Chairman/ CEO - The Credit Insurance Company Ltd.

Profile:

Mr. Malik commenced his business by establishing a company TRAFCO Logistics (Pvt) Ltd in 1987. Since then with the help of our international partners he is engaged in custom clearance and providing door to door delivery of raw material to his customers with more than nine offices in Pakistan. TRAFCO Logistics (Pvt) Ltd further paved the way for new companies like TRAFCO Tracking (Pvt.) Ltd and A.K Automobiles and formulated into Trafco Group of Companies. Keeping the bar higher The Credit Insurance company LTD is a new venture of Trafco Group.

Blurb:

There is a big scope for reforms in insurance business in different sectors like Crop, Live Stock, Travel and Health.

Evolve: We are delighted to have the opportunity to talk with you today. Please give us a brief overview of your organization?

Tahir Malik: I am really grateful to EVOLVE for providing such opportunity; being in the business of insurance I am very much positive for the growth of this industry and making the insurance market vibrant and robust for the economic development of Pakistan. There are lots of fields where we can grow the insurance business.

As far as my organization The Credit Insurance Company Ltd  is concerned we are looking for the new era in different directions like Crop Insurance, where we can protect our farmers and agriculture industry. In this sector we can safe lot of crops, usually damaged by the flood and other perils.

The Credit Insurance is basically sister concern of Trafco Group, established 28 years ago. Trafco has been Pakistan’s leading vehicle  tracking company since 2006. Vehicle tracking and Stolen Vehicle Recovery (SVR) remains the company’s core business. Trafco of today has involved into a highly sophisticated technological company offering leading edge fleet monitoring and telematics solutions to both individuals and organizations throughout Pakistan. It has played a major role in both domestic and international freight management and forwarding industry. The company ranks among top ten leading freight forwarder of Pakistan and was recognized by various airlines. Our management has performed remarkably, CIC Insurance is fortunate to gain the commitment of this highly skilled management  team that understand the intricacies, challenges and opportunities  that constitute the levels of change in Pakistan insurance industry . Our stakeholders can look forward to a seamless transition, and rest assured that the work of enhancing the value and market position of The Credit Insurance Company (CIC) will continue in an uninterrupted manner.

We aim to be the insurer of choice in Pakistan, by providing the most innovative and comprehensive protections against a full range of business everyday risks for individuals and business organizations .We continue to focus on doing far more for our clients, ensuring that their interests are adequately secured. Prompt payments of claims is a hallmark of our company`s policy, we will continue to push the boundaries of improved services to our clients. It is our team who projects our brand values and our passion for excellence at all times, we will remain committed continue to invest in the improvement of our human resources in order to insure the maintenance and improvement at all times to come. Our customers can continue to count on our undue commitment.

I am grateful to our clients, for their continued contribution to our success. I assure that our proverbial delightful service culture, and invite the rest of the insuring public who are yet to enjoy out exceptional service delivery to them to join the winning team at CIC Insurance.

Similarly we are working on Live Stock Insurance, where we can protect our dairy forming industry. We are also trying to enter in the Health Insurance, which is already recommended by the Government of Pakistan.

Evolve: What are the products sold by you and what is your market share in the various lines of insurance?

Tahir Malik: At this time we are selling Auto Insurance with the collaboration of Trafco Tracking (Pvt) Ltd, and we are providing stolen protection to our vehicle clients, due to which we have overcome the stolen problem in our country. Vehicle tracking and stolen vehicle recovery (SVR) remains the company’s core business, the Trafco of today has involved into a highly sophisticated technology company offering leading edge fleet monitoring telematics solutions to both individuals and organizations throughout Pakistan. By combining world-class products and services and feeding intelligent and accurate information back to both customers and various industries, Trafco believes that it can truly improve the lives of Pakistanis in ways that extend beyond only recovering stolen and hijacked vehicles, but, regardless of how the vehicle tracking industry evolves in the future, one golden thread shall remain forever woven into the very fabric of the company: by arresting hundreds of criminals, saving precious lives, and preventing scores of future crimes from ever happening.

Evolve:  How would you appraise the insurance market in Pakistan and how was 2014 for the insurance sector and what will be your strategy in 2015?

Tahir Malik: We have been just entered in the insurance business in 2015 and I can easily forecast good business in 2016. Government policies are encouraging industrialists and businessmen to move ahead and grow.

Evolve: From the insurance perspective, what reforms would you like to see to increase the ease of doing business in Pakistan?

Tahir Malik: There is a big scope for reforms in insurance business in different sectors like Crop, Live Stock, Travel and Health.

Evolve:  Analytics is a very hot topic right now. What data actually drives you to move and do something different operationally?

Tahir Malik: Yes, for our business to analytics is quite relevant. We keep on recording and evaluating data for insurance claims. It tells us about the grey areas need to be addressed under insurance. This information is pertinent for making our clients more secure as well as business more profitable both in short and long term.

Evolve: Insurance companies face multiple risks across many aspects of the business. What do you think is the best risk indicator?

Tahir Malik: In order to evaluate risks, we should focus on multiple factors. In recent times, Law and order in the country is the most effective indicator.

Evolve:  Being a growing company, how do you foresee the company’s governance compliance status in the next five years?

Tahir Malik: We have devised internal system to monitor the review and revise the strategy for company’s growth. I am really positive that if we continue to perform this self evaluation process, we would defiantly achieve our goals in next five years.

Evolve: Have you any expansion plan and will you like to share with us?

Tahir Malik: Yes, we do have a comprehensive expansion plan in the near future. We shall float our products in Crop Insurance, Health Insurance, Travel Care Insurance and Live Stock Insurance.

Evolve:  How much have you been investing in technology?

Tahir Malik: Since getting equipped with technology; it is inevitable in this era. We have been employing every possible means of technology. Our vehicle tracking   system   is one bright example of how we incorporate technology in our business.

Evolve:  What is your outlook for the future for your organization?

Tahir Malik: We would consider ourselves successful, if we could make this organization beneficial for our clients and for our country. We really are striving for that level of excellence.

Evolve: Any message for the readers of EVOLVE?

Tahir Malik: I would like to say that all of EVOLVE readers must understand the importance of entrepreneurship. Our young generation should focus and put all energies to develop opportunities rather to consume them only. This will surely make a significant difference.