Bupa Arabia sees jump in demand, upbeat about profit growth: CFO

Hatim Jamal, CFO, Bupa Arabia

Bupa Arabia Cooperative Insurance Co. has recently witnessed a significant increase in demand from sectors such as the small and medium enterprises (SMEs) sector, as awareness of the importance of health insurance has become more widespread, said CFO Hatim Jamal.
 

The company has also attracted clients from the technology and education sectors, given the importance of providing a healthy environment for their employees. It has also targeted vital sectors such as the medical and industrial sectors, which are looking for long-term insurance partnerships to support their growing needs, he added in an interview with Argaam.
 

The growth in Bupa Arabia’s Q3 profit is mainly driven by the increase in the number of insured persons thanks to effective marketing efforts that targeted new and diverse segments, in addition to improving the current customer experience.

High investment returns as a result of the improved interest rate environment also contributed to boosting profit, Jamal state.
 

He pointed out that the increase in revenues was driven by the growth in the number of customers and the decline in the cancellation rate, thanks to significant improvements in customer service and continuous communication with them. In addition, the flexible pricing strategy that is in line with market needs has also helped attract new customers and retain existing ones. The economic growth in the Kingdom has played a prominent role in supporting this performance, as demand for health insurance was fueled by increased employment and improved health awareness.
 

The increase in total written premiums came as a result of the thoughtful expansion of the customer base, upon signing new contracts with major entities in the public and private sectors. In addition, the company implemented strategic initiatives to improve insurance packages and services in line with changing market requirements, which boosted its product attractiveness. This increase also reflects the company's efforts to achieve customer satisfaction by providing innovative and high-quality services, the top official stated.
 

Bupa Arabia has an ambitious plan to expand by offering new and innovative products in line with market needs, as it seeks to meet the aspirations of all segments, including individuals, small and medium enterprises, in addition to customers in the government and private sectors, according to Jamal.
 

He further said that the insurer focuses on adopting digital technology to develop its services, such as digital insurance platforms, which facilitate customers' access to information and services, and has a vision to expand its customer base through initiatives such as awareness campaigns on the necessity of health insurance and improving access to services.
 

As for the company's expected performance in Q4 2024, the CFO said that he is optimistic about continuing positive performance thanks to Bupa Arabia's strategies that have proven successful, adding that with new contracts entering into force, he expects bolstered performance in Q4 and continued sustainable growth in line with the aspirations of the market and customers.
 

Jamal added that Bupa Arabia is leveraging a supportive economic environment and the continued improvement of the regulatory environment for the insurance sector in the Kingdom, in addition to robust investment returns thanks to the long-term investment strategy.