Nexus Insurance Brokers celebrated their top performers at its annual gala event, charting the company’s journey to become the GCC’s largest and most respected independent financial advisor.
The gala event had a very special meaning this year, also celebrating Nexus Group founder and Chairman Mahmoud Nodjoumi’s presence in the region for over 25 years.
The company was set up in 2006 by Nodjoumi, through a management buy-out of the distribution arm of Zurich International Life, which had been established in the region since 1989.
Today, Nexus provides bespoke ‘one stop shop’ insurance and financial planning solutions to both individuals and businesses of all sizes, meeting their specific needs. With its headquarters in Dubai the company currently also has operations in Abu Dhabi, Qatar, Kuwait, Bahrain, and Lebanon, and there are plans for significant expansion over the next decade, especially across Asia. Currently employing around 400 consultants, Nexus aims to recruit 100 additional salespersons by 2015.
“When we first launched 25 years ago, the region’s insurance take-up was in its infancy, with many people unprotected and at high risk of losing savings in case of illness or worse, and needing to prepare for retirement,” said Mahmoud Nodjoumi. “We have become a home-grown success story, encouraging our customers to become more educated on insurance and secure life-changing protection for their families and businesses. Much work remains to be done, however, as much of the GCC and Asia remains under-insured. As ever, we will lead by example, strive for best practice and offer an unmatchable level of insight and customer service,” he added.
The Middle East and Asia are strong growth markets for insurance, with the GCC’s insurance industry growing 18.1% CAGR from 2012-2017, reaching $37.5bn by 2017, according to Alpen Capital; and the Asian insurance business accounting for nearly 40% of the global insurance market by 2020, according to the Monetary Authority of Singapore. Business in 2013 showed 30% growth over 2012. Life and Critical Illness Insurance both excelled and together now provide more than 50% of the company’s revenue. Savings, Employee Benefits and Personal Lines all showed strong growth.
With international workers spending more time in the GCC, Nexus Insurance Brokers expects group pensions to be the insurance industry’s next area of growth in the GCC. There are also plans to drive further use of technology in insurance, after having seen strong success via its nexuscompare.com comparison website.
At the heart of Nexus Insurance Brokers’s success has been its consultant training programme, for which it has won several Insurex Training Awards, as well as its industry-leading employee loyalty. One segment of the recent gala event’s program was dedicated to celebrating longstanding careers, many of which have lasted for 25 years and counting.