Qatar Insurance sees gap in crowded marketplace

Dubai, October 20, 2015: “We’ve been doing personal insurance business for 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” says Mr. Ali Al Fadala, Senior Deputy Group President & CEO of QIC Group

“Our personal insurance business through our corporate customers has been andis 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 Mr. Ali Al Fadala

Therefore,Qatar Insurance is now making their personal insurance products directly available to the individual customers under the theme ‘Global Insurance – Local Assurance’ which describes the void that Qatar Insurance will be filing in the market

Part of larger global strategy

The expansion into the direct personal insurance business in the UAE is no coincidence but merely a 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…” explains Mr. Ali Al Fadala, “…so our expansion into the direct line in the UAE is very much in line with our Group strategy”

International standards and local knowledge

Qatar Insurance sees an opportunity to bridge the gap between the international insurers’ offerings and the specialized local knowledge offered by the local insurers – “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’re 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” says K. G. Venkat, CEO of Qatar Insurance in the UAE
“The personal insurance market in the UAE is characterized by mainly two types of insurance companies”, explains Frederik Bisbjerg, Executive Vice President and Head of Group Retail for Qatar Insurance, and continues, “large international insurers headquartered outside the region and local insurers with strong local knowledge and presence – the large international insurers are very strong in providing customer service and having their business processes aligned to international standards, while the local insurers ‘know the way around the Souq’ and are able to provide customers with local knowledge and assistance”

“To further underpin the market offering, we’re 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”, saysFrederik Bisbjerg

Online window-shopping

The new online platform from QIC makes 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

QIC UAE has already launched the online platform, www.qicuae-online.com