CMA approves four integrated electronic insurance platforms


Capital Market Authority approves four integrated electronic insurance platforms

Muscat: The Capital Market Authority approved four institutions to provide their integrated insurance services electronically through approved platforms, which are: Arabian Insurance “Falcon”, and 3 licensed insurance brokerage companies: Gulf Insurance Group, Integrated Insurance Brokerage Solutions, and Insurance House.

The authority explained that the approval of these platforms came after studying and analyzing their requests and ensuring that they fulfill all the requirements contained in the regulation regulating electronic insurance operations, which was approved in the last quarter of 2023. It represents a regulatory and legislative framework for providing digital insurance services in the Sultanate of Oman, and the regulation obligates every company. Insurance by establishing its own electronic platform concerned with providing integrated digital insurance services, and allowing insurance broker offices to create an electronic platform to provide licensed services.

The Authority explained that the insurance services provided by electronic platforms include: selling insurance policies, marketing products, collecting premiums, managing claims, submitting complaints and following them up through an electronic digital platform, whether through websites or smart phone applications.

The Authority aims to issue these regulations that keep pace with the global trend towards digitization and make them mandatory for companies. To accelerate digital transformation and develop the business sector, which contributes to creating a positive environment that increases public confidence and the quality of insurance services to enhance the system of protection against risks facing individuals and institutions.

It is noteworthy that establishing electronic platforms for companies serves all parties to the insurance relationship. This contributes to expanding the spread of insurance services and marketing products more broadly, in addition to facilitating the processes of submitting compensation requests and managing them with efficiency and high quality.

more recommended stories

Terms of Use:

  • This website Arabian Daily is an individual’s property, not used for any commercial or sales purposes. What you see here are one’s random thoughts in action. I, by no means, endorse any product or party through this, unless stated explicitly.
  • All work you will find here is copyrighted unless stated otherwise. No part of this work can be reproduced in any way with the exception of a) if you share our work, it should link back to this website; b) if you quote any part of our work, it should be properly credited to us with a link to this website.
  • All images used on this website have been taken from open source image websites on the Internet. If any of them are copyrighted to you and you want us to take them down or add credits, please feel free to contact us here, or by using the contact form on this page.
  • The views expressed on Arabian Daily are solely ours. They do not represent any party or any particular school of thought. This website does not promote racism in any form.
  • Privacy Policy:
    This website will respect the readers’ and the writer’s privacy. We do not sell any of their personal or contact information to another company. We do not put your information on spam lists. Also, and more importantly, we are not responsible for the privacy practices of any of our advertisers or website commenters.
  • Reserve Rights: We reserve the right to change the focus on this website, to shut it down, sell it or to change the terms of use at our own discretion.