Anwar Hilal Hamdoon Al Jabri, Chairman of National Life & General Insurance Company SAOC, Oman talks about the company’s journey, its milestones and their journey forward:
National Life is the largest composite insurance company in Oman. Can you highlight the growth of National Life?
National Life is one of the largest and fastest growing insurers in the insurance industry in Oman, with operations in UAE and soon expanding operations to other GCC countries. We created new benchmark in motor, medical and other personal lines business in the Sultanate.
Some Facts:
- Total gross direct premium of RO101.20mn for financial year 2016.(largest composite insurance company in Oman
- We have received Good (B++) financial strength rating from A.M Best & Co. & ISO 9001:2008 certification.
- Huge base of over 700,000 satisfied customers
- More than185 Sales/service touch points/physical locations across Oman, which is highest ever for any insurance company in Oman.
- Growth rate have been over 23.5 % in last 5 years.
- Our total asset is nearly RO 130 Million as on 31st Dec 2106.
- Approximately 18% Return on equity in last 5 years.
I must say that National Life’s growth as a company so far has been rewarding and fulfilling.
What is the company’s mission and vision?
National Life & General Insurance company has clearly defined Vision & Mission & it serves as a “North Star” that keeps everyone clear on the direction. Our Mission is, “to provide innovative insurance solutions with personalized service exceeding customer’s expectations. We are committed to bringing quality products to market while providing the best services to our customers”.
Our Vision is “to continue the tradition of trust as the most preferred insurer in the Sultanate and to blaze the trail of excellent business practices of international standards to serve our local customers and the Gulf region at large to achieve valued customer satisfaction and society benefit.”
NL has turned a 100 million company now and is also the largest insurance firm in Oman in terms of premium income. What drives the company’s growth?
Yes, we’re pleased to achieve this milestone along with solid growth and profitability through the year 2016. Despite a challenging economic environment, National Life has reported a record gross direct premium, proving the trust that the customers have in the company. Our strategy, in line with our MISSION AND VISION of providing value to customers is yielding the desired results.
- Customer centric approach
- Market friendly products
- Multiple distribution channels
- Wide distribution network
- Best-in-class service quality
- Continuous Innovation in products & processes
are our growth drivers, allowing us to add to the company’s financial foundation for the continued protection of our policyholders.
The faith reposed in us by our customers has enabled us to achieve these significant milestones and is reflected in the quantum of crossing OMR 100 Mn in Gross premium –making us the largest composite insurer in Oman. We look forward to building up on these in the months and years ahead.
NL as a brand is growing stronger in the Oman market and has attained market leadership? What’s unique about the brand?
Brand value is created upon the way the end customer perceives about the company. National Life has always put customers as the first and foremost priority. That is how, over a period of time we could have a strong foundation of satisfied customers. This helps not only in building our brand value but also in building trust and reputation in the places where we operate. This in turn offers multiple intangible business benefits that propels growth.
I am glad that today, National Life is seen as a trusted insurer that is growing day by day.
Customer service is a key factor in the insurance segment. What are the training initiatives for the staff to ensure prompt services to customers?
Insurance though is a part of the financial industry, its products are highly knowledge based. Insurance requires certain amount of knowledge of not only of the financial sector but also about the details of the product and systems.
