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Company sees major growth opportunity in the Sultanate
Muscat: American International Group („IG‟or „he Company‟, one of the world‟ leading insurance companies, today announced the opening of four new branches in the Sultanate of Oman. These branches will be located in Nizwa, Ibri, Salalah and Sur, and will allow AIG to further expand its business in the Sultanate where it has been active for the past 14 years.
AIG„ core focus in Oman will be to broaden its existing customer base and grow its market share, through the introduction of new products and services across both its retail and corporate segments. A further element of AIG‟ expansion strategy in the Sultanate will be the development of its business through Bancassurance, building on its successful partnership with Bank Muscat. AIG has a 10-year strategic Bancassurance agreement with Bank Muscat, under which the Company is the exclusive provider of non-life insurance products to Bank Muscat customers in Oman. The exclusive long-term agreement with Bank Muscat is one of the widest-reaching Bancassurance distribution partnerships in the GCC.
In keeping with its strong commitment to develop local talent, AIG plans to further invest in a new training academy and will introduce world-class learning and development training programs for its local staff and distribution partners in Oman. The new training academy will be based in Muscat and will play an important role in developing the overall Omani insurance sector and further enhancing customer service. AIG will also increase its own Omanization rate, which is already at 85 per cent against a requirement of 65 per cent for the insurance sector. The training academy will help local Omani staff better navigate their role within AIG by giving them the requisite skills and competencies to develop and progress their careers.
Besides investing in physical „bricks and mortar‟offices, AIG is also investing in the greater application of customer service technology. Today, an AIG customer in Oman can directly register their claim via a toll free number or through its website. Soon, customers will also be able to more efficiently buy or renew insurance policies via a simple phone call staffed by dedicated and expert AIG staff.
At the formal opening of its branch in Nizwa, Mr Ahmed Ali Al Mamari, Director General of Insurance Supervision at the Capital Market Authority, said: "The opening of these new full
service branches is a reflection of AIG‟ commitment to build insurance awareness and improve the image of insurance in the interior regions of Oman. Opening such branches will enhance the competition among insurance companies to develop the level of insurance coverage and quality of service provided to their clients. Moreover, opening branches outside the capital area will help insurance companies‟clients to get more convenient claim services."
Neelmani Bhardwaj, General Manager at AIG Oman, said: "This significant expansion of our presence represents an exciting opportunity to grow AIG‟ business, and the wider Omani insurance industry. Considering the current insurance penetration rate in Oman as a proportion of GDP is only around one per cent, compared to the global average of approximately seven per cent, we believe Oman is a highly attractive market for all our AIG product lines. As we have seen in other markets, the secret of our success remains our commitment to invest in our business for the long term, which also involves playing an active, positive role in the local communities that we serve."
About AIG
AIG in the Middle East and North Africa operates with the vision to be most valued insurance company of the zone, via providing clients and producers with innovative products and a unique customer experience. The company has a 10-year strategic Bancassurance agreement with Bank Muscat under which AIG is the exclusive provider of non-life insurance products to Bank Muscat customers in Oman. The exclusive long-term agreement with Bank Muscat is the widest-reaching Bancassurance distribution partnership ever in GCC, building on AIG's global expertise and its strong established Bancassurance capabilities. AIG also established a servicing office in Casablanca Finance City after it was granted CFC status. The new office supports the group's strategic growth and expansion of its insurance business across North, Central and West Africa from Morocco's finance centre and leading African hub for the development of business across the region.
In the wider MENA region, AIG recently won a hat-trick of awards at the MENA Insurance Review Awards 2015, taking the top honors as Insurer of the Year, Commercial Lines Insurer of the Year, and Most Innovative Insurer (Product) for Consumer Lines.
American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube:www.youtube.com/aig |Twitter: @AIG_LatestNews| LinkedIn:www.linkedin.com/company/aig |
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
Contact:
Iain Gibson
Finsbury
+971 (0) 55 338 7748
iain.gibson@finsbury.com
Emily Hargreaves
Fısbury
+971 (0)55 694 5565
emily.hargreaves@finsbury.com
© Press Release 2015
