Thursday 28 / November / 2024
Muscat: A joint seminar between the Capital Market Authority of the Sultanate of Oman and the Supervisory Authority of Insurance and Social Welfare (ACAPS) of the Kingdom of Morocco on 'Inclusive Insurance and Digitalisation' commenced in Rabat, Kingdom of Morocco in collaboration with the International Association of Insurance Supervisors (IAIS), Access to Insurance Initiative (A2ii), Financial Sector Deepening Program in Africa and Insurance Fintech Association.
The two-day seminar comprised several working papers on inclusive insurance and digitalisation.
Ahmed Ali Al Maamari, Executive Vice President of the CMA confirmed, in a speech, that the Sultanate of Oman’s interest in developing digital insurance in the Omani insurance market is to achieve the goals of developing the sector’s performance and keeping pace with the latest developments taking place in the financial services market in light of the processes and facilities provided by Fintech.
Directing the insurance market towards digital transactions is one of the important tools in enhancing the principle of confidence and transparency between the transacting parties and contributes to improving insurance services and comes in response to the national priorities of Oman Vision 2040, represented in accelerating the steps of digital transformation and reaching to smart government.
Al Maamari reviewed, in his speech, the Sultanate’s experience in digital insurance which started with the electronic link between insurance companies and the relevant government entities.
He added that the electronic health insurance “Dhamani” platform is one of the achievements of the regulation of the health insurance market which contributed to consolidating transparency and building true confidence between the parties in the insurance process through digital solutions in providing the health insurance service.
He said the CMA worked up to 2022 in designing and programming 39 electronic services including 16 in the insurance sector as well as launching smartphone applications further to the facilities for licensing platforms related to marketing insurance products. He said the CMA has recently issued a regulation for e-insurance.
Al Maamari added that allocating a special axis in the programme of the seminar on the importance of inclusive insurance reflects the degree of keenness that the regulators of insurance markets in the region attach to implementing the requirements of financial inclusion to provide prosperity and stability for individuals and institutions in the society and to achieve the 17 sustainable development goals of the UN that aim to reach to a better and more sustainable future for all.
This trend comes in line with the requirements of the National Program for Financial Sustainability and Financial Sector Development in the Sultanate of Oman, which aims to provide insurance products that suit the needs of all segments of society, to achieve financial sustainability for individuals and institutions and enhance their ability to provide financing needs for initiatives, in addition to enhancing their ability to manage crises and confront expected challenges and risks with minimal damage.
The Sultanate of Oman views the concept of inclusive insurance as a tool for enhancing insurance awareness and expanding the turnout for its products.
The workshop discussed the first-day topic on financial inclusion and review of related cases and a topic on digitalisation and insurance Fintech besides reviewing the activities of IAIS and A2ii, and discussed in the second day the status of insurance Fintech in the Middle East and North Africa Region, challenges and innovation opportunities as well as expanding insurance coverage through technology in the MENA region with consideration of similar cases and cyber risks.
The joint seminar is organised as part of the cooperation between the two regulators under the memorandum of understanding signed in March 2022 in the field of regulation and supervision of the insurance sector and cooperation. A seminar was organised in Muscat in September 2022 under the theme “Supervision of Climate Risks and Protection Gap.”
