DUBAI, UAE: Oman Insurance launched its 2021 Integrated Report yesterday which incorporates full-year monetary outcomes together with Environmental, Social and Corporate Governance reports.
The report re-emphasizes the strong monetary outcomes for 2021. The firm reported a net revenue of AED 206.1 million which is a growth of 5% in comparison with the prior year. This result has been supported by a solid funding income, decrease bills and a well-controlled underwriting result regardless of the volatile environment.
Also, Oman Insurance’s net receivables ratio of 15.4% is at its all-time high, which displays the company’s strong emphasis on producing free cashflows. On top of those results, Oman Insurance reached its highest buyer satisfaction score, a key goal for the company, with 89% of its customers being satisfied or very satisfied with its services.
The company’s solvency capital requirement earlier than the proposed dividend reached its highest level of roughly 275% (minimum regulatory requirement is 100%). This is a rise of round 15% in comparison with the final year, reaffirming their strong ability to meet policyholders’ obligations.
The firm continued to make strategic investments in its digital transformation. Cloud focus, the discharge of a number of APIs, Zero-code platforms, are some examples of those investments to empower enterprise groups to construct buyer choices quickly and independently, ultimately resulting in faster, leaner processes and extra satisfied clients.
On top of its digital strategy, Oman Insurance efficiently labored on new key enterprise initiatives just like the choice of its new well being insurance coverage medical administration system; the launch of a distinctive Middle East medical solution; the approval to launch the primary Lloyd’s Syndicate within the Gulf Cooperation Council; the launch of Straight Through Processing for its life insurance coverage insurance policies with partnering banks and brokers.
Commenting on the results, Jean-Louis Laurent Josi, Chief Executive Officer at Oman Insurance, said, “The outcomes are a transparent reflection of our industry-leading initiatives, robust monetary strength to pay claims well timed and our imaginative and prescient to be a reference for buyer excellence. With the strong foundations, we will proceed to focus our efforts on digital transformation, improving technical expertise, implementing lean initiatives and enhancing buyer satisfaction.”
During 2021, Oman Insurance maintained its strong monetary ratings of ‘A’ by AM Best, ‘Awith positive outlook’ by Standard & Poor’s and ‘A2’ by Moody’s. The firm additionally received a number of accolades, notably: Best Health Insurance Provider UAE, Life Insurance Company of the Year, Digital Initiative of the Year, Insurance Customer Satisfaction & Happiness– UAE, amongst others.
www.omaninsurance.ae