American International Group announced the opening of four new branches in the Sultanate of Oman. They are to be located in Nizwa, Ibri, Salalah and Sur, and “will allow AIG to further expand its business in the Sultanate where it has been active for the past 14 years,” said the announcement.
AIG added that its “core focus in Oman will be to broaden its existing customer base and grow its market share, through the introduction of new products and services across both its retail and corporate segments. A further element of AIG’s expansion strategy in the Sultanate will be the development of its business through Bancassurance, building on its successful partnership with Bank Muscat.
AIG also said that “in keeping with its strong commitment to develop local talent,” it would “further invest in a new training academy and will introduce world-class learning and development training programs for its local staff and distribution partners in Oman. The new training academy will be based in Muscat and will play an important role in developing the overall Omani insurance sector and further enhancing customer service.
“AIG will also increase its own Omanization rate, which is already at 85 per cent against a requirement of 65 per cent for the insurance sector. The training academy will help local Omani staff better navigate their role within AIG by giving them the requisite skills and competencies to develop and progress their careers.”
At the formal opening of its branch in Nizwa, Ahmed Ali Al Mamari, Director General of Insurance Supervision at the Capital Market Authority, commented: “The opening of these new full service branches is a reflection of AIG’s commitment to build insurance awareness and improve the image of insurance in the interior regions of Oman. Opening such branches will enhance the competition among insurance companies to develop the level of insurance coverage and quality of service provided to their clients. Moreover, opening branches outside the capital area will help insurance companies’ clients to get more convenient claim services.”
Source: American International Group
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