"Don't run the same race everyone else is running". This maxim and other principles such as always being customer-centric have underpinned a quarter century of success for AFIA Insurance Brokerage Services, the company behind one of the earliest online pioneers InsuranceMarket.ae.
Founded in 1995 by insurance industry veteran Nandu Babur and led by his son Avinash since 2010, AFIA is marking its 25th year in business this month. By 2007, it was the largest bancassurance-specialist and it has now become the largest retail insurance brokerage in the UAE, employing 400 staff. The company works across all insurance lines including life, motor, health, home and travel.
“It’s indeed a proud moment for us and our stratospheric success over the years would not be possible without the strong foundation built by my father,” AFIA chief executive Avinash Babur said.
The example set by his father, Nandu, has helped to keep AFIA a dynamic and innovative organisation throughout its “market-leading growth”.
The “key lessons that I learned from him and continue to abide by as I lead this dynamic organisation” are factors behind its longevity.
The lessons passed on from father to son include ensuring it is always doing something different compared to its competitors, never spending money before it is earned, keeping a close watch on expenses and “knowing your numbers”, as well as a focus on the critical areas of the business. Perhaps most crucially, AFIA pledges to be resolutely by the side of its customers if they have a claim, Avinash Babur said.
“When it comes to your client's claims - speak up! Even for the smallest claim, if the insurer is wrong, you must fight it out at all costs. That's our key role and we must be there for our clients when they need us most - at the time of a claim,” he said.
Avinash, who launched InsuranceMarket.ae a decade ago as one of the earliest digital-first insurance service platforms in the UAE, said that achieving the client's objectives are as important as achieving the insurance company's objectives.
“This is the only way to make a long-term partnership work - everyone must win.”
He has also followed his father's important advice to be extra attentive to the medical insurance business.
“It's the most personal type of insurance for clients and it can seriously hurt your relationships if you don't deliver,” he said.
InsuranceMarket.ae, famous for its ‘Alfred’ avatar, is one of the highest-rated insurance brokers in the UAE with more than 11,000 Google reviews and a 4.9 star rating. Started as a bootstrapped venture inside AFIA, InsuranceMarket.ae works to make the insurance process more accessible to consumers.
“We are committed to the mission of saving our customers’ time and money when buying insurance,” Avinash said.
AFIA also continues to invest in its proprietary technology, omnichannel marketing and its excellent and passionate team.
“Focus on what's important for your business - and that's not necessarily being the largest. Success and scale is a by-product of doing good work,” Avinash said. “Play the long game - if you lift heavy weights in the gym for a few days you're not going to get big muscles.”
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Evacuations to France hit by controversy
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COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
RESULT
Everton 2 Huddersfield Town 0
Everton: Sigurdsson (47'), Calvert-Lewin (73')
Man of the Match: Dominic Calvert-Lewin (Everton)
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
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4. The biggest black holes lurk at the centre of many galaxies, including our own
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Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
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Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster with a decades-long career in TV. He has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others. Karam is also the founder of Takreem.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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