More Digital Insurance Platforms approved by FSA

The Financial Services Authority (FSA) has approved electronic platforms for 5 insurance companies out of 17 companies further to a number of electronic platforms of insurance brokers since the issuance of the Regulations for Electronic Insurance Operations, the most recent of which were two electronic platforms to provide integrated insurance services of Takaful Oman and Liva Insurance.

FSA granted the approval for the two companies to provide digital services through the approved platforms after ensuring they satisfy all the requirements provided for in the Regulations for Electronic Insurance Operations issued in the last quarter of 2023 vide Decision No. (80/2023), which is a regulatory and legislative framework for providing digital insurance services in the Sultanate of Oman.

The regulation obligates each insurance company to establish its own electronic platform to render integrated digital insurance services and permits insurance brokerage firms to establish an electronic platform to provide the licensed services. The regulation prohibits Providing any electronic insurance operations in the Sultanate of Oman except after obtaining approval from the FSA.

The regulation aims to encourages and obligate insurance companies to create electronic platforms to provide insurance services including selling insurance policies, marketing products, collecting premiums, administering claims, filing complaints and following them up via digital platforms whether websites or smartphone applications.

The FSA aims to keep pace with the global trends in digitalization to accelerate digital transformation and develop the business sector, which contributes in creating a constructive environment that boosts public confidence and the quality of insurance services to enhance protection against risks facing individuals and institutions.

It is worth noting that the establishment of electronic platforms for the companies serves all the parties of the insurance relationship and contributes to the spread of insurance services and marketing products as the platforms operate around the clock enabling the  public to view all information and data related to the terms and conditions of the policies and to discern the benefits and exclusions,  premiums calculation method and other relevant information  when selling policies in addition to facilitating the processes of claims submission and administration.