CMA to update electronic link between insurance firms and ROP

Business Sunday 27/June/2021 17:39 PM
By: Times News Service
CMA to update electronic link between insurance firms and ROP

Muscat: The Capital Market Authority (CMA) recently announced a tender for the operation and maintenance of the e-insurance systems which was launched in 2008 in continuation of the development and improvement of the services related to digital transformation. The system links the insurance companies, Royal Oman Police and insurance policyholders.

CMA aims to enhance the role of technology and maximise its uses especially its role in serving the policyholders and other stakeholders to ease registration, renewal, transfer and export of motor vehicles and issuance of registration certificates. It also furnishes for insurance companies a database containing specific data on the drivers and vehicles such as traffic accidents and violations for use in underwriting.

The system allows the CMA to monitor and follow up the business of insurance companies to evaluate their performance.

The system comprises software, operation licenses, linking devices, servers and provides an environment linking 15 insurance companies carrying out motor insurance business with policyholders and ROP for quality and improved service to policyholders and enhances the supervision process.

Motor insurance is among the top insurance activities with more than 1.402 million insurance policies at 85.4 per cent of the insurance policies and direct premiums at OMR113.3 million.