Recognised as one of the leading players in the Middle East, Oman Insurance Company (OIC) prioritises long-term client relationships and complete customer satisfaction.
It offers a wide range of insurance solutions from life, health, motor and personal lines to industrial and commercial products for the energy, marine and construction sectors. Its experienced and certified advisers and managers who act as financial consultants to clients undergo a rigorous induction programme to ensure that standards are kept high.
The insurer’s in-house training academy supports the team with training on products, customer service, soft skills and selling techniques with recognised certifications from the Chartered Insurance Institute and Life Office Management Association.
In 2019, the insurer launched a group savings and retirement insurance plan specific to the unique needs of UAE companies. GO Saver aims at supporting employers to manage their end-ofservice gratuity liability with 100% capital protection option. This is a result of a collaboration between OIC and Generali. The plan is a fully-integrated solution for employers and their employees with investment choices, contribution flexibility and online access to investment portfolio. It offers portability that allows members to carry their plans when they move to another country and opt to receive their proceeds in their new country of residence.
OIC is the first insurer to partner with Mashreq Bank to offer term life and critical illness plans through its mobile apps Snapp and Neo. The products are also sold through its corporate website. With minimum documentation, no medical tests and high sum assured, the platforms ensure customer convenience.
Despite the challenging environment, OIC achieved a net profit of AED190.5m and return of equity of 11% in 2019. Its net earned premium increased to AED1.64bn compared to AED1.57bn in 2018, reflecting an increase of 4.3%. Proactive measures helped in enhancing its underwriting profit, which increased by 14.7% to AED432m from AED376.8m in 2018.
Its new products including the online life plans and the tie-up with Mashreq Bank, among others, demonstrate that it is a step forward in changing the approach towards buying life insurance.