INTERVIEW WITH MOHAMED JAWAD, CHIEF FINANCIAL OFFICER, OMAN QATAR INSURANCE COMPANY

Muscat – Mohamed Jawad is the Chief Financial Officer of Oman Qatar Insurance Company (OQIC). He was awarded the prestigious ‘CFO of the Year’ award in the insurance industry at the Business Today Oman CFO Forum & Awards in September. In an exclusive interview, Jawad shared his insights on the key drivers shaping Oman’s insurance industry and the evolving role of the finance function in business transformation. He also discussed the impact of digitalisation, regulatory developments, and emerging risks on the sector, as well as how OQIC is leveraging AI and automation to enhance financial operations and insurance claims management.

In your view, what are the key drivers of growth for Oman’s insurance industry, and how do you expect these to evolve in the coming years?

Oman’s insurance industry is poised for steady growth, driven by economic expansion, infrastructure projects under Oman Vision 2040, and regulatory enhancements by the Financial Services Authority (FSA), which will strengthen market stability. The increasing awareness and demand for health, life, and liability insurance, particularly with the implementation of mandatory health coverage, will further support industry growth.

Additionally, digital transformation through AI, automation, and Insurtech adoption is reshaping customer experiences and operational efficiency. The evolving risk landscape, including climate-related events and cyber threats, is also driving demand for specialised coverage. With Oman’s return to an investment-grade rating, foreign investment and market consolidation are expected to accelerate, leading to a more competitive and robust insurance sector.

Looking ahead, I anticipate higher insurance penetration, digital-first business models, and a stronger focus on ESG (Environmental, Social, and Governance) principles. Our role here is to ensure financial sustainability, optimise investments, and strategically position the company to capitalise on these market opportunities.

What are the key drivers of business transformation in the insurance sector, and how does the finance function fit into and contribute to this transformation?

The insurance sector is transforming through digitalisation, evolving customer expectations, regulatory changes, and emerging risks. Technologies such as AI, automation, and data analytics are enhancing efficiency, while new risks, including cybersecurity and climate change, are shaping product offerings.

The finance function plays a crucial role in business transformation by ensuring financial stability, strategic investments, and cost optimisation. It drives digital adoption, enhances risk management, and supports data-driven decision-making. Additionally, finance ensures regulatory compliance and performance monitoring, helping the company remain agile and competitive in an evolving market.

How is OQIC leveraging new technologies such as automation or AI tools to enhance both the finance function and claims management?

OQIC is actively leveraging automation and AI to enhance both the finance function and claims management. In finance, automation is streamlining reporting, reconciliation, and forecasting, improving accuracy and efficiency. AI-powered data analytics is also enhancing financial decision-making and risk assessment.

In claims management, AI tools are optimising fraud detection and claims processing, ensuring faster settlements. Additionally, we are enhancing customer experience with our AI WhatsApp chatbots and other initiatives, which form part of our five-year technology development strategy approved by the Board of Directors. These efforts are driving efficiency, improving service quality, and positioning OQIC as a leader in digital transformation.

What guidance would you offer to those aspiring to key finance roles in the insurance industry? Which skills and traits do you believe will be crucial for future CFOs?

For those aspiring to key finance roles in the insurance industry, a strong foundation in financial management, risk assessment, and regulatory compliance is essential. Mastery of financial reporting, investment strategies, and data-driven decision-making will provide a solid base for growth.

Future CFOs must also develop strategic thinking, adaptability, and leadership skills to navigate an evolving industry. Proficiency in technology, automation, and data analytics will be crucial as finance becomes more digitised. Additionally, effective communication and stakeholder management are key to influencing decision-making and driving business transformation. A deep understanding of insurance operations, capital management, and regulatory frameworks will be vital for long-term success in the industry.

What role do you believe finance-focused events such as the Oman CFO Forum play in strengthening relationships and dialogue among finance leaders? Are there specific topics you think should be highlighted in future editions of the Oman CFO Forum?

Events such as the Oman CFO Forum play a crucial role in fostering collaboration, knowledge sharing, and networking among finance leaders. They provide a platform to discuss industry trends, regulatory updates, and financial best practices, helping finance professionals stay ahead in a rapidly evolving landscape. Such forums also facilitate peer learning and strategic dialogue, enabling leaders to explore innovative solutions to common challenges.

For future editions, key topics should include digital transformation in finance, AI and automation in financial management, risk mitigation strategies, ESG reporting, and evolving regulatory frameworks. Additionally, discussions on capital optimisation, investment strategies, and the impact of global economic shifts on the insurance sector would add significant value to finance leaders navigating today’s dynamic business environment.

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