Vice President, Technical & Strategic Support, OMAN INSURANCE COMPANY, UAE
Farooq is an actuary, a risk management professional, strategist and a data scientist. He has worked for the top insurers within UAE and Pakistan covering all areas from Non-life, Health and Life. He is well-versed with the current insurance regulations and participates actively as a speaker and panelist in international insurance conferences as well as working party committees formed by the regulator.
As a key member of the management team, Farooq has been instrumental in helping to develop and institute international best practices for actuarial pricing, reserving and valuation, product development, reinsurance, management information systems, database structuring and formulating business strategy plans.
He is currently working as an Actuary and Strategist for Oman Insurance Company (OIC), the largest composite insurance company of UAE; having its offices across the gulf region and Turkey. His actuarial and strategic function in OIC includes advising senior management on matters such as premium pricing structures, reserves, improved profitability, market opportunities and reinsurance optimization.
Prior to that Farooq has worked for ADNIC the largest composite insurance in Abu Dhabi; where he was heading the pricing function within Actuarial Services and Risk Management Department. In this capacity he has developed Motor, Medical, Marine, P&C & Life pricing structures and systems and participated actively for the development of Risk Management function.
Farooq has his expertise both in conventional insurance and takaful as he has also served as Head of Product Development and Actuarial Division for Takaful Pakistan, one of the largest Takaful companies in Pakistan.