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.