The Capital Market Authority (CMA) recently announced a tender for the operation and maintenance of the e-insurance systems which was launched in 2008 in continuation of the development and improvement of the services related to digital transformation.
The system links the insurance companies, the Royal Oman Police and insurance policyholders.
The CMA aims to enhance the role of technology and maximise its uses especially its role in serving policyholders and other stakeholders to ease registration, renewal, transfer and export of motor vehicles, and issuance of registration certificates, according to a press statement posted on the CMA website.
It also offers the insurance companies a database containing specific information on drivers and vehicles such as traffic accidents and violations for use in underwriting.
The system allows the CMA to monitor and follow up the business of insurance companies to evaluate their performance.
The system comprises software, operation licenses, linking devices, servers and provides an environment linking 15 insurance companies carrying out motor insurance business with policyholders and the ROP for quality and improved service to policyholders and enhance the supervision process.
Motor insurance is among the top insurance activities with more than 1.402mn insurance policies at 85.4 per cent of the insurance policies and direct premiums at RO113.3mn.