En­ergy transistion

Oil and Gas - - CONTENT -

she can ob­tain cash­less treat­ment, know the sta­tus of their re­im­burse­ment claim or pre-ap­proval re­quest.

Our per­sonal lines clients can ob­tain the de­tails of poli­cies that we ar­ranged for them and de­tails of our branch net­work. They will be ad­vised of the up­com­ing pol­icy re­newals.

As a pub­lic ser­vice, we will launch a mo­bile app, where one can reg­is­ter ex­piry dates of poli­cies he/she holds, pass­port / visa re­newal dates etc. We will send no­ti­fi­ca­tions of im­pend­ing ex­piry / re­newal dates to as­sist the per­son in tak­ing timely ac­tion.

We have launched our pub­lic Apps through our so­cial me­dia chan­nels on Face­book, In­sta­gram and LinkedIn un­der the name RMS Ald­haman.

A LOT OF MONEY GOES TO GLOBAL REIN­SUR­ERS, HOW CAN LO­CAL IN­SUR­ANCE COM­PA­NIES RE­TAIN A LARGER POR­TION OF THAT WITHIN THE COUN­TRY?

There are many ways to en­cour­age in­sur­ance com­pa­nies to re­tain risk and pre­mium in the coun­try. In some coun­tries, such as Malaysia, lo­cal in­sur­ers can only rein­sure over­seas once they have of­fered the risk to all lo­cal in­sur­ers and rein­sur­ers. The Na­tional Rein­surer is also obliged to ac­cept a com­pul­sory rein­sur­ance ces­sion of all poli­cies is­sued. In Oman the cap­i­tal re­quire­ment for an in­sur­ance com­pany is now RO.10mn, how­ever, with very cheap rein­sur­ance avail­able most lo­cal in­sur­ers pre­fer to rein­sure the ma­jor­ity of, non-mo­tor, risks they ac­cept, over­seas. How­ever, if rein­sur­ance be­comes too ex­pen­sive, lo­cal in­sur­ance com­pa­nies may de­cide to re­tain more risk within their own bal­ance sheets, thus re­duc­ing the amount of money dis­ap­pear­ing out­side the coun­try.

As the mar­ket ma­tures com­pa­nies will be able to build re­serves, em­ploy more ex­pe­ri­enced un­der­writ­ers and re­tain risk on their own bal­ance sheet rather than rein­sur­ing over­seas.

IS OMAN­I­SA­TION A FO­CUS AREA FOR RMS?

Ab­so­lutely, we were ahead of the curve and out of a staff strength of 120 we have achieved close to 80 per cent of Oman­i­sa­tion and we are very proud of that. We be­lieve that there was an an­nounce­ment last week that re­quires all in­sur­ance bro­kers to in­crease their Oman­i­sa­tion rate from 65 per cent to 75 per cent. We are pleased to say that we are al­ready there, but de­spite that we are be­ing asked to take on more staff as part of the gov­ern­ment’s drive to re­cruit 25,000 Oma­nis of which 5,000 are al­lo­cated to the fi­nan­cial sec­tor. We are in ex­pan­sion mode and our share­hold­ers are fully sup­port­ive of us in­creas­ing our of­fices, staff and sup­port­ive of us tak­ing and training more Oma­nis.

CAN YOU SHARE YOUR THOUGHTS ON 2018 AND WHAT IT HOLDS IN STORE FOR YOUR IN­DUS­TRY?

No­body is be­ing op­ti­mistic about any in­crease in oil prices in 2018 and we all need to ac­cept that oil prices are go­ing to re­main de­pressed in the long term. We have to find other ways to gen­er­ate rev­enues and that’s what we have done with our busi­ness by mov­ing into per­sonal lines, fo­cussing on tech­nol­ogy, em­ployee ben­e­fits and mak­ing sure that we are pro­vid­ing the best pos­si­ble ser­vice. If the client is happy with your ser­vice then they are go­ing to stay with you, if not, they will move.

Ac­cord­ingly, we are con­sol­i­dat­ing in some sec­tors, have se­lected our seg­ments for ex­pan­sion and then made an in­formed in­vest­ment into those cho­sen ar­eas. Even though the oil price has been de­pressed since June 2014, it is pos­si­ble to grow one’s busi­ness in Oman and we are op­ti­mistic that we can achieve sus­tain­able growth, al­beit with a dif­fer­ent busi­ness model.

YOU HAVE BEEN IN THE IN­SUR­ANCE IN­DUS­TRY FOR A FEW DECADES, CAN YOU SHARE A FEW DE­TAILS ABOUT YOUR PRO­FES­SIONAL EX­PE­RI­ENCE?

I have worked in the in­sur­ance in­dus­try for 39 years. Af­ter a ground­ing in the Lloyd’s and Com­pany Mar­kets in Lon­don, in 1982 I was posted to La­gos, Nige­ria by Ste­wart Wright­son (now Willis Tow­ers Wat­son). Af­ter re­turn­ing to Lon­don in 1985, I was given re­spon­si­bil­ity for de­vel­op­ing Con­struc­tion and Engi­neer­ing in­sur­ance in the Mid­dle East and trav­elled the re­gion ex­ten­sively.

In fact, I vis­ited Oman twice in 1986. In 1989 I ac­cepted a po­si­tion with Jar­dine In­sur­ance Bro­kers (now JLT) in Hong Kong and re­mained in East Asia for 23 years. Dur­ing this time, I was based in Hong Kong, Sin­ga­pore and In­done­sia and for 12 years held re­gional roles span­ning Asia Pa­cific in­clud­ing Man­ag­ing Direc­tor and then Deputy Chair­man for JLT Asia.

Prior to join­ing RMS in Oman, I was re­cruited by Zurich In­sur­ance Com­pany (ZIC) as CEO of Zurich In­sur­ance Com­pany’s (ZIC) Global Cor­po­rate Di­vi­sion (ZGC) in Asia Pa­cific. At that time, ZGC had no pres­ence in Asia Pa­cific. Dur­ing this pe­riod, I es­tab­lished ZGC op­er­a­tions in Ja­pan, Hong Kong, China, South Korea, Sin­ga­pore and Aus­tralia and de­vel­oped rev­enues of US$475 mil­lion.

Whilst based in In­done­sia (as Pres­i­dent Direc­tor of JLT) I was a direc­tor of the Bri­tish Cham­ber of Com­merce; a mem­ber of the Bri­tish Am­bas­sador’s Eco­nomic Ad­vi­sory Board and I have been reg­u­lar pan­el­list at the East Asian World Eco­nomic Fo­rum (WEF). Over the past two years I stud­ied for a Mas­ter of Sci­ence De­gree in Global Man­age­ment from the Univer­sity of Salford, Manch­ester; prov­ing it is never too late to learn!

My wife and I thor­oughly en­joy liv­ing in Oman. It re­ally is a beau­ti­ful and re­mark­able coun­try and the Omani peo­ple are the most friendly and wel­com­ing of any coun­try in which I have lived.

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