Oman Insurance Company, UAE’s largest insurance provider, launched a new Straight Through buying Process for its term life insurance policies. In line with its ‘customer first’ strategy, the company partnered with Mashreq Bank and InsuranceMarket.ae by AFIA Insurance Brokerage Services to enable customers to protect themselves and their loved ones with a comprehensive plan within minutes.
The 100% online process ensures instant policy approval for all standard non-medical cases and end to end digital process to ensure fast and seamless service to the customers.
Emmanuel Deschamps, EVP – Head of Individual Life and Workplace Saving at Oman Insurance said, “ We are happy to have a first-mover advantage as no one in the region currently offers an end to end digital process for life policies. This initiative along with our online term life and critical illness policies gives us a strong competitive advantage to offer great products along with exceptional experience and service to our customers, from the comfort of their home or office. I would like to thank our preferred partners Mashreq Bank and Afia Insurance Brokers to be part of this initiative.”
The company has been leading the market with its digital and innovative solutions and this process should help it strengthen its life insurance business in the region. From quote generation to policy issuance, all steps can be completed online including submitting of supporting documents and payment for the plan through a secured gateway.
Hasheer Kottal, SVP – Head of Insurance at Mashreq Bank commented, “The importance of life insurance cannot be understated, especially, given the unpredictable situation we have witnessed in the past 12 months or so as a result of the global pandemic. Life insurance not only provides financial cover for individuals and their families but also peace of mind during challenging or unforeseen conditions. Keeping in mind the evolving customer needs, we are delighted to partner with Oman insurance and offer customers the ability to buy life insurance through the digital medium providing a simple, fast and seamless experience. This innovative new partnership capitalizes on the insight and expertise of several market leaders to establish an instant solution for those looking to acquire comprehensive life insurance.”
Commenting on the partnership, Suresh Chaturvedi, Head of Life Insurance & Financial Planning at InsuranceMarket.ae by Afia Insurance Brokerage Service said, “I would like to take this opportunity to congratulate everyone involved in making this happen at Oman Insurance.
Undoubtedly, this will significantly not only cut down TATs but also increase Oman Insurance’s product penetration in the market.”
The company recently launched a new, specialized unit for Individual Life and Workspace Savings to integrate the whole value chain under one leadership and create a clear, agile and expert division. With the recent initiatives and increased focus on life business, Oman Insurance intends to become a long-term partner of choice for its clients in the UAE who will be able to enjoy their life insurance benefits as per the highest standards no matter where they are located.
Everything you need to know about Straight-through Process
