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Muscat - The Capital Markey Authority (CMA) has issued guidelines for insurance services, which specify the minimum quality standards expected of insurance companies and brokers in the sultanate.
These guidelines are based on the CMA’s vision to promote the concept of customer service quality and to increase the level of company compliance with the responsibilities resulting from providing insurance services, and to cope with modern technologies in the field of customer services, a statement from the sector regulator said.
Satisfaction of policyholders is one of the significant methods for establishing a competitive environment in the insurance market, said Ahmed al Mamari, director general of insurance supervision at CMA.
“Evaluating the quality of services provided and continued development of these services up to policyholders’ expectations and satisfaction are crucial to establishing a competitive environment in the insurance market, in order to ensure improved dealing with customers.
He said the boards of insurance companies are required, as per the guidelines, to set written and approved policies and standards to ensure service quality. These standards are to be continuously audited and evaluated by the compliance officer and quality controller of the company. The CMA will also monitor compliance in adopting and applying these policies and standards.
Mamari said these guidelines were set after evaluating the insurance sector in the sultanate, and considering the experience of pioneering countries, besides considering the standards approved by the International Association of Insurance Supervisors (IAIS).
The guidelines state the role of the boards of insurance companies, both national or foreign ones operating in the sultanate, in reviewing and approving written policies for comprehensive quality standards of insurance services.
The guidelines also provide clear mechanisms for promoting communication levels with customers through the front desk of insurance companies.
The guidelines also highlight the importance of having clear insurance policies that fulfil customer requirements, and informing customers on rights and responsibilities of both of the company and the customer. Companies are also required to provide customers with brochures for each insurance product including a summary of the benefits, exclusions, conditions, claim procedures, complaints procedures, and Sharia’a opinion regarding takaful products.
Companies are required to set policies to provide effective and clear mechanisms for customers to review their policies or claims. Companies are also requested to set a specified mechanism to facilitate modifying or renewing policies without any delay, and to provide insurance benefits according to sound procedures.
The guidelines also specify some rules for claim settlement and confirm the need to enhance electronic services of insurance companies, the press statement added.
© Muscat Daily 2016
