FAQs

What is Qatarlyst?

Qatarlyst is an innovative system offering secure connectivity between existing trading partners across the globe. Initially focused on the placement of reinsurance, Re-takaful and insurance contracts, it will soon include additional functionalities covering claims handling and accounting information. To date no hub has developed a truly world class trading infrastructure – Qatarlyst intends to fill that gap.

What does Qatarlyst do?

Initially Qatarlyst will support the electronic placement of reinsurance risks across all commercial lines of business. Further releases of the system are planned this year which will extend the functionality to include claims handling and accounting and settlement. Qatarlyst has been developed using the globally recognised ACCORD XML messaging standard.

What are the benefits?

As a business system that supports the trading of (re)insurance and Re-takaful for insurers, reinsurers and brokers, it provides access for the global (re) insurance and Re-takaful industry to a fast growing portfolio of risks. In particular, the Qatarlyst system will:

Encourage greater co-insurance amongst local insurers, enhancing risk retention levels.
Provide local insurers with an efficient means of access to a wide range of reinsurers and allow them to be more strategic about which risks get exported and to which markets.
Encourage counterparties outside Qatar to operate through the facility.
Provide individual user companies economies in processing through the avoidance of duplication and rekeying.
Facilitate the creation of a centralised data source for user companies by keeping all transaction in one location.
Potentially, subject to data sharing restrictions, create the opportunity for the production of centralised statistics across all users, for example facilitating benchmarking for user companies.

Is it difficult to use?

Customers tell us that they believe the system is intuitive particularly since it has been designed to reflect the standard “slip” format that many (re)insurance practitioners will be familiar with.

We will of course provide user training either on site in your offices, at the Qatarlyst office or via group forums with other user companies depending on the planned training schedule and to suit your individual requirements.

There is also a dedicated phone number for Technical and General Helpdesk queries on +974 4496 8301 or alternatively you can contact us on the following email addresses:

Technical Helpdesk: helpdesk@qatarlyst.com and General Helpdesk: enquiries@qatarlyst.com

giving you easy and immediate access to advice or assistance on use of the system if required.

Who can use the system?

The system can be of benefit to all parties involved in the placement of insurances and reinsurances including brokers, insurers and reinsurers.

Companies interested in using the system will be taken through a simple joining process involving the completion of a customer application form, verification that they meet the criteria for using the system and the signing of a standard user license agreement.

If you would like to log on to trade on the Qatarlyst system or find out more then please email us on enquiries@qatarlyst.com and someone will contact you directly.

Are there any geographical limitations to using Qatarlyst?

No, subject to you being approved to use the system, you will be able to use Qatarlyst wherever you are based. However, although the initial focus of Qatarlyst is to support the GCC region, given the nature of the industry that Qatarlyst supports, users from all parts of the globe are invited to see for themselves the benefits that Qatarlyst can offer their organisation.

In the short to medium term, we expect to see a growing range of geographies involved as these companies introduce their key trading partners to Qatarlyst.

Who is managing Qatarlyst day to day?

James Sutherland is the Chief Executive Officer and has been involved with Qatarlyst and its parent company QIS since its outset. Qatarlyst is an entirely separate legal entity from QIS and both companies have separate Boards and governance structure. Qatarlyst is ably supported by professional outsourced services provided to it by QIS pursuant to an Outsourced Services Agreement and this includes strategic advice and guidance provided by the QIS. With a strong, experienced Board and a management team which assists, Qatarlyst in itself is committed to delivering a system which truly supports and adds value and efficiency to the (re)insurance industry.

What does it cost?

Qatarlyst is intended to be a cost effective solution for customers enabling them to maximise participation. Our competitive subscription pricing structure can be discussed with customers on a one to one basis. We have the confidence that our customers will quickly realise the benefits and value of using the Qatarlyst and that confidence enables us to offer customers a standard 100% discount for the initial six months on any fees payable.

It is recognised there is cost pressure on the whole industry to improve process efficiency and reduce repetition making a networking system such as Qatarlyst an attractive option to drive efficiencies internally and between counterparties.

What makes Qatarlyst different?

There have been a number of similar ventures over the years particularly in the London Market. Qatarlyst is taking a fresh approach having learnt from the experience of those previous ventures. With the acquisition of RI3K, Qatarlyst is now working tirelessly to deliver a global system which delivers the functionality demanded by today’s (re)insurance professionals. The timing seems right, particularly for the GCC market which is set to grow in significance in the coming decade. In particular:

Advances in technology make Qatarlyst a web-based technology that is available for all users. Qatarlyst is not trying to replace back office systems unlike previous initiatives.

Qatarlyst will be based on XML ACORD messaging standards which are widely recognised by the industry. This is a State sponsored initiative that avoids the partisan approach of previous platforms, makes funding far easier and decision-making quicker. The user functionality has been carefully designed and provides an end to end vision for the platform. Last but not least, we are not hampered by any legacy. This initiative is a greenfield start and as such can be built around best practices using the skills of experienced insurance practioners.

Do you set up the trading partnerships?

No. Qatarlyst is simply a means to enhance an existing trading relationship or affords the opportunity to create new ones with other user companies. If you would like to trade with someone who is not currently a Qatarlyst customer then simply give us their contact details or ask them to contact us at enquiries@qatarlyst.com

Qatarlyst encourages all brokers and (re)insurers to apply for membership and would encourage network referrals since the more people there are to trade with the greater the benefits to its users.

What about systems integration?

We recognise that systems integration is potentially a headache for everyone but we truly believe there are much greater benefits to be had by integrating Qatarlyst with your back office system. We would be happy to talk to you to in more detail to explore how such integration between Qatarlyst and your in -house system will benefit you.

However, in the meantime it is possible to take a “plug and play” approach making it a quick and easy implementation. Taking this simplistic approach and using Qatarlyst as a web based tool allows you to start trading in a secure web environment almost immediately.