QIC enters personal insurance market in UAE

Qatar Insurance Company (QIC) is entering the retail motor vehicle accident, travel and home insurance segment in the UAE through a digital platform that promises to settle customer claims within 24 hours.

“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,” said Ali Al Fadala, Senior Deputy Group President & CEO of QIC Group.

“We are offering home content insurance to our corporate clients in the UAE and in the motor vehicle segment, Qatar Insurance is covering all the public transport buses in the UAE,” added Frederik Bisbjerg, Executive Vice President and Head of Group Retail for Qatar Insurance.

QIC, which has been present in the UAE since 1968, is now foraying into retail business and its new offerings include travel insurance covering lost passport to the home contents insurance against fire and other disasters.

“Our personal insurance business through our corporate customers has been 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,” Ali Al Fadala added.

“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,” said K.G. Venkat, CEO of Qatar Insurance in the UAE.

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, the company officials said.

“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,” said Frederik Bisbjerg.
 

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