QIC and Ooredoo partner to develop insurance solutions
Qatar Insurance Group (QIC) and Ooredoo Group have initiated a strategic partnership, formalised through an MOU to develop new insurance solutions.
The MOU was signed at the Ooredoo Group Digital Ecosystem Conference in Doha.
The agreement was officiated by QIC CEO Salem Al Mannai and Ooredoo Group CEO Aziz Aluthman Fakhroo.
This partnership is set to integrate QIC’s risk management expertise with Ooredoo’s advanced telecommunications infrastructure, with the goal of setting “a new standard in service delivery”.
The collaboration is expected to produce a range of insurance products that leverage real-time data and mobile connectivity. These will include cyber insurance for individuals and small and medium-sized enterprises (SMEs), commercial insurance for group entities, mandatory visitor insurance bundled with Ooredoo SIM cards, microinsurance, smartphone and gadget protection, and SME products.
Al Mannai said: “We are excited to embark on this strategic partnership with Ooredoo, which reflects our commitment to delivering cutting-edge insurance solutions that meet the evolving needs of our customers.
“By leveraging Ooredoo’s digital capabilities, we can offer our clients a more seamless and efficient experience, whether it is through faster claims processing, personalised coverage options, or enhanced customer service. This collaboration represents a new era of innovation; a significant step toward transforming how we serve our customers in a rapidly changing world.”
Fakhroo added: “Our collaboration with QIC represents the convergence of two industries – insurance and telecommunications – working together to offer innovative solutions that are deeply aligned with the needs of today’s digital world.
“By combining our expertise, we aim to set a new benchmark for service delivery, offering customers more comprehensive, connected and personalised experiences as we navigate this exciting era of transformation together.”
The strategic partnership aims to empower businesses and individuals to better navigate the complexities of the digital age, enhancing customer experience in the process. A comprehensive cyber insurance offering is a key aspect of the collaboration, designed to protect against online threats such as cyberattacks, identity theft and online shopping fraud.
By combining their strengths, QIC and Ooredoo are not only looking to innovate within the Qatari market but also have ambitious plans for regional expansion. This includes extending their services to other markets where they operate, such as Oman and Kuwait.
Liberty Mutual Insurance Appoints Elizabeth Geary President, Insurance Solutions
Liberty Mutual Insurance Global Risk Solutions (GRS), announced the appointment of Elizabeth Geary as President, Insurance Solutions. Geary will report to GRS President of Underwriting Matthew Moore, effective late August.
Geary is an established strategic and operational leader with vast experience in portfolio optimization, cycle and volatility management, data and analytics, and managing underwriting teams in complex lines. She will be responsible for building teams specializing in addressing customers’ emerging risks, including cyber and energy transition, in a rapidly changing environment. Geary will work closely with global brokers and GRS underwriting leaders to understand and stay ahead of global risk trends, while looking for opportunities to build and scale new capabilities to deliver solutions to customers in a timely, consistent manner.
Geary’s new role, which follows the recent appointment of Moore by GRS President Neeti Bhalla Johnson, is essential within GRS’ new Office of Underwriting.
“Our vision is to provide holistic solutions to our customers through a purposeful portfolio of product and risk expertise while delivering consistent underwriting profitability through the cycle,” said Moore. “We are thrilled to have Elizabeth join our team, as she brings the rare mix of skills and experience necessary to deliver enhanced global capabilities to our customers and underwriters as they adapt to dynamic and emerging risk environments.”
Bhalla Johnson added, “A high-performing team and culture is critical to ensure successful execution of our operating model that seeks to bring global expertise, coordination and differentiated value to every client interaction. Elizabeth’s proven leadership, market reputation and technical expertise will undoubtedly accelerate our transformation. We are excited to have her onboard.”
Geary joins Liberty Mutual from TransRe, where she served in a dual role as President, Global Portfolio Management, and Chief Underwriting Officer, North America, balancing both transactional and portfolio experience. Prior to this, she was the company’s Global Head of Cyber.
She is a graduate of Fordham University, earning a Bachelor’s degree in Business Administration and a Master’s degree in Finance from the Gabelli School of Business.
Dryad Global secures strategic partnership with CR International to deliver intelligence led insurance solutions
Dryad Global is partnering with an approved Lloyd’s of London broker with over 70 years of market experience. CR International, part of the CR Group, is one of the largest European players for retail business, placing insurances on War Risks, H&M and P&I (amongst others) for more than 9,500 vessels.
The new business alignment means that shipowners and charterers are provided with the best actionable risk intelligence, which in turn allows for competitive premiums rather than a ‘one-cost-fits-all’. Dryad Global clients can now access transit risk assessments and insurance cover all in one place, at their point of need 24/7/365.
In addition to security understanding, client’s can benefit from tracking software that brings an added time and cost saving. Vessels can be tracked from A to B without the need for Master’s or Office personnel having to declare voyages – they will automatically be picked up and cover secured.
The insurance services offered by CR International and Dryad Global are market-leading, offering clients a complete solution that identifies, predicts, monitors, measures and quantifies risk through intelligence analysis.
Phil Diacon, CEO Dryad Global said:
“This partnership is a continuation of our commitment to disrupt the traditional maritime security market with intelligence led insurance solutions that put the client’s needs first. We are committed to streamlining process and collaborating with A-rated partners to deliver considered, competitive insurance solutions, exceptional maritime security support and customer service”.
The cover can operate back-to-back with the existing coverages as the War clauses can be amended to match or follow the basis of the H&M/War conditions such as ITCH, Nordic Plan, American Institute clauses. All cover is attested to as fit for purpose by Dryad Global.
The War Risk insurance services are part of a wider offering of tailor-made security, risk and insurance solutions provided by Dryad Global to its clients to ensure efficiency and a modern, streamlined approach to maritime security provision. The alignment of CR international and Dryad Global ensures that both shipowners and charterers are provided with up to date risk analysis to obtain cover at the right terms, at the right price and for the right period.
Simon Hayward is Head of Marine Services at CR International said:
“CR International is pleased to support Dryad Global to enable clients to benefit from risk assessment knowledge and actions. Dryad Global are at the forefront of security intelligence, transit assessment technology and risk advice and we believe shipowners, charterers and insurers can benefit from this support.”
In recent years there have been an increase in War Risks claims. In most recent times, the Joint War Committee re-designated the High Risk Areas off West Africa and East Africa, bringing war risk insurance to the further to the front of many shipowners’ minds.
Shipowners are frequently boxed into opting for a certain routing but with CR International working side by side with Dryad Global, insurance rates can be tailored to the client’s specific needs based on an accurate and fair analysis of risk which is designed to save client’s time and money while ensuring a first class commitment to the provision of Safety Of Life At Sea (SOLAS).