Embracing transformation in Saudi Arabia
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Digital transformation in Saudi Arabia’s insurance industry WRITTEN BY
SEAN GALEA-PACE PRODUCED BY
K ANE WELLER
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Waheed Y. Khayyat, CIO of United Cooperative Assurance, discusses how his firm is utilising technology amidst transformation in the Kingdom of Saudi Arabia
W
ith the role of a Chief Information Officer (CIO) transforming on a daily basis due to the speed at which technology is evolving,
it has become, now more than ever, increasingly vital to embrace and leverage the latest trends 04
in order to achieve an edge over the competition. For Waheed Y. Khayyat, CIO of United Cooperative Assurance (UCA), the importance of adopting and utilising new technologies such as Artificial Intelligence (AI), Data Analytics (including predictive analytics) and Blockchain ahead of rivals cannot be underestimated. “For these technologies to succeed in its implementation, and to realize their benefits and ROI for an organization, there is a great importance for talent and knowledge management. I believe those two key areas are necessary for any organisation in order to remain competitive,” he says. “The change in technology over the past few years is huge. Everyone’s talking about AI, IoT, data and data science all of a sudden. However, just a few years ago, these weren’t big topics and IT departments inside organisations
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“Digital transformation is everywhere and the question we have to ask ourselves is: are we doing it right?”
were still working in their traditional ways with legacy job roles. However, if businesses did nothing to keep up with these trends worldwide, and in the areas of talent management as well as the continuous education and development of their staff; they will lose their competitive advantage.” Although it is a challenging and competitive market to operate in, Saudi Arabia is largely considered an exciting region in which to conduct business.
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— Waheed Y. Khayyat, CIO of United Cooperative Assurance (UCA)
With the Kingdom in the midst of the Saudi Vision 2030 initiative, Saudi Arabia is experiencing change unlike ever before as the country seeks to diversify economy away from solely oil. “In general, Saudi Arabia and GCC companies have a magnificent opportunity and it’s really tempting for all companies to operate there,” affirms Khayyat. “There’s a big demand because people have become more digitally aware and eager to introduce technology to see more efficient services.” However, Khayyat believes there are clear challenges and restraints to operating in the Saudi market. “One of the main challenges to overcome in this region is that the regulations are a bit tougher here.
07 This is in part down to the macroeco-
is lagging behind in terms of digital
nomic and macro-political complica-
transformation,” notes Khayyat. “When
tions in this region specifically.”
you compare it to other sectors,
Due to the emergence of digital
it’s clear that insurance still has some
transformation, the leveraging of new
digitalisation work to do ahead.
technology has influenced the
However, I expect to see the insurance
decision-making process of companies
space drive forward in terms of digital
in a variety of different industries. With
transformation over the next few years.”
the insurance space often considered
“Digital transformation is everywhere
slower to adopt new technology to
and the question we have to ask
advance its processes’ efficiencies,
ourselves is: are we doing it right?
Khayyat expects the insurance sector
It isn’t just about digitising some manual
to take great strides to catch up over
activities into digital forms using
the upcoming years. “Insurance is
the same processes.” he explains.
definitely one of the industries that
“We should consider that it’s about w w w.uc a . com . s a
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“We completely believe in the power of innovation” — Waheed Y. Khayyat, CIO of United Cooperative Assurance (UCA) 08 re-engineering the whole processes and building them up freely by leveraging recent, and matured digital technologies. We have to utilise new opportunities that they have made available, in addition to removing any waste and unnecessary complexities out of the processes.” Due to the competitive nature of the industry, UCA prioritises innovation as it aims to take the ascendancy in the insurance space. “Innovation is a capability inside organisations that triggers change; it should be blended in the DNA and inside the lifeblood of the company,” affirms Khayyat.
“In UCA, we believe that everyone is
together in focus groups to brainstorm
eager to change, but you can’t
ideas and drive success of change
implement change if you just keep
(using ADKAR Change Management
following the same old and traditional
Framework). With innovation acting as
ways. You have to be prepared to be
the catalyst, Khayyat believes the key
different – it’s vital. This means we
has been encouraging teamwork to
mustn’t forget to introduce new ideas
introduce the correct changes. “We
— that’s what will make us stand out.”
like to think outside the box. We sit in
In tandem with the development of
focus groups and hold brainstorming
a pro-change culture, UCA works
sessions with not just people from
E XE CU T I VE PRO FI LE
Waheed Y. Khayyat, CIO A professional and a leader in the field of digital and information technologies, with 20 years of comprehensive & consistent IT experience at a technology-driven enterprises in healthcare & insurance industries. As a ‘Chief Information Officer (CIO)’ giving a holistic insight and involvement at the ‘strategic’ level for planning and supporting the business strategy, and the business model of the organization. However, ‘operational efficiency’ is a another field of expertise, with long years of operational duties gave the dexterity of working at both sides ‘Strategy’ and ‘Operations’. This leadership capacity is a key success factor for organizations and a ‘must-to-have’ capability for their senior management level in order to gain sustainable competitive advantage that is required to achieve their mission, and objectives efficiently, and to overcome the market competitors.
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“In UCA, we believe that everyone is eager to change, but you can’t implement change if you just keep following the same old and traditional ways.You have to be prepared to be different – it’s vital” — Waheed Y. Khayyat, CIO of United Cooperative Assurance (UCA)
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IT but also from different business disciplines to work together and bring new ideas to the table and develop them,” says Khayyat. “I believe it’s part of the excitement of working at UCA and is a great recipe for success. We have a real desire to innovate and bring change – we completely believe in the power of innovation.” With the importance of forming good partnerships critical to the success of all companies, UCA has established a strategic business relationship with Hilal Computers. “Hilal is a really
A Leading Turnkey Systems Integrator for the Region Hilal Computer (HILALCTTC) part of Al Hilal Group is a leading regional information technology, consulting and business process services company. We harness the power of computing, automation, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized regionally for its comprehensive portfolio of services, strong commitment to sustainability and good customer relationship, with wide presence in the region (KSA, BAHRAIN, UAE). Together, we would discover ideas and connect each other to build a better future.
LEARN MORE
CONTACT US
Bahrain
|
KSA
|
UAE
13 supportive partner in terms of bringing
2009
Year founded
300
Approximate number of employees
in expertise and great technologies through its collaboration with the inventors and manufacturers on the infrastructure side,” he says. “When I started at UCA, I worked on the analysis and assessment of the counter space and found that the current infrastructure we had in place was outdated. Having developed a new infrastructure, Hilal helped us generate real value from
HQ
Jeddah, Saudi Arabia
the new software we installed.” With the journey still ongoing, Khayyat hasn’t overlooked UCA’s task of laying the groundwork before introducing new processes to enable success. w w w.uc a . com . s a
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“We must keep aligning as we go – it’s the only way to maintain the sustainability of our transformation” — Waheed Y. Khayyat, CIO of United Cooperative Assurance (UCA)
“I believe Abraham Lincoln put it the best way when he said ‘give me six hours to chop down a tree and I will spend the first four sharpening the axe’ – and that is exactly what is happening at UCA,” explains Khayyat. “We spent a lot of time doing the planning, understanding and outlining the account processes as well as trying to design the new processes. We’re halfway through – our key goal is to be dynamic and ensure we’re a moving target. It’s difficult to guarantee that what you have planned is going to be used two or three years from now because of how quickly the world changes. This means, now more than ever, it’s important that we continue to monitor the real-time changes in terms of technology, both economic and industrial changes and make sure we continue adjusting and aligning our direction accordingly. We must keep aligning as we go – it’s the only way to maintain the sustainability of our transformation.”
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United Cooperative Assurance Al Mukhmal Tower Al-Khaledeyah Dist Prince Saudi Al Faisal Street P.O.Box 5019, Jeddah 21422, KSA T +966 12 6068633 www.uca.com.sa