GIG Gulf, one of the largest insurance providers in the MENA region, has set out plans for ambitious growth in Oman for 2023 after being rated ‘A (Excellent)’ by AM Best for the second year in a row.

Following its 2022 transition from AXA, which has been present in the region for over 70 years, GIG Gulf continues to grow in Oman, leveraging its fast-growing presence and strategic partnerships in the country, the company said in a press statement on Tuesday.

As part of its strategy, GIG Gulf is scheduled to welcome over 100 members of the Omani insurance community today at 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 intermediaries in the local market, and their instrumental role in GIG Gulf’s success story,’ GIG Gulf said. It added that the event in Muscat follows a year of milestones for the insurer, with significant ongoing investment in its digital infrastructure to transform the customer experience in Oman.

Paul Adamson, CEO of GIG Gulf, said, “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 organisations – with a regional spread that serves over one million consumers including SMEs and corporations.”

GIG Gulf is part of the Gulf Insurance Group (GIG), the 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 the UAE. Its reported consolidated assets stand at US$4.5bn as of December 31, 2021.

GIG Gulf has launched a series of 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 the GCC markets. The platform allows customers to register their motor insurance claims by entering minimal information and track 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 timeline.

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