We need insurance to protect ourselves against losses, damages, injuries, and many unforeseen events that cause financial as well as personal loss. S.Venkatachalam, CEO, National Life and General Insurance talks about the need for customised insurance solutions in the constantly challenging global situations we live in.
What has been your main areas of focus – your USP?
National Life and General Insurance is headquartered in Oman where we are the leaders in the insurance industry and have a market share of 65 per cent in health insurance. We have branches in Dubai, Abu Dhabi and Kuwait and planning to expand into other countries in the region. In UAE, we are now one of the major insurance players and our USP is to provide need-based and customised insurance solutions and fast turn-around time in policy issuance and servicing. It has always been our endeavor to bring in new technology and systems to enhance our operational efficiencies and customer care.
Can you talk about your core operational strength?
In the UAE, we cater to Group Life and Group Medical insurance and our business is focuse around corporate clients. We have a good business relationship and rapport with our clients as well as business partners including brokers and service providers over a long period of time and our high renewal rates is a testimony to this. That apart, we have excellent policy administration and claims management systems in place with capability to handle SME to large business houses. In addition to our in-house medical service provider network, we are able to provide Third Party Administrator networks also as per our customers’ requirement.
How are you increasing your regional presence in Abu Dhabi, Dubai and Kuwait?
Apart from being the leading insurance player in Oman, today we are one of the major insurance players in UAE and growing fast in Kuwait as well. We have a wide range of Life, Health and General Insurance products in Oman and we are looking at expanding our product portfolio in the UAE market with innovative insurance solutions and widen our customer base. Currently we have around 190 sales and service touch points in the markets that we operate and we are also looking at reaching our services to a larger number of people in GCC, wherein we can replicate our operational efficiencies and experience to provide tailor-made insurance solutions.
What do we need to think about while buying insurance?
While buying insurance, especially health insurance, though premium is an important factor, people do consider factors like territorial limit and the limit of the insurance cover. Some of the other important factors are the networkof medical service providers and whether pre-existing conditions are covered or not. Another importantaspect is to see the insurer, his experience and expertise and whether he has the required capabilities to manage the large network and customer base. Here I can say we have the experience of more than 25 years and the systems and technology to take very good care of our customers.
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