Al-Fadala (centre) with Venkat and Bisbjerg: Global strategy.
Qatar Insurance is making “personal insurance products directly available to individual customers” in the UAE in view of the “increased competition in the marketplace.”
“We have been doing personal insurance business for some 47 years in the UAE through our corporate clients and this experience has shown us that there’s a gap in the personal insurance market – a gap that Qatar Insurance will fill,” said Ali al-Fadala, senior deputy group president & CEO of QIC Group.
“Our personal insurance business through our corporate customers has been and is very successful, but the increased competition in the personal insurance marketplace over the last couple of years has made it clear that there is a gap, which will be filled by us directly” continues al-Fadala said.
Therefore, Qatar Insurance is now making their personal insurance products directly available to the individual customers under the theme ‘Global insurance – local assurance’, QIC said.
“The expansion into the direct personal insurance business in the UAE is no coincidence but part of the global strategy QIC is pursuing. We’re already within the top-50 reinsurers worldwide and we aim to place all of QIC Group amongst the largest players worldwide. So our expansion into the direct line in the UAE is very much in line with our group strategy,” al- Fadala said.
Qatar Insurance said it saw an opportunity “to bridge the gap between the international insurers’ offerings and the specialised local knowledge offered by the local insurers.”
Qatar Insurance CEO (UAE) K G Venkat said, “Qatar Insurance has been in the Middle East since 1964 and is today the largest insurer in the region and ranks number 14 in all of Asia. We are certain that we know the local markets better than anybody. And being a strong international player as well, we will be able to offer individual customers in the UAE something unique — unparalleled customer services of international standards coupled with detailed local knowledge.”
“The personal insurance market in the UAE is characterised by mainly two types of insurance companies”, said Frederik Bisbjerg, executive vice-president and head (Group Retail) for Qatar Insurance.
“To further underpin the market offering, we are proud to offer a very unique online platform where customers can manage all their personal insurances; no need to call or visit our branches; all can be managed online,” Bisbjerg said.
QIC said its new online platform made it possible for potential customers to do ‘window-shopping’ when browsing for the best insurance deals in the UAE — in less than a minute, and without disclosing any personal information at all.
“Everyone can now have a personal insurance quote from QIC — and continue to buy insurance online, whether it’s a transfer from another insurance company or a brand new policy purchase,” it said.
QIC UAE has already launched the online platform, which can be accessed at www.qicuae-online.com
