13,000 insurance policies issued online during pandemic

More than 13,000 insurance policies were issued via electronic channels and portals since the start of the pandemic, according to the Capital Market Authority (CMA), underlining efforts by the industry to offer its services to the general public in line with COVID-19 safety precautions stipulated by the Supreme Committee.

Ahmed Ali Al Maamari, CMA Vice President (Insurance), expressed his appreciation to insurance companies and quickly embracing electronic platforms for the delivery of services to their customers and thereby ensuring business continuity despite the pandemic.

He welcomed efforts by insurers to adopt the required technologies to connect with their customers, enhancing their infrastructure and developing in-house systems, and supporting the training of young Omanis to provide these services electronically.

Giving details, he said that 61.9 per cent of the policies were issued through call centres, 12.9 per cent through company websites, and 1.56 per cent through the electronic applications provided by five companies. A further 23.5 per cent were issued through various electronic windows.

At the outset of the outbreak, the CMA had issued a circular instructing insurance companies and brokers to activate e-services to make it possible for their customers to avail themselves of insurance services without the need to be present physically or for paper-based documentation. The Authority ordered the closure of all customer counters and suspension of all manual services in the premises of the companies, and called for services – including registration of claims, underwriting and so on – to be processed electronically.

Oman Observer

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