In 1975, Abdullah Al Ghurair envisaged an insurance powerhouse which not only protects the people of the UAE but also champions customer service excellence and innovation. Today, 48 years later, Sukoon – previously Oman Insurance Company – stands as the epitome of that dream.
Protecting the lives, health, and wealth of more than 830,000 clients, Sukoon has led the insurance industry from the get-go. With a single-minded focus on customer service excellence, innovation that enhances customer experience, and ensuring peace of mind at every turn, Sukoon has remained the insurer-of-choice for over three generations in the UAE.
With a satisfied and diverse clientele and a proven track record of setting the bar for the industry, Sukoon's way of doing things is what sets it apart. Its strength lies in the professionalism and dedication of its 650-member-strong team, networked through its branches and available 24/7 through its call centre and active e-commerce platforms. Its solutions mainly cater to motor insurance, travel insurance, life insurance, health insurance, and general insurance (that is, property, energy, engineering, aviation, marine and contingency) needs of individuals, businesses, and high-net-worth clientele.
Strong financial position
While the company has held a financially strong position for decades, the year 2022 was no exception. It was, to say the least, another rewarding and transformative year for Sukoon.
Sukoon's net profits peaked at Dh223.6 million – the highest in the past eight years. In addition, the company recorded a local solvency margin of 280 per cent – a testament to the success of the strategies it has in place for a resilient risk transfer mechanism.
Its net earned premium stood at Dh1.511 billion, one of the highest in the UAE insurance industry as was the case in 2020 and 2021, reflecting its position as a market leader.
Sukoon's enhanced receivables and credit management system exhibited the strongest performance, generating significant free cash flow in 2022, which was partially utilised through further investments in financial instruments, leading to an 11 per cent increase, excluding ULIP, in the group's invested assets (that is, from Dh3.50 billion in 2021 to Dh3.87 billion in 2022). The company's net receivables ratio was also among the lowest among other listed companies in the UAE market, standing at 15.4 per cent.
These achievements, among others, reflect the company's robust financial strength, strong operating performance, and razor-sharp focus on customer service.
Customer centricity at the heart of Sukoon
With service as its core work ethic, the company believes in establishing long-term relationships and using trust as its salient feature in keeping every customer delighted, feeling secure, and wanting more.
Customer centricity is at the heart of Sukoon's ambitions, given its belief that customer satisfaction is not only the basis for profitable growth but also a key driver for employee engagement. The company's customer-first value has also led it to venture digitally to provide quality, personalised, and value-driven services. From mobile applications and digital platforms to regular customer feedback and surveys, Sukoon is always in search of the next wow factor for its current and prospective clients.
Customer-first digital strategy
One of Sukoon's key strategic pillars is customer excellence, which demands 24/7 availability of services through digital channels.
With unwavering focus, Sukoon focused on transforming its legacy IT estate into an industry-leading, resilient, future-ready, and highly secure cloud estate between 2018-19. The efforts translated into the successful establishment of an industry-leading, resilient cloud estate.
All digitisation investments made by the company allowed improvements in IT service availability from roughly 85 per cent in 2018 to clocking 100 per cent during the first five months in 2022, eventually scaling to over 99 per cent in the past 43 months (that is, from June 2019 to Dec 2022) – an incredible feat for any IT team. This resulted in the provision of uninterrupted services to the company's end customers along with a significant change portfolio of over 200 programmes delivered in the past four years.
The way forward
Sukoon will continue to leverage its foundations to develop an exceptional insurance platform to provide unmatched customer experience, unrivalled insurance expertise, and unbeatable innovation in the region.