The paper "Mission and Vision of Qatar Insurance Company" is a great example of a management case study. Qatar insurance company (QIC) has been rewarded by ISO 27001:2005 for providing security within many organizations. It was the first insurance company to have received the certificate of existence. Qatar insurance company is the largest company in the country. International standardization organization’ s major aim is to create an appropriate system for controlling information security through formulating terms and condition that has to be approved by the internationally accepted standards (IAS). Certificate of existence was handed over to Ali al-mannai, Qatar’ s chief executive officer.
The insurance company has established modern technology on the security service, by doing this, it has helped to boost the IT department (information technology). With modern technology, it was able to meet the needs of many people at a time. Centrally IT located in Doha was purposely used by most business entities (insurance company) in Qatar. Over a number of years, it was able to earn a profit of over 532.8 million in the year 2009 compared to last year but one profit of 510.8 million. Mission and vision There are several missions and vision instituted by Qatar insurance company.
Qatar insurance company’ s chief vision and mission is to position itself on the stability and expectations of the company through the following; Mission To diversify its income by the year 2006 within Gulf Company together with its subsidiary company located in different places To ensure profits do not deteriorate in the company. Where the income of the subsidiary company weakens, it will have a negative impact on the entire company at large. The company does this by keeping proper books of account.
It has also to ensure that, reinsurance utilization will stay put substantially but steadily decrease; this was achieved through the appointment of management expertise responsible for evaluating risks in an organization. This risk might be as a result of the high-level economy. Its objective is to ensure it has focused its investment on marginally so as to improve each year. Objectives To ensure financial statement shows a true and fair view. This is an important aspect since the information provided will allow the company to make decisions on whether or not to purchase a proper insurance product.
This is why it is very important to confirm the insurer financial strength /weakness. To define customer’ s scope of work and responsibilities, benefits of the coverage and price. To ensure a strong and viable position in Qatar This is where it is the leading insurance company in the country, to have a permit that will give the company the right to be quoted in the Qatar stock exchange market for each governmental sponsored risk. As a result of this, it has led to the development of liquid natural gas and the improvement of infrastructure. To capitalization and ensure capital adequacy is very strong. Capital adequacy must remain strong for a number of years.
More so, capital adequacy is considered to have the potential of absorbing the risks in an economy. The force of reinsurance company relationships and sanctity has to detect the strength of reinsurance used to settle risks. Financial stability is considered strong when it demonstrates itself through a right issue in its first quarter.