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Axco enters MENA in partnership with Dubai-based Refpoint Business Consultants
24 October 2016
Data Provider, Axco, enters MENA, Partners with Dubai-based
Refpoint Business Consultants to Offer Services
To focus on the
UAE, Iran, Qatar, Saudi Arabia, Turkey and Egypt
Dubai, October 24, 2016: Axco Insurance Information Services
(Axco),the world's leading provider of business intelligence
and information services to the insurance industry, today announced
its debut into the Middle East and North Africa (MENA) market in
partnership with the Dubai-based RefPoint Business Consultants.
UK based Axco, has been providing country and region-specific
critical information services to global insurance players for the
last 50 years and will offer its research and data services to the
MENA market through the RefPoint partnership.
"With an optimistic outlook for premium growth, MENA offers
significant expansion opportunities for the insurance industry.
Regulatory improvements, population expansion and the removal of
sanctions in Iran all lend themselves to an increased appetite for
insurance across the region," commented Mr. Tim Yeates, Axco's
Managing Director, on the rationale of the company's entry into the
He said the introduction of compulsory insurances means the
take-up of medical insurance is rapidly increasing, as well as
motor penetration as regulations around third party liability
improve and car ownership grows. Through an increasing awareness of
risks around critical illness and early death, life insurance also
has significant potential.
The partnership will focus on the markets of the UAE, Iran,
Qatar, Saudi Arabia, Turkey and Egypt.
"Markets in the Middle East vary greatly with many of their
inherent challenges, opportunities in waiting. Such obstacles can
include geopolitical instability, differing levels of local
insurance regulation, a general lack of awareness of insurance and
insurance products as well as the need to adhere to EU and US
sanctions. The opportunities that the MENA region offers can only
be realised if relevant market players are aware of the challenges
they face when expanding their operating models," said Mr. Ken Maw,
a leading regional insurance market expert and Chairman of
He said that via its information servicing model, Axco is
committed to supplying the business critical intelligence necessary
to facilitate the identification and understanding of opportunities
and risks across the region as well as any barriers to entry.
"The newly formed Dubai based partnership is a demonstration of
their commitment to working from within the region to develop
Axco's range of services to meet the specific information
requirements of MENA based users. " Mr. Maw added.
With more than thirty years' experience in the MENA
insurance broking business, Ken Maw has led several successful
insurance businesses including HSBC Insurance Brokers and Insure
Direct (Brokers) and brings with him a network of positive business
relationships that comprise not only leading carriers and risk
management companies, but also large government and public
organisations across the MENA region.
The new regional presence will provide an augmented
understanding of in-country issues and Refpoint will assist Axco in
developing regional specific solutions to complement their existing
range of services which are currently utilised by leading
(re)insurers, brokers and consultants across the globe. Also
relevant to Middle Eastern users, Axco's existing offering of
territorial reports, data services and compliance tools will
provide subscribers in the MENA region with a unique level of
business intelligence and insight.
Axco is the leading supplier of global insurance market
information with over 50 years' experience in researching and
publishing industry intelligence on insurance and employee
benefits. Its unique business model and methods of research have
enabled the development of an extensive suite of products
comprising in-depth reports, focused profiles, Q&A databases,
intelligent questioning tools, and email services which are
delivered to every corner of the globe. From a data services
perspective, Axco facilitates market analysis through the provision
of standardised information datasets, structured and translated
from source language. Users can compare profitability across
markets and lines of business, assisting in the identification of
key growth areas and M&A opportunities. Axco's
territorial reports summarise market trends and provide information
on insurance penetration, market size, key market players and
methods of distribution as well as in-depth detail on individual
lines of business and products. Axco also has compliance tools,
which will help users quickly understand the regulatory landscape
in foreign markets as well as any relevant taxes and charges.
RefPoint Business Consultants is a business consultancy firm
based in the Dubai, UAE, that aims to provide robust market entry
and start up consultancy services to individuals and firms alike
who wish to set up base in the Middle East. Led by Ken Maw, an
influential powerhouse in the MENA region, the team undertakes a
transparent, professional and streamlined approach to provide
holistic advisory services from initiation through to delivery.
RefPoint is well versed with the procedures and the legalities of
the countries in the Middle East and is committed to ensure that
its advice and consultancy is based on thorough research. Ken
Maw who heads RefPoint has more than thirty years' experience in
the MENA insurance broking business, Ken Maw has led several
successful insurance businesses including HSBC Insurance Brokers
and Insure Direct (Brokers) and brings with him a network of
positive business relationships that comprise not only leading
carriers and risk management companies, but also large government
and public organisations across the MENA region.