Interview with Sunil Kohli, CEO of Dhofar Insurance Company

Dhofar Insurance is the leading provider of general insurance in Oman. Can you tell about company’s network, branches and reach to customers in different parts of the sultanate?

Dhofar insurance has the largest branch network and we are present in every governorate across the sultanate. We have dedicated claims team in select branches for faster processing of claims. Our focus is to provide services to our customers with easy accessibility and faster turnaround time.

What is the company’s current market position in motor and other major segments? How has been the growth in premiums in 2021 and what do you expect for this year?

Dhofar Insurance is a leader in motor and property insurance and has a significant market share in marine insurance. We have recorded significant growth in our gross premiums and aim to continue this growth in the foreseeable future.

Going forward, what will be your focus areas? Any plan to further diversify product portfolio and expand branch network?

Our focus is to launch innovative insurance products, keeping the customer requirements in mind. We are the first insurance company to launch Oman’s first drive through insurance facility at our branch in Al Khuwair. in addition, we have been the first insurance company in Oman to launch ‘pay-as-you-use’ motor insurance for high-end cars and a mobile accidental damage gadget protection cover. We are continuously reviewing our branch network to ensure that its aligned with population density.

Can you briefly tell about Dhofar Insurance’s digital transformation efforts. What major advancements has the company made in digitalisation in past few years, particularly after the start of Covid-19 pandemic?

Dhofar Insurance had put in place a business continuity plan that ensured that business was unhindered during the lockdowns in 2020 and 2021. We had teams in place to ensure claims were processed online seamlessly. In addition, we had teams present 24×7 during the lockdown period to ensure that policies are issued. Our call centre team was also available to help customers for any requirements.

On the digital transformation front, we have worked on many projects and many innovations are in the pipeline. We have launched online sales option on our website where customers can buy retail products like motor, individual health, individual life, travel insurance, domestic worker insurance and home insurance covers. We are working on building a responsive mobile app as well.

The Capital Market Authority is implementing mandatory health insurance under the Dhamani scheme in a phased manner. What is your growth outlook for Dhofar Insurance’s medical line of business going forward?

We are looking forward to the launch of the mandatory health insurance by the Capital Market Authority. We have been working on having our systems in place to ensure that we are fully operational when the same is launched by the Authority. We aspire to be a major player in the health insurance space over the next couple of years and have been investing resources in training our staff to gear up for the same.

What is the company’s position in life insurance business in Oman market. How do you see life insurance penetration and its current trends in the sultanate?

We are a major player in the life segment in Oman and have significant market presence. We aspire to grow this line of business over the next few years. Life insurance penetration is low in Oman market and people are buying life insurance mainly to secure their loans hence credit life is main product being preferred. However, after Covid-19, people are becoming more aware of the benefits of life insurance as a risk mitigation as well as savings instrument.

Can you tell about Dhofar Insurance’s CSR initiatives and community activities?

Dhofar Insurance has been very active in supporting the community over the last few years. We had contributed towards the rehabilitation efforts undertaken by the authorities after Cyclone Shaheen. in addition, we have provided relief to families affected by the heavy rains in Sur.

The company has also recognised the services of Omani sportsmen for their achievements. We focus on sustainable development though three principal aspects, namely (i) healthcare, (ii) community driven development and (iii) education.