Qatar Insurance coverage Group (QIC) and Ooredoo Group have initiated a strategic partnership, formalised via an MOU to develop new insurance coverage options.
The MOU was signed on the Ooredoo Group Digital Ecosystem Convention in Doha.
The settlement was officiated by QIC CEO Salem Al Mannai and Ooredoo Group CEO Aziz Aluthman Fakhroo.
This partnership is ready to combine QIC’s danger administration experience with Ooredoo’s superior telecommunications infrastructure, with the aim of setting “a brand new commonplace in service supply”.
The collaboration is predicted to supply a spread of insurance coverage merchandise that leverage real-time knowledge and cell connectivity. These will embody cyber insurance coverage for people and small and medium-sized enterprises (SMEs), industrial insurance coverage for group entities, obligatory customer insurance coverage bundled with Ooredoo SIM playing cards, microinsurance, smartphone and gadget safety, and SME merchandise.
Al Mannai stated: “We’re excited to embark on this strategic partnership with Ooredoo, which displays our dedication to delivering cutting-edge insurance coverage options that meet the evolving wants of our prospects.
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“By leveraging Ooredoo’s digital capabilities, we are able to supply our purchasers a extra seamless and environment friendly expertise, whether or not it’s via sooner claims processing, personalised protection choices, or enhanced customer support. This collaboration represents a brand new period of innovation; a major step towards remodeling how we serve our prospects in a quickly altering world.”
Fakhroo added: “Our collaboration with QIC represents the convergence of two industries – insurance coverage and telecommunications – working collectively to supply modern options which are deeply aligned with the wants of in the present day’s digital world.
“By combining our experience, we purpose to set a brand new benchmark for service supply, providing prospects extra complete, linked and personalised experiences as we navigate this thrilling period of transformation collectively.”
The strategic partnership goals to empower companies and people to higher navigate the complexities of the digital age, enhancing buyer expertise within the course of. A complete cyber insurance coverage providing is a key facet of the collaboration, designed to guard towards on-line threats reminiscent of cyberattacks, id theft and on-line buying fraud.
By combining their strengths, QIC and Ooredoo aren’t solely trying to innovate inside the Qatari market but additionally have formidable plans for regional enlargement. This consists of extending their companies to different markets the place they function, reminiscent of Oman and Kuwait.
In a latest monetary replace, QIC reported a internet revenue of QR525m ($143.9m) for the primary 9 months of 2024, a rise from QR453m throughout the identical interval in 2023.
