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30 years of excellence: Gargash Insurance’s journey of innovation and customer focus
With a solid foundation, a customer-centric approach, and a commitment to innovation, Gargash Insurance is poised to continue its legacy of excellence
Mustafa O Vazayil, managing director, Gargash Insurance.
Celebrating three decades of success, Gargash Insurance has firmly established itself as a cornerstone in the UAE's insurance industry. Founded in 1994, the insurance brokerage firm’s rise underscores the founders' business acumen and their relentless focus on customer service, relationship building, and innovation. Their journey offers valuable lessons for entrepreneurs in the UAE.
"In the 90s, large brokers primarily catered to multinational companies and large corporates, neglecting medium-sized firms. We recognised the need for professional consultancy and advisory services for mid-market companies and started this company,” said Mustafa O Vazayil, managing director, who founded the firm with two industry colleagues.
The strategic decision to partner with the Gargash family, renowned for their respected brand and long-standing UAE presence, gave the venture a significant boost.
Reflecting on the past 30 years, Vazayil said each decade brought unique challenges and significant learnings. The first decade was about establishing credibility and gaining recognition, while the second reinforced the firm’s core values as it navigated the early 2000s fiscal crisis.
Discussing the 2008 Global crisis, Vazayil said, "While many companies were terminating employees, we assured all our staff that none would lose their job due to the crisis. This commitment retained our resources and built immense loyalty among our team."
The third decade focused on adapting to the digital age and the challenges of the COVID-19 pandemic. Gargash Insurance was ahead of the curve, having evaluated remote working systems before the pandemic. "We switched to work from home overnight, which was a significant advantage,” Vazayil explained, adding, "The readiness ensured uninterrupted service to clients during the global lockdowns."
Throughout its journey, Gargash Insurance has remained committed to innovation and customer satisfaction. “If you don't see the pain points of a customer and ensure they are protected, you are failing in your duty,” Vazayil said. This philosophy has driven continuous innovation, from digital payment solutions to tailored products like the ‘Triple Seven’ medical insurance.
With a solid foundation, a customer-centric approach, and a commitment to innovation, Gargash Insurance is poised to continue its legacy of excellence.
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