DigiTerm and DigiCI first individual life insurance products available online in the UAE
Kane LPI, specialists in the development and management of administration solutions in the international Life, Pension & Investment sector, has today announced its participation in the launch of two new fully digital term and critical illness insurance products by Oman Insurance Company (Oman Insurance).
The launch of the DigiTerm and DigiCI insurance solutions is the first instance of an insurance company in the UAE making individual life insurance products available online. DigiTerm offers the same level of life insurance cover that is available under a conventional policy secured via a paper-based process, the digital system delivers the policy in a fraction of the time and the process can be completed in minutes.
The portal also provides customers with significant policy flexibility, enabling them to select the most appropriate levels of sums assured and duration of the policy. Cover of up to AED 1 million for each risk is available via the system with secure payment processing ensuring that every stage in the policy purchasing process is catered for within the simple-to-use electronic platform.
The DigiTerm and DigiCI products are built via Kane LPI’s proprietary IMS platform. The platform enabled Oman Insurance to provide every stage on the customer’s online purchasing journey within a single, secure, interconnected system. IMS’s capabilities extend from the ‘front-of-house’ customer portal, to report generation, online payments, data security requirements, KYC/AML compliance processes, and through to the reinsurance component which underpins the products.
Commenting on the work conducted with Oman Insurance, John Uprichard, Group CEO and Managing Director of Kane LPI, said: “Our extensive experience in designing bespoke digital solutions that map the full online customer journey enabled us to translate the Oman Insurance product specifications into an end-to-end digital customer process. We collaborated closely with their executive team as well as product development, underwriting, distribution, compliance and operations personnel, to ensure every step was fully vetted and approved, and that we delivered a solution fit for purpose.”
Christos Adamantiadis, CEO of Oman Insurance, added: “By capitalising on the capabilities and expertise provided by Kane LPI, we are able to explore new ways to develop innovative insurance products and to deliver them via completely online channels. Through the DigiTerm and DigiCI solutions we are now able to provide our life customers with a fully digital policy purchasing experience for the first time.”