Member's Success stories
Ch. Munkhbat, President and Executive Director of SouthGobi Sands LLC
AmCham is pleased to feature an interview with Mr. Ch. Munkhbat, President and Executive Director of SouthGobi Sands LLC
How did you get where you are today, and who or what helped you along the way?
I have taken on over 27 years of senior roles in different organizations: a Japanese NGO, World Bank, Asian Development Bank, international publicly listed companies, and state organizations in Mongolia. Managing operations in different fields and jurisdictions, I have gained wonderful management experience, and knowledge about working people and financial issues. I trained a micro credit program in Bangladesh by Grameen Bank and got great experience in fieldwork. Managing a public company is very challenging work. Companies should be open, transparent, and accountable, as well uphold the integrity of its shareholders.
What are the principles you adhere to in business?
I believe that responsibility, respect, teamwork, and integrity are the most important principles. Also, accountability, being honest, commitment, and contributing to the company's sustainable development.
What shortcoming has been the most challenging for you in business?
Bureaucracy, a lack of professionally trained central and local government staff, a lack of stability and professionalism; trying to reduce the lists of official permissions.
After all of this success, what do you struggle with now?
For the coal business, I think the most important thing is change in the old methods of management, and to change the government and the public's perceptions of the coal industry. It is important to have a greater level of transparency, to have high integrity and ethical standards. It is still quite hard to do distinguish between private and public companies.
What is the most recent business achievement you would like to highlight right now?
Mongolian youth can fulfill international standards for technique and management. We provide our employees, who can manage and repair high-quality heavy machinery, with these skills. Our company has exported 4.5 million tons of coal to China. We were recognized by the Mongolian National Chamber of Commerce and Industry and Mining Magazine as the best company in Mongolia in 2017.
Oybek Khalilov, CEO at Tenger Insurance and AmCham Vice Chairman
This time AmCham is pleased to host Mr. Oybek Khalilov, CEO at Tenger Insurance and AmCham Vice Chairman, to tell us a little bit more about his life principles and share the secretes of his business success.
How did you get where you are today, and who/what helped you along the way?
Knowledge comes with experience: for over 20 years I have taken senior roles in the world’s leading insurance organization - American International Group, Inc. Managing AIG operations in a different countries and jurisdictions I have gained invaluable professional experience and an in-depth knowledge of property, casualty, and financial insurance products. In 1995 joined American International Group as CEO of political risk insurance JV and spent four years at AIG in London. And later, I was in charge of AIG general insurance operations in Central Asia and Caucasus from 2000 to 2015. I’ve learned a lot from both peers in the AIG as well as from leading players and regulators of local insurance markets.
What are the principles you mostly adhere to in the business?
I believe professionalism and integrity are the most important principles. Professionalism, being versatile and skilled in all business areas, effective networking and communication, leading by example is essential. I highly appreciate integrity and always trying to share good governance practice and high ethical standards to affect those around me positively.
What was the shortcoming that was the most challenging for you in the business?
Lack of relevant market intelligence, ambiguous legal and regulatory environment, changes in political environment, lack of professionally trained local staff: in the insurance industry key local staff have been working for many years in banking industry but do not have adequate insurance professional training and always at a loss when dealing with unexpected issues and resilient to changes. As my personal goal I will probably say establishing benchmark insurance operation and become an Employer of the choice in the local financial market, so it is more about our talent, to leave best professional team behind me when I leave the country.
After all this success, what do you struggle with now?
For insurance business I think the most important is improvements in insurance culture, so once people will get used to buy insurance and not only compulsory insurance. And as for general business environment I think it is important to have a greater level of transparency, to have high integrity and ethical standards, it is still quite hard to do civilized business in the current environment.
What is the latest business achievement you would like to highlight right now?
Tenger Insurance is still considered the Best insurance company in Mongolia by many, especially due to our best in class risk management practices, reinsurance reliability and claims efficiency proven by a large-scale fire loss recovery of Gobi Cashmere factory paid within 3 days. Continued low loss ratio and low acquisition cost resulted in improved combined ratio of 92.3%, making Tenger Insurance the most profitable insurer in 2017. Forecasted growth in retail segment due to online sales platform and tailored product development would differentiate Tenger Insurance on the local market in the upcoming year. We are glad to be recognized by the Mongolian National Chamber of Commerce and Industry and the International Finance Magazine as the Best Insurer in Mongolia in 2017.