American International Group (AIG) has opened four new branches in Oman. These branches will be located in Nizwa, Ibri, Salalah and Sur, and will allow AIG to further expand its business in the Sultanate where it has been active for the past 14 years.
AIG‘s core focus in Oman will be to broaden its existing customer base and grow its market share by introducing new products and services across both its retail and corporate segments. A further element of AIG’s expansion strategy in the Sultanate will be to develop its bancassurance business, building on its exclusive 10-year agreement with Bank Muscat, whereby AIG is the exclusive provider of non-life insurance products to the bank’s customers in Oman.
AIG also plans to further invest in a new training academy and will introduce learning and development training programmes for its local staff and distribution partners in Oman. The new training academy, based in Muscat, will play an important role in developing the overall Omani insurance sector and further enhancing customer service.
AIG will also increase its Omanisation rate, which is already at 85% against a requirement of 65% for the insurance sector. The training academy will help local Omani staff better navigate their role within AIG by giving them the requisite skills and competencies to develop and progress their careers.
Besides investing in physical “bricks and mortar” offices, AIG is also investing in the greater application of customer service technology. Today, an AIG customer in Oman can directly register their claim via a toll-free number or through its website. Soon, customers will also be able to more efficiently buy or renew insurance policies via phone.
At the formal opening of its branch in Nizwa, Mr Ahmed Ali Al Mamari, Director General of Insurance Supervision at the Capital Market Authority, said: “The opening of these new full service branches is a reflection of AIG’s commitment to build insurance awareness and improve the image of insurance in the interior regions of Oman. Opening such branches will enhance the competition among insurance companies to develop the level of insurance coverage and quality of service provided to their clients. Moreover, opening branches outside the capital area will help insurance companies’ clients to get more convenient claim services.”
Mr Neelmani Bhardwaj, General Manager at AIG Oman, said: “Considering the current insurance penetration rate in Oman as a proportion of GDP is only around 1%, compared to the global average of approximately 7%, we believe Oman is a highly attractive market for all our AIG product lines.”