MOND Cloud for Oman Insurance, UAE
Oman Insurance Company (OIC) is one of the leading insurance solution providers in the Middle East headquartered in Dubai, UAE.OIC provides a complete range of insurance solutions from Life, Health, Motor and Personal Lines to covers for medium to large industrial and commercial enterprises; and Energy, Marine and Construction sectors.
Oman Insurance Company was recently recognized as the UAE's 'Business Insurance Provider' of the year at the recent Corporate LiveWire 2017 Finance Awards for its solid support to businesses in the UAE and dedication to underwriting excellence in a challenging economy.
Oman Insurance was awarded "UAE Insurance Company of the Year" and "UAE Insurance Game Changer of the Year for 2016.
- Insurance aggregators are becoming an important channel for Insurance Companies to get new business.
- The real challenge was to decide how to get the highest value for the IT Dollar invested. Build internally using IBM Websphere, Microsoft Biztalk or go for a cloud based solution that could be implemented quickly and cost effectively ?
- Insurance companies should be able to provide quotes for customers seeking quotes through the Insurance aggregator website.
- OIC needed a front-end solution that would integrate with existing back-office systems, offering a new channel for customers to submit new business.
The MOND Solution
- A Webservice based Quoting Solution running on MOND Cloud Platform was the choice to address the business problems and satisfy the key decision criteria at OIC.
- Seamless integration with existing systems ensures data quality and minimizes data-entry.
- The Quotation document and the Policy document are also returned by the Web Service, enabling the broker to issue Policies immediately.
- The Solution provided Webservices that are invoked from the Insurance aggregator Websites as part of their Online Quoting Platform.
- The Solution also implemented an Underwriter Platform for Underwriters to intervene where the quotes are referred to them for approval under an exception based underwriting mechanism.
- Multiple iterations between the end user and underwriter enables both parties to change the quote request and the quotation, and also maintain an audit trail.
Benefits of the MOND Solution
- OIC can now respond to a Quote request immediately if no underwriter referral is required, and in hours if it is required.
- The implementation has been a huge success with OIC and the underwriters/brokers are extremely satisfied with the results.
- The Systems Delivery VP of OIC says "With the implementation of the new quoting capability, OIC became one of the early companies providing online quotes in Dubai"
- If Customer accepts the Quote, Policy is issued immediately, resulting in extremely quick turn around from Quote Request, to Acceptance, Payment and Policy issuance.
- The MOND platform has enabled OIC to address the growing insurance aggregators market, with no on-premise software and an extremely stable cloud based environment.
- "We could implement the solution at one fourth the time and cost of implementing a traditional IT solution, thanks to the MOND Platform capabilities.