Wednesday 24 / April / 2024
Muscat: National Life and General Insurance Company (NLGIC) organised a business meeting of all their channel and business partners recently at Sheraton Hotel, Ruwi where the leadership team shared forth the agenda and plan for the year ahead and new products and services on the anvil.
Around 120 people including top insurance brokers, agencies along with the company’s leadership team attended the meet. The event also saw the launch of on-line insurance portal that simplifies insurance buying. This is a part of the company’s strategy to bring in the latest technology that offers ease of doing insurance and reach out to a wider population.
NLGIC has come a long way to being the top insurer in the Sultanate of Oman and has spread its operations to other countries in the GCC. NLGIC is today an established player in Dubai, Abu Dhabi and recently started operations in Kuwait.
Speaking at the event, S. Venkatachalam, CEO mentioned, “Medical insurance in Oman has huge potential. With better facilities, wider network and competitive rates would enable to cover more people with our insurance. SME segment is another area we would like to look at as a potential segment to expand the business.”
He further added, “Compulsory medical insurance is much awaited and we are business-ready and has the bandwidth in terms of technology, experience and expertise to handle the large volumes this will bring. We are also looking at introducing newer innovative products that create value for our customers, business partners and shareholders.”
“We have built in a large customer base of motor insurance over a period of last three years and we would like to offer our other suitable personal lines products to our loyal motor insurance customers. We would also go all out to improve and retain our existing customers,” he said.
Speaking of the customer service initiatives, Venkatachalam said, “National Life is available 24/7 and even top management is easily accessible. We have invested heavily, recruited more people to improve efficiency and customer care. Our team reaches out to customers directly for collecting documents, explaining terms and conditions. We would be happy to invest more in enhancing customer service and differentiate ourselves. We have a wonderful and capable team in place, set up over a period and the market knows our strengths. Also, the support from all business partners makes NLGIC what it is today.”
“We have scripted success, built up a very strong balance sheet, systems, controls, good management and strong back up from all our shareholders,” he said.
“We are looking at OMR135m in 2018 and reach OMR172m by 2020 which is in public domain and we are working towards that. We look for support from all our business partners and work together to achieve our business objectives, retain our position as top insurers and there is good potential in the ever-growing insurance market in Oman. We are strongly placed, shall offer all support required and we should work together to reach new heights,” said Venkatachalam.
The leading insurer holds a Good (B++) Financial Strength Rating from A.M. Best Co. that gives its clients and associates an assurance of its financial strength.
The company has in-house claims settlement systems in Oman and had recently announced the acquisition of Inayah TPA in UAE to enable in-house claims processing capabilities and direct access to a wide network of hospitals. This would also provide better customer service and stronger control on claims management costs.
