• strategy

      1. Introduction

      Planning the future activities is crucial, and the continuation of the ongoing activity of an organization will not be possible without it. The budgeting system, as a management system, is an effective means for planning, optimal resource management, cost control, and activities of a company. Thus, considering the high-level documents and the sixth medium-term plan of the company and observing the criteria and requirements of The Mostazafan Foundation of Islamic Revolution and Sina Financial & Investment Holding Co., Sina Insurance Company's budget for 2020 has been formulated to accomplish three-year medium-term goals.

      2. Strategic Document of Sina Insurance:

      The sixth medium-term plan of Sina Insurance Company has been considered as a strategic document and roadmap in compiling the budget for 2020.

      2.1. Prospect

      * Acquiring a market share of 3% while maintaining a net profit margin of 10% by the end of 2022

      * Strong presence in regional and global markets with the acquisition of the standards required for competitiveness

      2.2. Mission

      * Creating peace of mind and financial security for all clients and shareholders

      2.3. Strategies (Policies and Objectives):

      Short-Term Policies:

      * Increasing the portfolio by modifying the composition and the formation of economic portfolio along with the profit margin

      * Benefiting from the insurance capacities of The Mostazafan Foundation of Islamic Revolution

      * Access to Loss ratio up to 60%

      * Refining existing representatives

      * Observing the credit sales standards

      * Optimal management of resources and reserves with expected maximum profit

      * Increasing reinsurance accepted taking into account the financial solvency index

      * Efficient use of sales network capacity through outsourcing part of activities and increasing scope of authority

      * Maximum use of information technology in the development of the market

      * Boosting the position and power of the investment sector from the company's reserves

      * Strengthening the position and power of the legal department

      * Developing the sales network in all parts of the country

      * Maintaining human capital and recruiting skilled manpower and implementing a meritocracy plan

      * Redesigning organizational structure and organizing human resources

      * Revising internal guidelines and regulations and adapting them to market conditions and high-level documents

      * Upgrading the level of technical and financial supervision with new means

      * Preparing the provision of financial reporting based on the IFRS model

      Short-Term Goals:

      * Achieving optimal organizational structure

      * Optimal composition and distribution of manpower

      * Developing capacities and strengthening the scientific foundations of human capital in various fields

      * Designing and launching new insurance products, particularly in the field of life insurance

      * Achieving a comprehensive system of knowledge management, innovation, and creativity

      * Market development and improving the quality of service delivery through IT development

      * Developing the sale of micro-insurance

      * Developing the sale of profitable insurance, especially life insurance

      * Increasing the efficiency of sales network

      * Deploying an integrated risk management system at all levels of organizational decision-making

      * Establishing the budgeting and planning system

      * Strengthening the liquidity indicators

      * Holding an extraordinary general assembly meeting to raise capital

      * Increasing the company's financial solvency in order to maintain the level of company's reputation

      * Evaluation and agility of the organization through eliminating parallel and redundant processes

      * Promoting the level of international cooperation with prestigious companies around the world

      * Preparing and deploying the comprehensive software of treatment services