MANAMA: Bahrain Kuwait Insurance Company, Solidarity Bahrain and t’azur Company have signed an agreement to invest in Health 360° – a provider of health insurance claims management services.
They will join the company’s existing shareholders, Takaful International Company, Bahrain National Holding and Paramount Health Services Group, in the first such collaboration among major insurance companies in Bahrain.
Launched in 2013 as a joint venture between Takaful and Paramount, the largest claims management in India, Health 360° was the first to issue digital health insurance cards in Bahrain.
Commenting, Health 360° chairman Abdulaziz Al Othman said: “The joining of major local companies as strategic shareholders will contribute to the growth of services and business.
“This will create a national entity that will be able to compete in local and regional markets, especially, as Health 360° already has a sizeable investment in Orbits Company for Health Claims Management in Saudi Arabia.”
According to him, the company has introduced important updates to its IT systems and various digital service channels to keep pace with the acceleration in technology. This improves customer service and eases management of health claims.
Insurance companies that sign up Health 360° to manage their health insurance portfolios will be able to access all these features.
The health services sector in Bahrain is growing and it is expected that health insurance premiums in the country will exceed BD70 million by the end of the year.
Present at the signing were, Bahrain National Holding chief executive Sameer Al Wazzan, t’azur chief executive Yahya Nooruddin, Solidarity Bahrain chief executive Jawad Mohammed, Bahrain Kuwait Insurance Company chief executive Abdulla Sultan, Takaful International chief executive Essam AlAnsari and Paramount Health Group managing director Dr Nayan Shah, who joined remotely from India.
Citing an AM Best report, the GDN reported last week that the roll-out of a compulsory medical insurance scheme, approved by the government in 2016, is expected to boost the medical line of business and partly revitalise the non-life insurance sector in Bahrain.
However, while the scheme was planned to come into force in 2020, the Covid-19 pandemic may delay its implementation.
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