Weqaya Copyrights © 2012 Weqaya Experience Towards Global Positioning

Weqaya Copyrights © 2012

Weqaya Experience“Towards Global Positioning”

Weqaya Values

Recognized as the preferred Takaful insurance service provider

Provide an innovative range of compliant Takaful products and services to deliver excellence in client satisfaction and retention with professional team

Weqaya Vision

Integrity InspirationCustomer Focus

Team WorkCommitmentQuality

Weqaya Mission

Weqaya Copyrights © 2012 2

Weqaya at a Glance

Weqaya Takaful Insurance and Reinsurance Company was incorporated in 2009 as a Saudi joint-stock company with SR 200 million in paid-up capital.

What is Weqaya’s CR ?

CR number is 1010269011-

Riyadh

What is Weqaya’s Capital?

SR.200 MillionFully Paid-Up

What was the capital source?

60 % By Founding Shareholders-Paid SR.120 M

40% By Public Shareholding

-Paid SR. 80 M

Regulators


Legal Consultants

Insurance Consultants &

Actuary

Information Management

Solutions

External Auditors

Market Research and

Risk ConsultantIT Consultant

Weqaya Partners

Medical TPA Shariyah Consultant

Process Optimization & Re-engineering


Weqaya Awards and Certificates

Weqaya continuous quest to provide the best services and insurance products in accordance with the best international standards, and work continuously to improve the overall corporate performance, have significantly distinguished the company as “the preferred takaful insurance service provider”!

We are here in Weqaya proud of our locally and regionally well-recognized professional team, who was able to achieve many significant achievements, such as:

S&P’s “BBB” credit rating with stable

outlook

3rd Rank in “Best Saudi Company to work for award” in

2010

ISO 9001:2008 Certificate

1st Rank in “Best Saudi Company to work for award” in

2011

Best CEO award for insurance industry

in KSA


ISO 27001:2008 (ISMS) Certificate

*Will Be received on 11/2012

On Nov. 11, 2011, Standard & Poor's Ratings Services assigned its 'BBB' long-term counterparty credit and financial strength ratings to Riyadh-based Weqaya Takaful Insurance & Reinsurance Company, The outlook stable.

“The ratings reflect Weqaya Takaful's strong capitalization and investments, and prospectively satisfactory competitive position and operating performance.” S&P in a statement said.

The stable outlook of Weqaya incorporates S&P’s expectation that Weqaya Takaful's competitive strengths will help generate sufficient profitable new business in 2012. In turn, this should help to stabilize capitalization and produce satisfactory earnings.

Awards – S&P (BBB/Stable) Credit Rating


Weqaya awarded the 1st rank in “Best Saudi Company to Work for Award” for 2011, within the financial sector category. Moreover, Weqaya awarded the third rank in “Best Saudi Company to Work for Award” for 2010.

The best working environment" is a well-recognized award and has a prestigious reputation and an advanced degree in professionalism; for measuring the level of investing in the human resources, and measuring their satisfaction.

Our participation in the best Saudi company to work for award had enriched our philosophy in enhancing our working environment through the internal and external factors that were evaluated according to the award criteria, and consequently enrich the human capital practices that will contribute in the continual development of the corporate performance and the individual performance as well.

Awards – “Best Saudi Company to Work for Award”


In 2011, Weqaya’s CEO “Dr. Metaib Al-Rawqi” was awarded the “KSA – Best CEO in Insurance Industry” by Arabian Business Magazine.

The CEO Awards recognize and reward outstanding success, innovation and ethics across KSA. This award honors the CEO’s through the appreciation of innovative business, business excellence and overall business success, plus acknowledge publicly the vital contribution made by individuals and their companies to the vibrancy of business across the region.

Awards – “KSA– Best CEO in Insurance Industry”


Weqaya has obtained "ISO 9001:2008" certificate, which certifies the company's quality management system (QMS) that is compatible with the international standards set by the ISO organization.

We are proud that Weqaya is the only insurance company in the market that is ISO 9001:2008 certified, this certificate confirms that the quality management system in Weqaya has been designed based on the prestigious international standards by continuously improving the company's processes in order to deliver the optimum efficiency.

Awards – “ISO 9001:2008 Certificate”


Weqaya has completed the "ISO 27001:2008" (ISMS) certificate external audits by Bureau Veritas, and we are expecting to receive the certificate by Nov,2012 which certifies the company's information security management system (ISMS) that is compatible with the international standards set by the ISO organization.

We are proud that Weqaya is the only insurance company in the region that is ISO 27001:2008 certified, this certificate confirms that information security management system (ISMS) in Weqaya has been designed based on the prestigious international standards by continuously improving the company's processes in order to deliver the utmost security and efficiency.

Awards – “ISO 27001:2008 (ISMS) Certificate”


Weqaya’s Objectives

11

Meeting and exceeding customers’ expectations (both segments retail &

corporate)

Create an ideal work environment in terms of career development and

employee satisfaction

Enlarge the company’s financial capacity to

accept all insurable risk

Provide an attractive return to all

Shareholders and policyholders

Provide career opportunities for Saudi

nationals

Providing the Saudi insurance market with state of art insurance

services

Complying at all times with all aspects of

Regulations

Establishing long term partnerships with all

clients, Brokers , Agents, Stakeholders

Increase market share combined with a

profitable business

Overall Organizational Structure

General Insurance

Health Insurance

Reinsurance

P&S Takaful

Call Center

CEO

Technical Development Finance

PR

MarCom

Accounting

Investment

General Accounting

Technical Accounting

Agents and Brokers relations

Direct

Regional Technical Division

BI and Product Development

Marketing

Regional Offices

Regional Sales Unit

Regional Accounting Unit

Retail

Bancassurance

General Assembly

Board of Directors

HR & Compensation Committee Executive Committee

Managing Director

Investment & Risk Committee

Audit Committee

Quality and Services Improvement Actuary Shari’a Compliance

Internal Control

Internal Audit and Control

Internal Audit

Compliance & AML

Internal Control

Risk ManagementLegal

Budgeting and Financial Reporting

Motor Insurance

Quality Assurance

Regional Customer Service Unit

Collection

PMO

Complaints

Shareholders Relations

Shareholders Services

BOD’s and Committees Relations

Health and P&S Actuary

General and Motor Actuary

Human Capital

Recruitment

Employees Relations

Training & Career Development

Network

System

Security

AIMS SupportPayroll

MIS Support

Operations

IT Business Services

Admin & Governmental Relations

Procurement and Logistics


Corporate Governance Departments

CEO

General Assembly

Board of Directors

HR & Compensation Committee Executive Committee

Managing Director

Investment & Risk Committee

Audit Committee

Quality and Services Improvement Actuary Shari’a Compliance

Internal Control

Internal Audit and Control

Internal Audit

Compliance & AML

Internal Control

Risk ManagementLegal

Quality Assurance

PMO

Complaints

Shareholders Relations

Shareholders Services

BOD’s and Committees Relations

Health and P&S Actuary

General and Motor Actuary


Operational Departments

General Insurance

Health Insurance

Reinsurance

P&S Takaful

Call Center

CEO

Technical Development Finance

PR

MarCom

Accounting

Investment

General Accounting

Technical Accounting

Agents and Brokers relations

Direct

Regional Technical Division

BI and Product Development

Marketing

Regional Offices

Regional Sales Unit

Regional Accounting Unit

Retail

Bancassurance Budgeting and Financial Reporting

Motor Insurance Regional Customer

Service Unit

Collection

Human Capital

Recruitment

Employees Relations

Training & Career Development

Network

System

Security

AIMS SupportPayroll

MIS Support

Operations

IT Business Services

Admin & Governmental Relations

Procurement and Logistics


Internal Audit and Control Framework

• Ensure company’s operations are matching and complying with government and all regulatory bodies and Anti-money laundering and CTF Framework

Compliance and AML

• Ensuring the efficiency of the internal control system

• Ensuring the full adherence to Weqaya’s documented Manuals and Procedures

Internal Audit Risk Management

• Ensure maximum efficiency and monitoring & controlling all types of risks within Weqaya

Directly reporting to the Audit Committee, and separated from the operating organizational body in order to ensure the ultimate degree of transparency


Enterprise Risk Management In order to enhance our risk management process , departments' managers “Risk Champions“ meet on monthly basis to review exposures to loss and what controls are in place in order to reduce or eliminate potential losses, and to foster the

risk learning process

• Weqaya considers Risk management at the heart of its operations by implementing a risk-oriented processes

• Weqaya unique organizational structure provides an intrinsic advantage in terms of ability to monitor all employees in a dynamic approach

• The Company plans to differentiate itself by maintaining a reputation of high responsiveness in risk management, which will enable it to endure competition and build trust in the market.

• Best/Worst case scenario analysis and stress testing setup are evaluated and monitored regularly to determine risks behavior using different approached like scenarios generating through simulation, what if analysis and root cause analysis

• Weqaya strives to enhance the forward looking assessment of Risks and not to rely on hindsight


Hazard Risk Property Damage, Natural Catastrophes ,etc

Financial Risk Pricing, Expenses, Inflation, investment ,etc

Operational Risk Customer satisfaction, Reputation, Integrity, Service quality, Employee retention, Teamwork, Succession planning , etc

Strategic Risk Competition ,etc

Risk is an essential part of Weqaya business. Properly managed, it drives Growth and Opportunity.

Weqaya ERM FrameworkIdentification• Identify risks and

opportunities

Assessment• Assess in

terms of likelihood and magnitude

Treatment• Determine a

response strategy

Risk Comm.• Transparency

is a major component of Weqaya risk management.

Monitoring• Measure and

monitor progress

RISK


Weqaya’s balanced scorecard provides a framework that not only provides performance measurements, but helps the top management to identify what should be done and measured, therefore; to execute the corporate strategic goals.

The current performance measurement framework “Balanced Score Card”, has been created to add the strategic non-financial performance measures to the traditional financial metrics in order to highlight more 'balanced' view of the organizational performance.

The objective is to balance the KPI’s associated with each perspective, all focused on a single strategy. The BSC’s KPI’s are reinforcing each other, as the most of the

measurements are both leading(drivers) and lagging (outcomes) .

BSC’s Driving Strategy: Turning Vision into Actions


CORPORATE BALANCED SCORECARD 2015 (V6) CORPORATE BALANCED SCORECARD 2015 (V6)

OUR STRATEGIC PROJECTS… which will help us deliver our Breakthrough and Vital Few Goals

FINANCE/ IMPACTMARKET OPERATIONS

Vision“Recognised as the preferred Takaful

Insurance service provider”

Mission“Provide innovative Takaful products & services to deliver

excellence in client satisfaction & retention with a professional team”

ValuesIntegrity Team Work Inspiration CommitmentCustomer Focus Quality


PEOPLE

1) Deliver Profitable Growth & Expansion

• GWP SR 702.136 M

• Gross Profit• Geographical Sales Expansion;

• Regions• Sales & Service

Points/Branches• Sales Channels;

• Agents• Licensed Brokers

SR 122.9 M

3

31

5All in Market

2) Continually Improve Customer Satisfaction & Retention

• Renewal Ratio Retail• Renewal Ratio Non Retail • Cross Selling Penetration Annual

Increase• Customer Satisfaction Survey• Customer Satisfaction Improvement %

> 60%> 80%

> 5%

2 per Yr5% YOY

3) Achieve Brand Recognition • Brand Health Check Score• Corporate Social Responsibility

Programmes Participation• Recognition Awards & PR Events

1 per Yr> 4 per Yr

> 2 Per Yr

4) Innovate Products & Services• Number of New Products• Innovate Existing Products• E-Business Services Availability• Retail Motor TPL E-Selling

2 per Yr1 per Yr

>2 per Yr100%

1) Drive Continually Improving, Effective & Efficient Customer Services Processes

• Policies Process & Procedures Implemented in All Business Units

• Reduction in Customer Complaints • Retail Claims Payment Cycle Time

Once All Documents Completed• Number of Service Focus Groups• Number of Processes Improved• Internal Audit Report Completed

>95%

>20 %< 3 Wkg Days

4 per Yr>5 per Yr

Quarterly

2) Control Costs, Risk & Conform to Regulatory Requirements

• In-house Claims Administration• In-house Claims Administration Cost

Health Insurance as % of GWP• Administration Expenses as a % of

GWP• Respond and Resolve Monthly

Regulator Reports

• Average Quotation Cycle Time• Risk Management Plan Developed &

Implemented

100%3.5%

< 15%

< 15 Days

< 2 Wkg Days100%

3) Operate “Profit /Cost Centre” Business Models In All Production & Business Units

• Business Models Implemented 100%

• Business Unit Financial Targets & Budgets Achieved

100%

1) Perform as a Competent, Professional, Dynamic Team

• Job Descriptions Implemented• HR Policies Process & Procedures

Implemented Across All Business Units• Performance Management Process

Implemented• Training Delivered To Plan• Balanced Scorecard Targets Achieved In

All Business Units/Functions

100%> 90%

> 90%

100%

>90%

2) Become The Preferred Takaful Insurance Employer

• Recruitment & Succession Plan Implemented

• Number of Vacant Key Positions• Saudization• Annual Employee Satisfaction Score

Improvement

98%

< 2 Roles>60%

5% Per Yr

3) Live Our “Values Driven Culture” • Vision, Mission, Values Recited by All

Staff• Values Champions

>90%

4 per year

4) Deliver Effective Communication• Improvement in Communication Score

Achieved in Internal Communication Survey Score

>5%

• Number of Internal Communication Events

• Employee Event Attendance %

2 Per Yr

> 90%

1) Achieve Policyholder Income Target

• GWP SR 702.136 M

2) Deliver Gross Underwriting Profit

• NEP 61.2 M

3) Operating Cost Controlled

• Operating Expenses 68.6 M

4) Maximise Shareholder & Policyholder Returns

• Shareholder Investment Return• Policyholder Investment Return• Return On Equity• Policy Holder Surplus Distribution %

3.5%2%

1.6%16%

19

Weqaya’s Main Clients

Weqaya provides protection to hundreds of clients, small and large, across a wide variety of market sectors.

Health Insurance Motor Insurance General Insurance Protection and Savings


http://www.samba.com/

http://www.zahranholding.com/

Weqaya’s Sharia compliance

• Sharia External auditor Assignment of the Sharia audit during operations to Sharia Review

Bureau as an External Sharia Auditor.


• Sharia CommitteeConsists of eminent Sharia Scholars, who are committed towards our customers and shareholders to ensure Sharia compliance in all Weqaya activities whilst reviewing and approving our product development, operations, accounting, investments , surplus distribution, and other related activities .

• Sharia Coordinator Weqaya team member has Sharia knowledge and practice experience.

Weqaya’s Sharia compliance


• Sheikh Al-Shubaily shares Index Weqaya was able to pass the criteria of Al Sheikh Al-Shubaily list for

trading shares and was added to the list of Completely Pure Companies, shares of which, are recommended to be bought The list of Al Sheikh Al-Shubaily is the main reference for market traders who deals with shares that are in compliance with Sharia Controls.

•Policy Holders Council PHC Review Takaful Fund performance financially and Sharia compliance, Give Recommendation regarding Wakala fees for next year.

• Sharia ,Accounting , Auditing and Ethics Standards Weqaya is complying with the standards of accounting, internal audit, Sharia control, governance and Ethics Code issued by Accounting and Auditing Organization For Islamic Financial Institutions AAOIFI.

Takaful Operating Model “Modified Hybrid Model Wakala and Modaraba “

Weqaya Takaful

Policy-holder’s

Fund

Share-holders’

Fund

6%of GWC Due Wakala Fees for managing Takaful

funds(No expenses)

Polic

yhol

ders

Sharia Investments fund

Investment of Contribution

Investment Return

Share of Investment Takaful fund

Income

Sharia Investments fund

Investment of Capital

Investment Return

Contribution

No Operating

Expenses

Takaful fund surplus or deficit

6% WakalafeesAt least 10%


Claims

Acquisition Cost

Re-takaful Cost

Other Expenses

Thank You
