Doha, Monday  25 November 2024 – Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, and Ooredoo Group, have entered into a strategic collaboration by signing a Memorandum of Understanding (MoU) at the Ooredoo Group Digital Ecosystem Conference, which took place on Wednesday, November 20, 2024, at the Ritz Carlton Hotel.

The MoU was signed by Mr. Salem Al Mannai, CEO of Qatar Insurance Group, and Mr. Aziz Aluthman Fakhroo, CEO of Ooredoo Group and was the main highlight of the conference, underscoring the importance of this strategic collaboration which aims to harness the combined strengths of both companies to develop and offer innovative, customer-centric insurance solutions, revolutionizing the way insurance and telecommunications services are delivered.

This landmark partnership between Qatar Insurance Group and Ooredoo Group is set to pave the way for transformative changes within the insurance and telecommunications sectors, further solidifying their positions as leaders in their respective fields.

This collaboration will integrate QIC’s expertise in risk management with Ooredoo’s advanced telecommunications infrastructure to create seamless insurance solutions that will set a new standard in service delivery. By combining real-time data, mobile connectivity, and personalized insurance products, the partnership will offer cyber insurance products (SME and personal), microinsurance products, SME products, smartphone and gadget protect products, , mandatory visitor insurance in combination with Ooredoo SIM cards, and commercial insurance products for their respective group entities.

A Vision for a connected future

“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,” said Mr. Salem Al Mannai, CEO of Qatar Insurance Group. “By leveraging Ooredoo’s digital capabilities, we can offer our clients a more seamless and efficient experience, whether it’s through faster claims processing, personalized 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.” Al Mannai 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 personalized experiences as we navigate this exciting era of transformation together,” said Mr. Aziz Aluthman Fakhroo, CEO of Ooredoo Group.

This partnership is a testament to the power of collaboration between industries that are essential to the modern economy. By harnessing QIC’s deep expertise in insurance and Ooredoo’s telecommunications infrastructure and, the two companies are committed to creating a more connected, efficient world. Together, they will help businesses and individuals navigate the complexities of the digital age while enhancing the overall customer experience.

The Emerging Need for Cyber Insurance: A Key Focus of the Partnership

As part of the strategic collaboration, the two companies will roll out a comprehensive cyber insurance offering. The product will protect individuals and businesses from a variety of online threats, including cyber-attacks, cyber extortion threats, identity theft, credit card fraud, phishing & theft of funds, smart devices & wearables, and online shopping fraud.

“This collaboration directly addresses the growing digital risks that our customers face daily. By introducing robust cyber insurance products, we’re empowering individuals and businesses to confidently manage the challenges of the digital age. Our aim is to not only provide a safety net but also to lead the way in creating smarter, more secure digital ecosystems for everyone.” said Mr. Aziz Aluthman.

Explaining cyber risks to business and individuals, Mr. Al Mannai said, “With the rapid advancements in technology and the increasing reliance on digital platforms, businesses are becoming more susceptible to cyberattacks, which can result in substantial financial losses, reputational harm, and operational disturbances. To mitigate these risks, there is a growing demand for cyber insurance, a specialized product designed to shield businesses from the financial repercussions of cyber incidents. Cyber insurance is crucial, especially as cyber threats become more sophisticated and frequent, forming an essential part of a comprehensive risk management strategy that ensures businesses can respond to and recover from cyber incidents effectively.”

He added, “As individuals increasingly engage in online banking, shopping, and social networking, the risk of personal data breaches and identity theft escalates. Cyber insurance for individuals can offer coverage for expenses related to identity restoration, legal consultations, and potential losses from fraudulent transactions. Having this form of insurance provides not only financial protection but also peace of mind, knowing there is a structured response plan to manage the aftermath of a cyber incident. As cyber threats grow more pervasive, individuals must consider cyber insurance an essential aspect of their digital security strategy to protect their digital identities and personal assets effectively.”

Driving Business Growth and Regional Expansion

In addition to enhancing the customer experience, the collaboration is designed to drive growth for both companies. By combining their expertise, QIC and Ooredoo can tap into new markets, explore additional revenue streams, and develop further solutions that respond to the needs of the digital economy. While the initial focus will be on the Qatari market, both companies have ambitious plans for regional expansion, with a view of extending their offering to other markets they operate in such as Oman, Kuwait, and beyond.

“The partnership is poised to make a significant impact on the insurance and telecommunications sectors, setting the stage for continued innovation and growth across the region,” concluded Al Mannai.