consolidating and expanding operations within the MENA region.
ELAM’s ambition goes beyond acquiring more clients; it aims to strengthen relationships with our partners. The company is driven to grow and embraces the motto of thinking big. ELAM takes inspiration from successful models in the market and seeks collaboration rather than competition. The vision for the company is expansion and steady growth, month by month and year by year.
Our passion and ambition to succeed are the driving forces behind ELAM’s motivation to achieve its goals and dreams. The company is ready to embrace the challenge and is prepared to seize opportunities as they arise.
BL: ELAM was established to provide insurance and reinsurance solutions. What are the benefits of your services to clients?
Robert Habchi: Our expertise lies in both insurance and reinsurance. We possess extensive knowledge in both fields, allowing us to deliver innovative and creative solutions. Over the past ten years, I have actively engaged in finding unconventional solutions. This approach has been well received, and we will continue to focus on it. In the future, there may be opportunities to offer additional services, potentially related to other sectors. Who knows what lies ahead!
For the immediate future, our primary focus is on insurance and reinsurance, which are industries I am passionate about. Our goal is to establish a reputable presence in the market, not solely based on our strong relationships with people. This time, “ELAM” has entered the market, backed by our profound expertise and technical knowledge. Building awareness around these aspects will come in due course. I believe having a long-term vision is crucial, and we should remain committed to it, allowing events to unfold naturally.
This is of utmost importance. Business is a reflection of oneself. The wonderful part is YOU, as it is your vision that shapes the business. It is essential to convey an image that speaks volumes about who you are. This is the most incredible aspect of it all.
BL: What is the role of ELAM solutions in terms of covering insurance and reinsurance risks? And what is the role of reinsurance companies? The reinsurers have natural risks. Sometimes they face political risks, law risks or cyber risks; all kinds of risks that face these sectors. How can you help them?
Robert Habchi: Thanks to our extensive experience in dealing with the aftermath of claims, we are fortunate to possess the foresight to anticipate potential issues. When discussing how to enhance Underwriting guidelines, people often focus on factors such as rates, territories, and types of risks. However, we understand that there may be aspects they have overlooked. This is where we step in to improve these guidelines for insurers or reinsurers, helping them mitigate their risks. As professional experts, we work as well closely with brokers, establishing partnerships with some of them to address the technical aspects and minimize their risks. Additionally, we directly collaborate with reinsurers, as we recognize the ongoing demand for our expertise in this area. We are fully prepared to handle such requests and eager to contribute.
BL: What are the repercussions of the fluctuations of US$ rates on Elam solutions? How did it impact your operations?
Robert Habchi: Our headquarters are currently located in Lebanon, and we have already established a presence in the GCC through our office in Ras El Khaimah.
All the contracts we have signed with our more of dozens of clients have been successfully executed, and payment in dollars, euros, or other stable currencies has not been an issue. While it may be a concern for some, personally, I prefer to focus on other aspects because I maintain my belief in Lebanon and its potential.
BL: Ukraine passed food shortage in part of the Arab nations but as wheat prices source. What is the impact on your activities or your operations? What about Russia’s war?
Robert Habchi: I believe that the issue you mentioned is indeed related to inflation. The significant impact of inflation and the resulting instability can be observed not only in Europe and the Arab region but also globally. In today’s interconnected market, we all engage in import and export activities, leading to an overall increase in prices and subsequent implications for the insurance industry. As a result of currency depreciation, higher premiums must be paid. While claims were relatively easy to settle in the past, the current situation has made the process more challenging. Companies are now delving deeper into claim details, resulting in fewer settlements, and less ex-gratia payments.
To address these complex matters, our team focuses on the technicalities involved. We understand the responsibility of insurers and reinsurers to navigate these issues, and that’s where we position ourselves. Our expertise allows us to provide added value by advocating for the rights of both insurers and clients. We have contractual agreements in place to safeguard these rights and ensure fair treatment for all parties involved.
BL: What is your opinion digitalization and governance?
Robert Habchi: The service we provide involves direct interaction with clients, insurers, and other stakeholders. As for the digitalization aspect, we are considering how to incorporate it into our operations. It may involve new technical roles and potentially automating certain data processes.
However, when it comes to sensitive matters and addressing significant issues, negotiations and human intervention are still essential. While digital platforms can assist in handling automated processes, negotiations and dealing with claims require human expertise.
Currently, I don’t foresee complete digitalization of these aspects in the short or long term. However, with advancements in artificial intelligence, it is possible that it may play a role in the future. I am not opposed to it, but for now, our focus remains on providing technical services that require negotiation and human creativity, which technology cannot fully replicate.
BL: What are the current challenges facing ELAM solutions and the insurance market?
Robert Habchi: In the market, we have both established big players and new entrants. The entry of new players brings innovation and fresh perspectives, which is positive for the industry. I support the presence of these big institutions as they contribute to employment opportunities within the region, and we take pride in their presence. However, the arrival of new players also presents challenges as it introduces competition and changes the market dynamics.
When it comes to our unique technical input services, we may not currently face direct competition. We are offering something new and filling a gap in the market with our innovative services. Looking ahead, I anticipate that over the next five years, we will see more new players entering the market, including brokers offering new services that may reshape the market’s image. With the rise of artificial intelligence and digitalization, we believe we are part of this transformative change. It would be a pleasure to collaborate and cooperate with these new players.
It is important to acknowledge that during challenging times, some players may exit the market, while others will persist. If we have promising new players who demonstrate resilience and growth, we are prepared to support and collaborate with them. This dynamic creates a stimulating and competitive environment, which ultimately benefits the industry as a whole.
BL: What are your plans to revolutionize your company’s efforts in relation to insurance through futuristic technology?
Robert Habchi: Creativity is a complex aspect of human behavior that often requires the collaboration of multiple minds and diverse thinking styles. It involves making connections between different ideas and concepts. Currently, technology and artificial intelligence mainly focus on replicating and improving existing processes and systems. However, in the future, they may contribute to the creation of something entirely new. I have a strong belief in the potential of technology and its transformative power. If companies can incorporate digital applications to handle technical aspects effectively, it can provide valuable support as a service. Insurers who seek a competitive advantage should consider embracing the emerging trends in insurance technology.
However, in terms of insurance, reinsurance consultancy, we do not expect this revolution to occur in the near future. It may require further development and advancements in artificial intelligence. Nonetheless, we remain open to the possibilities and believe that such advancements will eventually take place. If this technological revolution occurs in the MENA region, we would be proud and delighted to be a part of it.
BL: What are your challenges and what are the challenges of the next stage?What are the solutions to strengthen and activate your business and the insurance market in the MENA region and elsewhere?
Robert Habchi: One of the key challenges we face is finding individuals who are passionate about and knowledgeable in the technical aspects of our field. However, we are committed to addressing this challenge by investing in training and development programs. We have identified individuals who show potential and have the drive to excel in this area. We are enthusiastic about the opportunity to introduce technical expertise to the market and foster the growth of these individuals. We firmly believe that it is the people within an organization who shape its success, and while this challenge may be demanding, it is ultimately a positive one that will contribute to our growth and advancement.
BL: Is it a good investment?
Robert Habchi: It is indeed a promising investment, and we currently have a presence across the entire MENA region, including the UAE..
A growth mindset is integral to success in business. It entails believing that our efforts, as well as those of others, will lead to favorable outcomes. We aim to foster a team that shares this mindset and actively contributes to our growth. It is vital for our team members to believe in and align with our vision, as execution is key. Mere words are insufficient, particularly considering the penchant for extensive discussions in the MENA region. Ultimately, it is essential to have a strong focus on ruthless execution.
Executing this vision will undoubtedly pose challenges, particularly in terms of managing the human element, given our intention to expand. While we can maintain our presence in Lebanon and the UAE, expanding cooperation between entities and individuals will present a distinct challenge. However, we are prepared to face and overcome these challenges. As a leader, I am passionate about tackling such obstacles and embracing the opportunities they bring.
For now, our primary focus remains on the MENA region, where we operate and collaborate with global players. However, while we do not reject the idea of establishing a center of excellence in Europe, it is not a short-term plan. Our immediate priority lies in the MENA region, where we have the necessary capabilities and recognize the immense talent within the young generation, especially in Lebanon. I firmly believe in the potential of young Lebanese individuals and those in the Levant region.
BL: What are the major deals that you have transacted in 2023?
Robert Habchi: We have successfully secured contracts with over dozens of clients, including three prominent groups. These groups have granted us access to their extensive collections, which is a significant achievement. Additionally, we have been entrusted by several brokers to manage their claims. This accomplishment fills us with pride. We are now responsible for handling numerous claims management and recovery processes.
Moreover, we are engaged in discussions with prominent players in the industry to provide consultancy services for reviewing their underwriting practices. We have also received requests from brokers, indicating a growing demand for our expertise. This is a positive development, and we anticipate further growth by the end of the year. It is our time to demonstrate our capabilities and prove ourselves. We have earned the trust and belief of our clients and partners. However, we aspire for even greater success and are determined to exceed expectations.
Striving for continuous improvement is an exciting endeavor for us. We take pride in being at the forefront of innovation and delivering exceptional service. We are confident in our abilities.
BL: What are the growth strategies in the Mediterranean countries?
Robert Habchi: In a short period of time, we will establish a strong presence and gain recognition in the market. ELAM is already well-known among people in Lebanon, and they are familiar with the value it offers. Achieving this level of recognition was our target, and I am proud to say that it has unfolded exactly as planned.
BL: How to provide more sustainable equitable generations for people in the Mediterranean region, and what about: “reassessment growth strategies are important?” Do you agree?
Robert Habchi: Yes, I agree. I consistently emphasize that the MENA region is fortunate to have some exceptional leaders who recognize that long-term dependence on natural resources is not sustainable. These visionary leaders are actively working towards economic development and increased income. As a result, we can expect to witness the growth of the economy, the emergence of new players, and the integration of brokers, insurers, and reinsurers, all utilizing artificial intelligence/digitalization to provide added value. Additionally, it is crucial to prioritize awareness, especially among the younger generation, as this will pave the way for more opportunities in the future.
Investing in education and cultivating a skilled workforce is essential to harnessing these opportunities effectively.
BL: What are your views on the increased food, insecurity and risk of technology supply discontinuity?
Robert Habchi: We rely heavily on our leaders in this region. It is evident when we observe that certain countries continue to support their population. Currently, the situation is intertwined with people’s income, which has created a disparity between their earnings and their purchasing power, especially considering the rising prices. This poses a challenge as we question how people can sustain themselves under these circumstances. However, through increased awareness and education, individuals become better informed about the available opportunities.
In today’s world, no country can thrive without technology or energy. Lebanon serves as a prime example when electricity supply is interrupted, leaving us feeling disoriented. We realize that we are unable to charge our phones or even take a shower. Such a situation is not sustainable and may have far-reaching implications greater than initially perceived.
BL: What are your exceptional remarks on the current global rescission?
Robert Habchi: A global recession typically begins after the world economy reaches its peak of activity and ends when it reaches its lowest point. There is a notable shift happening today with emerging powers such as China and India. The question arises: Do these countries want to follow the existing trends or do they aspire to establish their own influence and power? When we consider global events, we often tend to view them from a Western perspective, but this perception may be changing. We see certain countries aligning themselves closely with China, and this could potentially impact the dominance of the U.S. Dollar as the global business currency. This shift may disrupt the existing power dynamics but also create new ones. While it may have significant implications worldwide, , I remain confident in the MENA region, particularly the GCC, as they introduce a new factor to the global stage. In the past, it was the West that visited the GCC rulers, whereas now the situation has reversed.
BL: Why is it advisable for insurance and reinsurance companies to approach ELAM Solutions?
Robert Habchi: Nobody likes to have unresolved pending matters, as the outcomes are unpredictable. However, there is a clear willingness in the MENA region to address this and make improvements. The presence of liabilities can result in financial losses. This is an area in the MENA region that requires further attention. It is essential to focus on effective settlements. When we intervene in negotiations, we strive to find fair solutions. Sometimes, there can be ego-driven arguments about who is right or wrong, but we approach it from a technical/pragmatic perspective and guide the parties involved towards the best choice. It is crucial to ensure that the solution is acceptable, as any unresolved matters will remain on the company’s balance sheet. This approach gives us a competitive advantage and leads to positive outcomes.
Companies are better off focusing on growth, and we are here to support that process. We act as partners for their growth, handling the related liabilities.
On a regional level, our goal is to enhance both the insurance and reinsurance markets by supporting the various stakeholders.
BL: Do you have any further details?
Robert Habchi: In our servicing role, we work closely with all the involved stakeholders, acting as their growth partners.
We encourage them to prioritize and concentrate on their growth objectives. In essence. By offering comprehensive support, we strive to contribute to the overall financial well-being of our partners.
