One of the largest insurers in the UAE, Oman Insurance Company, has announced that it has attained its highest customer satisfaction score to date, with 87% of its customers being satisfied or very satisfied with its services.
In addition, the insurer's solvency margin has reached 250%, also its highest level compared to the past many years (the minimum solvency regulatory requirement:100%) reflecting an exceptionally strong balance sheet.
The Dubai-headquartered company last week announced too that it posted a net profit of AED196.5m ($53.5m) for 2020, up by 3% compared to 2019, making it highest in the past 5 years.
Oman Insurance says in a statement that these achievements are a result of the company’s three-year strategy initiated in 2018 that placed the primary focus on superior customer service, free cash flows, leaner processes, sustainable profitability, and digital transformation.
Furthermore, Oman Insurance has also contributed to managing the COVID-19 crisis by extending support to the UAE healthcare industry by fast-tracking medical claim settlements of approximately AED100m ($27.2m) and helped reduce market credit and liquidity risk. Teleconsultation services were also rolled out to medical customers during the COVID-19 lockdown period and beyond. Up to 95% of the insurer's employees connected remotely and worked from the safety of their homes during the period.
Mr Jean-Louis Laurent Josi, CEO of Oman Insurance, said, “Undoubtedly, 2020 was a challenging year but our focus on financial stability and exceptional customer satisfaction allowed us to generate robust results for the year. The implications of COVID-19 are still unfolding but we are confident that our strategy to focus on having delighted customers, having a rock solid balance sheet and employing amongst the best insurance experts will support our ambition to be recognised as a reference in the region.”
The company says it has successfully launched several projects including a new cloud-hosted corporate website, a “Straight Through Process” motor insurance sales portal and a fully digitalised motor claims system.
In 2020, Oman Insurance completed the 100% acquisition of its Turkish subsidiary, Dubai Sigorta by acquiring the remaining 49% of issued and outstanding share capital that it had not previously owned.
Oman Insurance has maintained ‘A- Stable Outlook’ rating by Standard & Poor’s, a global rating agency and ‘A Excellent’ by AM Best with an improved outlook from 'Negative' to 'Stable'. S&P Global ratings mentioned in its report that the company’s capital adequacy is well above the ‘AAA’ level, and the liquidity position is ‘exceptional’. Furthermore, Moody’s assigned an A2 Insurance Financial Strength to Oman Insurance.