Oman Insurance Announces Tie-up with UAE Exchange

Dubai, January 2009, Oman Insurance Company today announced its partnership with UAE Exchange to provide its individual life policyholders a hassle free premium payment option. The tie up will facilitate the payments for life insurance customers of Oman Insurance, at all UAE Exchange outlets across the emirates even after office hours and weekends. Oman Insurance believes that this strategic alliance will enable the company to leverage on the UAE Exchange’s vast reach of branch networks of over 69 outlets across the UAE. The company is focused on customer service and all the initiatives are geared towards exceeding client expectation

“Today, we are marking a beginning of this alliance with premium collection facility for our Life policy holders. This is a part of our strategy of taking business to our customers. I would like to see this association grow in a big way in the coming years to the mutual benefit of both the organizations and our customers. We are investing heavily in technology and our CRM systems are expected to be in place soon. This would open up various opportunities to reach new markets says Mr. Abdul Muttalib Mustafa, CEO of Oman Insurance Company.

This association will also enable us to supplement our objective of insurance penetration in the Arab world, widen our customer base across the region and would add considerable value to our customers. Our relationship with UAE Exchange is a significant development as it will enable us to further strengthen our presence in the region,” added Mr. Abdul Muttalib Mustafa, CEO of Oman Insurance Company.

The company is the recipient of countless awards and certifications including the Mohammed Bin Rashid Al Maktoum Business Award. Oman Insurance Company enjoys the ratings of A (Excellent) from AM Best and A- from Standard & Poors

“We are both aware that there are great benefits in this arrangement. The amalgamation with our cash points can be viewed as ‘Re-defining the Insurance Industry’ in general. This sort of mechanism will generate profound structural change in this sector. The resulting changes will have resounding impacts for the region’s insurance industry” says Mr. Y. Sudhir Reddy, COO – Global Operations, UAE Exchange.

As part of its growth strategy, the company has recently also started operations in the Sultanate of Oman as well as in the State of Qatar.

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About Oman Insurance:

Oman Insurance Company (OIC) is the UAE’s insurance industry market leader and holds its Head Office operations in Deira, Dubai with other eight branches throughout the UAE. As part of its growth strategy, it has recently also started operations in the Sultanate of Oman as well as in the Kingdom of Qatar. Through the sound leadership of its top management, and a dynamic board of directors, the company has ascended to the top market position it is presently enjoying.

Established in 1975, the Company has never looked back and achieved a premium turnover. Rated as ‘A’ Excellent by A.M. Best and Rated ‘A-‘ company by Standard & Poor's and supported by leading Reinsurers OIC underwrites all types of risks in General, Life & Health insurance and goes that extra mile to tailor make special covers.

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