Database set to ensure the best insurance deals in Oman

17/09/2014 00:21 AST

A new project called 'e-insurance gate' to help insurance clients by bringing in efficiency and transparency to choose the best policy will be launched by the Capital Market Authority (CMA), which regulates the insurance sector in Oman.

The insurance regulator will create a comprehensive data base on premium amount (for both comprehensive and third-party insurance) of various motor insurance schemes, which will help the potential clients to go for the best one.

The database will also include details about the companies and the board members, Ahmed Ali Al Maamari, acting director general of insurance supervision at the CMA, told Times of Oman.

This will be directly connected to the database of Royal Oman Police (ROP) and insurance firms.

It will promote competition between insurance companies to offer fair price with quality service, which is in line with the policy and strategy of the insurance regulator.

"The e-gate will enable companies to enter their prices that will be directly connected with the database of ROP and insurance companies," said a CMA statement. The ROP has already established a link between its database and insurance companies.

The e-transfer will start internally as all dealings of CMA with insurance companies, agents and brokers will be in electronic form in order to build a database. This will enable larger e-services that can cover all insurance services, products and dealers.

The plan include creating files and forms related to opening new licence register, renewing existing license, complaint form, and also an interactive page that enables companies to enter financial data and important reports.

Qais Al Suhi, specialist at the Directorate of Insurance Supervision, said that in the long run, there is a plan to allow clients to apply for policies online using their smart phones.

Times of Oman