Friday 26 / April / 2024
Bahrain: GIG Gulf, one of the largest insurance providers in the Mena region, has set out plans for an ambitious 11 per cent growth in Oman for 2023 after being rated “A” (Excellent) by AM Best for the second year in a row, a rating achieved only by handful insurers in Oman, and receiving the Health Insurer of the Year award for the second consecutive year at the 2023 Mena IR Awards.
Following its 2022 transition from AXA, which has been present in the region for over 70 years, GIG Gulf’s growth in Oman builds upon the insurer’s fast-growing presence in the country and its status as the Bancassurance partner for Bank Muscat – the largest bank in Oman.
As part of its strategy, GIG Gulf is scheduled to welcome over 100 members of the Oman brokerage community on February 8 in Al Bustan Palace in Muscat to share its growth ambitions and present its strategy for innovation. The event, which is a first-of-its-kind gathering in Oman, reflects the importance of brokers in the local market, and their instrumental role in GIG Gulf’s growth.
The event follows a year of milestones for the insurer, which revealed its new regional headquarters in 2022, which has been designed and built around state-of-the-art facilities and digital infrastructure to transform its customer’s experience in Oman and the wider region.
Paul Adamson, CEO of GIG Gulf, commented: “GIG Gulf is uniquely positioned to transform the Omani insurance industry for the better through its multi-distribution model, high-performing digital platforms, and its capabilities as a multi-line insurer that operates across all insurance segments. From Healthcare to, Motor and Property, the company is the preferred partner to some of Oman’s most important public and private sector organizations – with a regional spread that serves over one million consumers including SMEs and corporations.”
GIG Gulf has launched a series of ground-breaking services in Oman over the past year, including EasyClaims, which is a digital platform for real-time end-to-end motor claims. It is the first such service to be offered by an insurance company across four major GCC markets – the UAE, Qatar, Oman, and Bahrain. The platform allows customers to register their motor insurance claims by entering minimal information and tracking the process in real time. EasyClaims uses big data and AI-based analytics to present granular details on the parts needed for repairs, costs and timelines.
GIG Gulf is committed to simplifying the customer experience through digital solutions that are unique and add value, and by providing customer-centric insurance innovation.
GIG Gulf is part of the Gulf Insurance Group (GIG), the #1 largest regional composite insurer in the Middle East and North Africa, with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia, and Emirates. Its reported consolidated assets stand at $4.5 billion as of 31 December 2021.
GIG Gulf is an ‘A’ rated regional insurer with a top 5 position in each of its markets. GIG Gulf has been present in the region for over 70 years with a strategic focus on both growth and investments and is a one-stop shop offering a wide range of insurance products and services that cater to a broad variety of needs for corporates, SMEs and individual customers throughout UAE, Oman, Bahrain, and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi.
With a workforce of over 800 employees across 15 branches and retail shops region-wide and over 1 million customers, GIG Gulf is a caring partner that encourages customers to achieve their goals and live inspiring and fulfilling life. Obsessed with customer feedback and continuously evolving to become the region’s digital insurer of reference, GIG Gulf is also focused on making a difference for customers, partners, and communities through strong CSR commitments.
Recognised as a leading insurance brand, GIG Gulf has been winning several awards for its quality of services and products, most recently winning the 2021 Health Insurer of the Year award, by Mena IR.
