Qatar Insurance Company QIC - Insurer transformation Award 2022
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Qatar Insurance Company (QIC) submitted its application for the World's Digital Insurance Awards 2022 in the Insurer Transformation category for Qatar and the Middle East region. QIC is Qatar's largest insurer and has expanded internationally. In 2021, QIC saw strong financial growth and accelerated its digital transformation initiatives. It launched an improved online portal allowing customers to purchase policies in just 2 minutes. QIC also created a Digital Venture Partners unit to invest in insurtech startups and partner with other companies. In 2022, QIC held the first InsurTech hackathon in the Middle East region to support innovation.
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Qatar Insurance Company QIC - Insurer transformation Award 2022
- 2. Content ✦ AboutQIC ✦ 2021Financials ✦ Q12022Financials ✦ DigitalAcceleration ✦ qic.online ✦ BranchlessInsurance ✦ QICDigitalVenturePartners ✦ InsurHackMENA2022
- 3. About QIC QatarInsuranceCompany(QIC)isthefirstandlargestoperatinginsurancecompanyinQatar,andthelargestinsurancecompanyintheMENAregion. QIC Group’s insurance operations consist of QIC Doha, QIC International (QICI), which operates in Kuwait, Oman, and in the UAE through branches andjointventures,andanagencyoperationinMalta. Inview ofthegroup’sacquisitionof Antares Holdings Limited(togetherwithitssubsidiaries)-aspecialist insurer andreinsurer operatingintheLloyd’s market,andtheestablishmentofawholly-ownednon-lifeinsurancesubsidiaryinMaltanamedQICEuropeLimited(“QEL”),theGroup’sunderwriting footprinttodayspansallcontinents. QIC is also a proud owner of a global multi-line reinsurance subsidiary, Qatar Re, which focusses on Agriculture, Aviation & Space, Credit & Surety, Energy,Engineering,Marine,PropertyandCasualtylinesofbusinessandreinsuresrisksoutsideofQatar. Sinceestablishedin1964,QIChasbeenpivotalinbringinginnovativemotor,medical,life,travel,homeandboatinsurancesolutionsthatbestrespondto theneedsofmodernlifeinQatar,theregionandbeyond,whilebeingacorecontributortothedevelopmentanddiversificationofthenationaleconomy. On the corporate front, QIC is the region’s leader in terms of energy, marine & aviation, property & commercial, medical, and motor fleet insurance, combining distribution with excellent service delivery. With its unique understanding of the ever-changing insurance requirements of individuals and businessesinQatarandtheMENAregion,QIChascontinuedfornearly6decadestointroducetailoredsolutionsthatmakeinsuranceexperienceseasier andbetter.
- 4. QIC Group’s InternationalPresence QIC Group Country % Ownership Subsidiaries Oman Qatar Insurance Company S.A.O.G. Sultanate of Oman 58.02% Kuwait Qatar Insurance Company K.S.C.C. State of Kuwait 82.04% Qatar Reinsurance Company Limited Bermuda 100% Epicure Investment Management LLC State of Qatar 100% Antares Managing Agency Limited United Kingdom 100% Antares Underwriting Asia Pte. Limited Singapore 100% QIC Europe Limited (QEL) Malta 100% Qatar Insurance Company Real Estate W.L.L. State of Qatar 100% Markerstudy Insurance Co. Ltd. Gibraltar 100% West Bay Insurance Plc Gibraltar 100% Anoud Technologies LLC Qatar 100% QIC Global Services (Zurich) AG Switzerland 100% Branches Dubai United Arab Emirates Abu Dhabi United Arab Emirates Associates Damaan Islamic Insurance Company “BEEMA” (Q.P.S.C.) State of Qatar 25% Al Liwan Real Estate W.L.L. State of Qatar 38.46% QLM Life & Medical Insurance Company Q.P.S.C. State of Qatar 25% Massoun Insurance Services L.L.C. State of Qatar 50%
- 7. GWP Split Motor , 56% Property, 18% Health & Life, 3% Marine & Aviation, 7% Liability, 8% Energy, 5% Agriculture, 2% Credit & Surety, 1% GWP SPLIT - LINE OF BUSINESS GCC, 8% Qatar, 11% International, 81% GWP SPLIT - REGION WISE
- 9. Digital Acceleration QIC’s primary focus in 2021-2022 was to enhance its digital insurance offerings, as part of its digital transformation program, by inserting new technology-enabled services to increase the convenience and value for all customers. QIC has launched many digital services to offer its customers the fastest, easiest, and most trusted insurance experience in Qatar, and has seen an unprecedented accelerationofitsdigitalofferingsincethen. Onthislevel,QIChas: • Introducedsimplifiedend-to-enddigitalonboardingsolutions. • ProvidedinstantfulfilmentforKeyretailinsuranceproducts&services. • Allowedcustomerstofulfilltheirinsuranceneeds24/7andfromanywhereintheworld. • Significantlyreducedturnaroundtimewithsimplifiedprocesses. • PersonalizedQIC’sinsuranceofferingstoeachcustomer. • Introducedadvancedanalyticscapabilitiestobetterunderstandcustomers’behaviorsandneeds. • Increaseddigitalinsurancechannels’penetrationacrossallsegmentsofcustomers. • IncreasedcustomersatisfactionandNetPromoterScore(NPS) andimprovedcustomerexperience.
- 10. Fastest Insurance Platformin Qatar InQ42021,QIChaslaunchedofanall-newversionofitsinsuranceonlineportal,offeringthefastestdigitalsolutiontobuyandrenew insurancepoliciesinQatar. qic.onlinenowallowscustomerstobuytheircar,motorcycle,travel,homecontents,boat&yacht,andpersonalaccidentpoliciesin just 2 minutes, without any need to scan and submit paperwork, or to call or visit a QIC branch to complete the onboarding journey. It also offers instant covers comparison, allowing customers to get complete information on policy types, in addition to product recommendationtohelpthembetteridentifytherightinsurancecoversthatsuittheirdriving,traveling,andlivingneeds. qic.onlinealsoallowscustomerstocomparepolicypricesandselecttheirpreferredpaymentplans,includingpayingtheirinsurance premiumsinmonthlyinstallmentswhileenjoyingenhancedsecurityforpaymentsmadeviadebitandcreditcards. ForexistingQICcustomers,qic.onlineoffersadedicatedpageforinsurancerenewalsinjustafewclicksbyonlyenteringtheirQIDor policynumber,andwithoutanyneedtotypetheirdetailslinkedtotheQICdatabaseanew. qic.online
- 11. Branchless Insurance Thanks to our relentless investments in modernizing our digital capabilities, we have achieved unprecedented levels in customerrelianceononlinechannelstofulfiltheirinsuranceneeds. With the launch of qic.online portal, the average time needed from customers to get an insurance policy went from 11 minutestojust2minutes. Thelaunchofqic.onlineportalhasledtoasignificantincreaseofretailpoliciessoldonline. Thelaunchofqic.onlineportalhasledtoanunprecedentedincreaseofretailpoliciesrenewedonline.
- 13. Digital Venture Partners (QICDVP) In April 2022, QIC crated its Digital Venture Partners (QIC DVP) – a business unit bound to become the ecosystem orchestratorforinsuranceandInsurTechintheMENAregion. QIC DVP aims to reshape the digital insurance landscape by building new digital ventures, leveraging existing assets, partneringwithBigTechandcorporates,andstrategicallyinvestinginhighpotentialearly-stagestartups.QICDVPnow acts as a hub to connect regional and international ventures with strategic growth opportunities through the Group’s regionalfootprintandglobalreach. QIC DVP does also form partnerships and collaborate with Big Tech players and corporates to co-create new digital ventures. QIC DVP will be setting up a corporate venture capital function to invest into early-stage and growth-stage startupsthathavestrategicalignmentwithQICDVP’sfocusareas.
- 15. Thanks! Submission Contact Oualid Bakkas Content & PR Lead – Business Development M: +974 6618 7498 T: +974 4404 0519 oualid.bakkas@qicgroup.com.qa