Fidelity United Company Profile

Background

Company Overview

Fidelity United, originally established as United Insurance Company in 1976, is one of the oldest insurance providers in the United Arab Emirates (UAE). In November 2018, the company rebranded to Fidelity United, marking a strategic partnership with Lebanon's Fidelity Assurance and Reinsurance SARL. This collaboration aims to enhance the company's presence and influence within the regional insurance market.

Mission and Vision

• Mission: To create a business model that empowers stakeholders, optimizes performance through innovation, and leverages the passion, knowledge, and expertise of employees.

• Vision: To become the "Home of Insurance."

Core Values

• Integrity: Upholding fundamental business ethics to earn customer trust.

• Work Ethics: Promoting transparency and a strong sense of responsibility.

• Quality: Delivering high-quality service standards.

• People: Investing in passionate employees through training and career development.

• Execution: Being result-oriented and dedicated to executing plans effectively.

• Responsiveness: Quickly adapting to market and customer needs.

Key Strategic Focus

Core Objectives

Fidelity United focuses on providing comprehensive insurance solutions tailored to both individual and corporate clients. The company's strategic objectives include:

• Expanding its market share within the UAE and the broader Middle East region.

• Enhancing product offerings through innovation and customer-centric approaches.

• Strengthening partnerships with leading reinsurance companies to bolster service capabilities.

Areas of Specialization

The company offers a diverse range of insurance products, including:

• Personal Insurance: Motor, individual medical, home, travel, and personal accident insurance.

• Corporate Insurance: Property, marine, engineering, liability, group health, and group life insurance.

Key Technologies Utilized

Fidelity United employs modern technologies to streamline operations and enhance customer experiences. The company's tech stack includes:

• Web Development: Angular, React, Modernizr.

• Web Servers: Nginx, IIS.

• Operating Systems: Windows Server, Ubuntu.

Primary Markets Targeted

Fidelity United primarily serves the UAE market, offering insurance solutions to both individual and corporate clients. The company aims to expand its influence within the Middle East region through strategic partnerships and innovative product offerings.

Financials and Funding

Financial Performance

As of December 31, 2022, Fidelity United reported:

• Revenue: $59.51 million.

• Assets: $804 million.

Recent Developments

In November 2018, Fidelity United announced a capital injection of AED 60 million, aimed at strengthening the company's financial position and supporting its growth initiatives.

Leadership Team

Key Executives

• Ahmed Nasef: Chief Executive Officer.

• Obbad Fazal: Chief Financial Officer.

• Ragheda El Khoury: Chief Operating Officer.

Competitor Profile

Market Insights and Dynamics

The UAE insurance market is highly competitive, with numerous local and international players offering a wide range of products. The market is characterized by:

• Market Size: The UAE insurance sector has been experiencing steady growth, driven by increasing demand for both personal and corporate insurance products.

• Growth Potential: The market offers significant growth opportunities, particularly in areas such as health and life insurance, due to rising awareness and regulatory support.

• Industry Trends: There is a growing emphasis on digital transformation, customer-centric products, and strategic partnerships to enhance service offerings.

Competitor Analysis

Key competitors in the UAE insurance market include:

• T. Rowe Price: A global investment management firm offering a range of insurance products.

• Charles Schwab: A leading brokerage firm with insurance offerings.

• Goldman Sachs: An investment banking giant with insurance services.

• Wells Fargo: A diversified financial services company offering insurance products.

• Ameriprise Financial: A financial services company with a strong insurance segment.

• J.P. Morgan: A global financial services firm offering insurance solutions.

• State Street: A financial services and bank holding company with insurance services.

• BlackRock: A global investment management corporation offering insurance products.

• Vanguard: An investment management company with insurance offerings.

• TD Ameritrade: A brokerage firm offering insurance services.

• Morgan Stanley: A multinational investment bank with insurance products.

• UBS: A global financial services company offering insurance solutions.

• Capital Group: An investment management firm with insurance offerings.

Strategic Collaborations and Partnerships

Fidelity United's partnership with Fidelity Assurance and Reinsurance SARL in 2018 marked a significant milestone, enhancing the company's capabilities and market reach. This collaboration reflects the company's commitment to strengthening its position in the regional insurance market.

Operational Insights

Strategic Considerations

Fidelity United's strategic considerations include:

• Market Position: Leveraging its longstanding presence and reputation in the UAE to maintain a competitive edge.

• Competitive Advantages: Offering a diverse range of insurance products tailored to the needs of both individual and corporate clients.

• Distinct Differentiators: Emphasizing customer-centric approaches, innovative product offerings, and strategic partnerships to differentiate itself in the market.

Strategic Opportunities and Future Directions

Strategic Roadmap

Fidelity United's strategic roadmap focuses on:

• Expansion: Exploring opportunities to expand its market presence within the UAE and the broader Middle East region.

• Innovation: Investing in technology and product development to offer innovative insurance solutions.

• Partnerships: Strengthening existing partnerships and exploring new collaborations to enhance service offerings and market reach.

Future Business Directions

The company aims to:

• Enhance Digital Capabilities: Implementing digital solutions to improve customer experience and operational efficiency.

• Diversify Product Portfolio: Developing new insurance products to meet evolving customer needs.

• Focus on Customer Engagement: Building stronger relationships with clients through personalized services and proactive communication.

Opportunities for Expansion

Potential areas for expansion include:

• Geographical Expansion: Entering new markets within the Middle East and North Africa region.

• Product Innovation: Introducing niche insurance products to cater to specific market segments.

• Strategic Alliances: Forming alliances with technology providers to enhance digital offerings.

Leveraging Current Strengths

Fidelity United plans to leverage its:

• Established Reputation: Utilizing its longstanding presence and trust in the market to attract new clients.

• Comprehensive Product Range: Offering a wide array of insurance products to meet diverse customer needs.

• Experienced Leadership: Drawing on the expertise of its leadership team to drive strategic initiatives.

Contact Information

• Website: fidelityunited.ae

• LinkedIn: Fidelity United LinkedIn Profile

• Headquarters: Business Bay, The Opus Tower, Block B, 7th Floor, Office