MUSCAT: The Middle East Healthcare Insurance Conference 2023, hosted by the Sultanate of Oman and organized by the Capital Market Authority (CMA) in collaboration with Middle East Insurance Review (MEIR), commenced on Monday, September 25, 2023, with a focus on mitigating the impact of fraud, abuse, and waste (FAW) in healthcare insurance.
The event, held under the auspices of Sultan Salim al Habsi, Minister of Finance, brought together officials from CMA, insurance companies, public and private healthcare institutions, and international and regional participants.
Ahmed al Mukhaini, CMA Expert - Office of the Executive President, said health insurance companies and healthcare providers are vital players in the healthcare ecosystem.
Discussions on the first day revolved around the progress of the "Dhamani" project, a collaborative effort involving various stakeholders, such as the Omani Medical Association, CMA, Ministry of Health (MOH), insurers, and reinsurers. These discussions emphasized the project's significance in enhancing healthcare services and highlighted its challenges and milestones.
The second session provided an extensive overview of healthcare insurance in the Middle East, offering valuable statistics and insights from compulsory healthcare insurance markets across the region. This session aimed to provide a broader perspective on industry trends and challenges.
The third session explored fraud risk management from various angles, featuring insights from insurers, reinsurers, hospitals, and claim management experts. Discussions centered around identifying key fraud indicators and strategies to effectively address them.
Several experts presented working papers, offering practical solutions to healthcare insurance challenges. Ahmed al Mukhaini emphasized the importance of building trust between health insurance companies and healthcare providers, highlighting the need for a seamless connection to enhance confidence and service delivery.
Dr C H Asrani, Founder and Chairman of INCHES Group in India, presented regional case studies on fraud management, shedding light on effective strategies employed in different contexts. Navneet Kumar Bhatt, Chief Underwriting Officer of Takaful Oman SAOG, shared insights into the future of healthcare insurance in Oman and the broader region.
Dr Matlooba al Zadjali, Managing Director of Heart Vascular Centre HVC Oman, presented a working paper on the collaborative efforts required between hospitals and insurers to effectively mitigate FAW.
The second day of the conference will delve even deeper into healthcare insurance, with topics including advanced pricing methodologies for healthcare insurance underwriting, insights drawn from previous risk management experiences, and strategies to advance universal health coverage through sustainable financing resourcing.
Another session will focus on the key to universal social obligation and responsible commercial enterprise in compulsory healthcare insurance, addressing issues related to claim management efficiency and cost containment in private healthcare insurance.
The day will culminate in a discussion session dedicated to innovation in healthcare insurance, highlighting the role of technology, artificial intelligence (AI), and innovation in combatting FAW.
Oman's decision to host the Middle East Healthcare Insurance Conference aligns with the country's increasing interest in health insurance. Recent years have seen health insurance claim the largest share of gross insurance premiums, accounting for 35.4% of all insurance products. In 2022, gross direct premiums in the health insurance sector surged by 16.9%, reaching RO 191.517 million compared to RO 163.866 million in 2021.
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