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Health Insurer Oman Insurance Changes Legal Name to Sukoon Insurance

In this iPMI Global Insights article, iPMI report author Ian Youngman, takes a look at the news, that following the successful completion of all regulatory requirements, Oman Insurance Company has changed its legal name to Sukoon Insurance. The article also includes key information on the PMI and iPMI business, taken from market leading iPMI report, International Health Insurance 2023.

Following the successful completion of all regulatory requirements, Oman Insurance Company has changed its legal name to Sukoon Insurance.

  • The company has fully embraced the Sukoon brand.
  • Established in 1975, Sukoon Insurance is one of the leading insurance providers in the UAE.
  • The insurer provides a wide range of insurance solutions to 830,000 individuals and commercial clients in healthcare, motor, life and general (property, energy, engineering, aviation, marine and liability) insurance.
  • This incudes 600,000 health insurance customers.
  • Sukoon has operations across all emirates in the UAE as well as in Oman.

Analysis

  • Being called Oman Insurance but based in the UAE caused massive confusion.
  • In 2022 the trading brand was changed to Sukoon Insurance, but the legal name remained as Oman Insurance.
  • Sukoon Insurance Company is majority owned by Mashreq Bank, one of the UAE's leading financial institutions.
  • Sukoon means peace of mind in English, Urdu, and Hindi, which are the three most widely spoken languages in the region. 
  • It provides a wide range of insurance solutions for individuals and enterprises in life, medical and general insurance.
  • Cover includes individual and group PMI.
  • Sukoon partners with Bupa Global to offer customers IPMI plans.
  • Plans are insured and locally administered by Sukoon Insurance Company and internationally administered by Bupa.
  • Sukoon Insurance Company in partnership with Star Health Insurance (India) has a health insurance plan – Parents Health – for non-resident Indians (NRIs) living in the UAE and their parents in India. The plan offers cost effective health cover for NRIs’ parents and parents-in-law back in their home country. Additionally, it offers a Personal Accident cover.

Sukoon partners on PMI and IPMI with:

  • Delta Insurance (Jordan).
  • KIB Takaful Insurance (Kuwait).
  • SNIC Insurance (Bahrain).
  • Walaa Cooperative Insurance Company (Saudi Arabia).
  • VHV (Turkey and UAE including Dubai and Abu Dhabi).
  • Aster DM Healthcare to offer PMI plans for corporates and individuals in UAE.

What Next?

  • The change of its legal name will have no effect on existing policies or coverage provided.
  • Customers and partners will simply start seeing documents issued after this date, with the new legal name mentioned.
  • Sukoon will partner with a local insurer in Egypt to offer corporate PMI and IPMI.
  • Sukoon will partner with a local insurer in Qatar to offer corporate PMI and IPMI.
  • New countries being looked at may include Iran.

SUKOON INSURANCE

Base country: UAE.

HQ: Dubai.

Ownership

  • Sukoon Insurance Company PSC is majority owned by Mashreq Bank, one of the UAE's leading financial institutions.
  • It is a PLC listed on Dubai Financial Market.

Overview

  • Sukoon Insurance Company is one of the leading insurance providers in the Middle East.
  • The company has operations across the UAE as well as in Oman.
  • Sukoon means peace of mind in English, Urdu, and Hindi, which are the three most widely spoken languages in the region. 
  • In addition to reaffirming the insurer's association with the UAE market, Sukoon reflects the company's position as a modern insurer that has pioneered innovation, provided quality of service, and stood rock-solid to fulfil customer and partner obligations.
  • 5 branches and 2 countries.

Number of employees

  • 650

Structure

Subsidiaries:

  • Dubai Starr Sigorta - health and accident insurer in Turkey.
  • ITACO Bahrain -IT company in Bahrain- OIC owns 60%
  • Equator Insurance Agency- Dubai based life insurance broker.
  • Synergize Services- Dubai based IT company.
  • Sukoon has received the license to operate Lloyds Syndicate 2880 under the Syndicate-in-
    a-Box (SIAB) initiative. The syndicate is now fully operational.

Insurance

  • It provides a wide range of insurance solutions for individuals and enterprises in life, medical and general insurance.
  • Cover includes individual and group PMI.
  • Sukoon partners with Bupa Global to offer customers IPMI plans.
  • Plans are insured and locally administered by Oman Insurance Company (OIC) and internationally administered by Bupa.
  • Sukoon Insurance Company in partnership with Star Health Insurance (India) has a health insurance plan – Parents Health – for non-resident Indians (NRIs) living in the UAE and their parents in India. The plan offers cost effective health cover for NRIs’ parents and parents-in-law back in their home country. Additionally, it offers a Personal Accident cover.

Sukoon partners on PMI and IPMI with:

  • Delta Insurance (Jordan).
  • KIB Takaful Insurance (Kuwait).
  • SNIC Insurance (Bahrain).
  • Walaa Cooperative Insurance Company (Saudi Arabia).
  • VHV (Turkey and UAE including Dubai and Abu Dhabi).
  • Aster DM Healthcare to offer PMI plans for corporates and individuals in UAE.

Regional Insurance Medical Solution (RIMS) caters to regional organisations with locally compliant health insurance plans in Abu Dhabi, Bahrain, Dubai, Jordan, Kuwait, Oman, Saudi Arabia and the UAE.

  • Soon, the solution will be extended to Egypt and Qatar.
  • RIMS aims to drastically simplify and improve access to health insurance for businesses operating in the UAE and across the Middle East.
  • RIMS gives employees access to a regional network of 13,000 medical providers while giving them a uniform and comprehensive cover.
  • OIC is working with third-party administrator MedNet in implementing RIMS.
  • The solution has been curated in accordance with the laws of each jurisdiction. Therefore, insurance policies will be underwritten and invoiced in the country of the employee’s residence.

Healthcare

  • LivFit is a wellness programme that aims to empower individuals to take charge of their physical and mental wellbeing and to make positive lifestyle choices. LivFit also offers online assessment and a personalised health report to all individuals in the UAE to help them understand their current health status.

Customer numbers

  • 830,000 total customers.
  • 600,000 health insurance customers.

Strategy

  • Sukoon is a customer-centric company, with a single-minded focus on service.
  • Its priority is to build long term client relationships, with complete customer satisfaction as the most important, non-negotiable objective across the Arab world.
  • The aim is to develop superior insurance propositions that: 
  • Customers recommend to family and friends.
  • Owners buy for their businesses.
  • Employees are proud of.
  • Shareholders seek for long-term returns.
  • Sukoon Insurance’s transformation and simplification strategy has the objective of focusing the company’s resources on specific core markets and segments. 
  • Plans to invest massively in transformation with dozens of projects in the pipeline focused on digital, partnerships and international development, notably with the Lloyd’s syndicate.

2022 results in AED

  • GWP 4.39 billion was 3.54 billion.
  • GWP life and medical 2.24 million was 1.90 million.
  • Net premium 1.57 billion was 1.59 billion.
  • Operating income c million was 537 million.
  • Pre-tax income 595 million was 537 million.
  • Net profit 223.6 million was 206.51 million.
  • Almost all income comes from the UAE.
  • 47% of GWP is health insurance.

Buying businesses

2022

  • Sukoon acquires UAE life insurance portfolio of Chubb Tempest Life Reinsurance.

2022

  • Life insurance portfolio of Generali in UAE.

2021

  • 100% of Dubai Starr Sigorta from Starr.

Selling businesses

2022

  • OIC in Turkey – Dubai Sigorta to VHV.

Partnerships

  • Sukoon Insurance Company and TruDoc 24x7 have signed a long-term, strategic partnership agreement to offer state-of-the-art 24x7 telehealth and telemonitoring services.

Sukoon is partnering with-

  • Delta Insurance (Jordan).
  • KIB Takaful Insurance (Kuwait).
  • SNIC Insurance (Bahrain).
  • Walaa Cooperative Insurance Company (Saudi Arabia) .
  • VHV (Turkey).

Apps

  • Oman Insurance customers can use a smartphone app with TruDoc 24x7. TruDoc 24x7 combines next-generation telemedicine, telemonitoring and home health to provide 24/7 immediate access to doctors and wellness experts.
  • Customers can receive advice via voice and video calls for healthy, acute and chronic condition management, and speak to doctors from anywhere, at any time.

Marketing

  • Direct.

Technology

  • It has an online portal through its website, allowing its customers to buy Dubai Health Authority (DHA)-approved medical plans from the convenience of their laptops and smartphones. Oman Insurance has invested in user-friendly online sales technology to allow both employers who want to provide medical coverage for their maids, nannies or drivers, and sponsors who need it for their dependents, to achieve compliance with regulations quickly and efficiently.

Start-ups, accelerators and labs

  • No.

SUKOON INSURANCE COMPANY and BUPA

  • OIC partners with Bupa Global to offer customers IPMI plans.
  • Plans are insured and locally administered by Oman Insurance Company (OIC) and internationally administered by Bupa.

SUKOON INSURANCE COMPANY and STAR HEALTH

  • Sukoon Insurance Company in partnership with Star Health Insurance (India) has a health insurance plan – Parents Health – for non-resident Indians (NRIs) living in the UAE and their parents in India.
  • The plan offers cost effective health cover for NRIs’ parents and parents-in-law back in their home country.
  • Additionally, it offers a Personal Accident cover.

Countries

Abu Dhabi

  • Sukoon has a branch in Abu Dhabi.
  • Sukoon Insurance Company offers individual and group PMI and IPMI.
  • IPMI is administered in the UAE by Sukoon, written by Bupa Global and administered outside the UAE by Bupa Global.

Bahrain

  • Sukoon partners with local insurer SNIC Insurance to offer corporate PMI and IPMI.

Dubai

  • Sukoon has the HQ in Dubai.
  • Sukoon Insurance Company offers individual and group PMI and IPMI.
  • IPMI is administered in the UAE by Sukoon Insurance, written by Bupa Global and administered outside the UAE by Bupa Global.

Egypt

  • Sukoon will partner with a local insurer in 2024 to offer corporate PMI and IPMI.

Iran

  • There are rumours that it will offer IPMI in Iran soon with a local insurer.

Jordan

  • Sukoon Insurance partners with local insurer Delta Insurance to offer corporate PMI and IPMI.

Kuwait

  • Sukoon Insurance partners with local insurer KIB Takaful to offer corporate PMI and IPMI.

Oman

  • Sukoon Insurance has a branch in Muscat, Oman- but does not offer health insurance.

Qatar

  • Sukoon Insurance has a branch in Doha- but does not offer health insurance.
  • Sukoon will partner with a local insurer in 2024 to offer corporate PMI and IPMI

Saudi Arabia

  • Sukoon Insurance partners with local insurer Walaa Cooperative Insurance Company to offer corporate PMI and IPMI.

UAE

  • Sukoon has 5 branches across the UAE.
  • Sukoon Insurance Company offers individual and group PMI and IPMI.
  • Sukoon Insurance has partnered with Aster DM Healthcare to offer PMI plans for corporates and individuals in UAE.
  • IPMI is administered in the UAE by Sukoon Insurance, written by Bupa Global and administered outside the UAE by Bupa Global.

UK

  • Sukoon Insurance Company and Lloyd’s third-party managing agent Asta run syndicate 2880 but does not write health insurance.

About the Author

Ian Youngman is a writer and researcher specialising in insurance. He writes regularly for a variety of magazines, newsletters, and on-line services. He publishes a range of market reports, and undertakes research for companies. To read his latest report, International Health Insurance 2023, please click here, or visit the REPORTS section of iPMI Global.

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