Orient Insurance: Everything You Need to Know
Company Overview
Orient Insurance Origins
Orient Insurance Company is one of the leading insurers providers in the United Arab Emirates (UAE). Established in 1982, it has grown progressively. Orient Insurance has a paid-up capital of AED 500 million and an A+ credit rating, the highest rating in the UAE insurance industry.
At year-end 2020, the company’s shareholders’ equity stood at about AED 3.4 billion compared with AED 3.1 billion, as it retains a significant part of its earnings. Orient Insurance remains the largest and most profitable listed insurer in the United Arab Emirates.
Al-Futtaim Group Affiliation
Orient Insurance is a subsidiary of the reputed Al-Futtaim Group, one of the UAE’s largest and most diversified privately held companies. The group is in over 20 countries and operates over 200 companies across various industries, including automotive, retail, real estate, and financial services.
The affiliation with Al-Futtaim Group has allowed Orient Insurance to leverage its vast resources and expertise to provide its customers with innovative and comprehensive insurance solutions. With its head office in Dubai, Orient Insurance offers a wide range of conventional and bespoke insurance products for corporations and individuals.
Overall, Orient Insurance is a reliable and reputable insurance provider in the UAE. It has a solid financial position and is committed to providing its customers with the best possible insurance solutions.
Financial Performance
Profitability Metrics
Orient Insurance PJSC has been posting impressive financial performance in recent years. According to the company’s financial statements for 2021, the company recorded a record net profit of AED 636 million, a 12% improvement over last year’s net profit of AED 567 million. The company’s gross written premiums (GWP) for 2021 also increased by 8% to AED 3.4 billion.
The company’s profitability metrics are further evidenced by its combined ratio, 87.7% in 2021, compared to 89.3% in 2020. The company’s return on equity (ROE) was 14.1% in 2021, compared to 13.7% in 2020. This indicates that the company is generating a higher return on investment for its shareholders.
Balance Sheet Analysis
Orient Insurance PJSC has a strong balance sheet, which is evidenced by its financial strength rating of A (Excellent) and its long-term issuer credit ratings of “a+” (Excellent) from AM Best. The company’s balance sheet strength is further evidenced by its capital adequacy ratio (CAR) of 249%, which is well above the regulatory requirement of 100%.
The company’s investment portfolio is well-diversified, with a mix of fixed-income securities, equities, and real estate investments. As of December 31, 2021, it was valued at AED 4.7 billion.
In conclusion, Orient Insurance PJSC has recently posted impressive financial performance with solid profitability metrics and a robust balance sheet. The company’s financial strength rating, long-term issuer credit ratings, and capital adequacy ratio all indicate that the company is well-positioned to weather any economic downturns.
Regulatory Compliance
Orient Insurance is committed to complying with all Regulations and standards established by the appropriate authorities. The company has implemented various measures to ensure that it adheres to the highest standards of compliance and ethical conduct.
ISO 9001 Certification
Orient Insurance has obtained the ISO 9001 quality management certification, a globally recognized standard for quality management systems. This certification demonstrates the company’s commitment to offering high-quality services to its consumers while continually improving its processes and procedures.
The ISO 9001 certification requires Orient Insurance to meet several requirements, including customer focus, leadership, employee engagement, process improvement, evidence-based decision-making, and relationship management. By meeting these requirements, Orient Insurance ensures that it provides its customers with the best possible service and meets all regulatory requirements.
Credit Ratings
Orient Insurance has been rated by several credit rating agencies, including AM Best, a global credit rating firm that focuses on the insurance business. These ratings reflect the company’s financial strength and ability to fulfill its obligations to policyholders.
Orient Insurance’s credit ratings are a testament to the company’s financial stability and ability to weather economic downturns and other challenges. The company’s strong financial position provides its customers with the best coverage and services.
In conclusion, Orient Insurance is committed to complying with all regulatory requirements and standards. The company’s ISO 9001 certification and credit ratings demonstrate its commitment to providing high-quality services to its customers and meeting all regulatory requirements.
Market Presence
Regional Operations
Orient Insurance has a strong regional presence in the UAE insurance market, with offices in Dubai, Abu Dhabi, Sharjah, Al Ain, Ras Al Khaimah, and Jebel Ali. The company has also expanded its operations to the Sultanate of Oman, Bahrain, and Egypt. This has allowed Orient Insurance to establish itself as a leading insurer in the region, providing customers access to a wide selection of insurance products and services.
Market Position
Orient Insurance has consistently improved its market position over the last few years. The company has achieved an ‘A+’ rating, making it the only company in the Middle East and GCC to achieve this position. This rating upgrade was based on several outstanding growth and performance indicators.
Orient Insurance’s market presence has steadily increased over the previous few years, establishing it as a leader in all services supplied. Over the next two years, the company has achieved above-market-average profitability and capital adequacy with a significant buffer above the ‘AAA’ benchmark.
In conclusion, Orient Insurance’s vital regional operations and market position have allowed the company to become a leading insurer in the UAE insurance market. The company’s commitment to providing high-quality insurance products and services has helped it maintain its position as a favorite choice among regional clients.
Products and Services
Personal Insurance Solutions
Orient Insurance offers a range of personal insurance solutions tailored to meet individuals’ needs. These solutions include medical insurance, life insurance, and property insurance. Medical insurance covers medical expenses, while life insurance provides financial security for the policyholder’s loved ones in the event of their death. Property insurance covers the policyholder’s property, such as their home or car.
Business Insurance Solutions
Orient Insurance also offers a range of business insurance solutions designed to meet commercial entities’ needs. These solutions include personal line insurance, commercial line insurance, cargo, workers’s compensation, travel, contractors’ risks, and energy. Personal line insurances provide coverage for individual assets, while commercial line insurances provide coverage for business assets. Cargo insurance offers coverage for items in transit. Workers’ compensation provides coverage for employees who are injured on the job. Travel insurance offers coverage for traveling individuals, while contractors’ risk insurance provides coverage for construction projects. Finally, energy insurance offers coverage for energy-related risks.
Orient Insurance understands the importance of providing innovative Insurance goods and services tailored to the needs of individuals and corporations. With over 40 years of experience in the insurance industry, Orient Insurance has established itself as a customer-oriented insurer that fully understands its customers’ needs. Whether you are an individual looking for personal insurance solutions or a business looking for commercial insurance solutions, Orient Insurance has the expertise and experience to provide you with the coverage you need.
Operational Excellence
Orient Insurance is committed to achieving operational excellence throughout its operations. This involves streamlining processes, enhancing customer experience, optimizing resource allocation, and driving innovation to deliver superior outcomes.
Underwriting Process
Orient Insurance’s underwriting process ensures that the company only accepts risks that meet its underwriting standards. The process involves a thorough risk analysis, including its probability of occurrence and potential severity, and assessing the client’s risk management practices. This helps ensure that the company is adequately compensated for the risk it assumes and can fulfill its obligations to policyholders.
Orient Insurance has invested in technology and analytics to achieve operational excellence in underwriting. This has enabled the company to automate many of its underwriting processes, reducing the time and cost required to issue policies. The organization also utilizes data analytics to find trends and patterns in its underwriting data. Which helps inform its underwriting decisions and improve its risk management practices.
Claims Management
Orient Insurance’s claims management process ensures that claims are handled fairly, efficiently, and transparently. The process involves a thorough investigation of the claim, including assessing the policyholder’s coverage and liability and evaluating the damages or losses sustained. This helps to ensure that policyholders receive the compensation to which they are entitled under their plans.
Orient Insurance has invested in technology and training to achieve operational excellence in claims management. The company uses advanced claims management systems to handle claims swiftly and accurately, hence decreasing the time and cost of settlement. The company also provides ongoing training to its claims adjusters, ensuring they have the knowledge and skills to handle claims effectively.
Overall, Orient Insurance’s commitment to operational excellence in underwriting and claims management has helped the company achieve strong operating performance. By continuously improving its processes and investing in technology and training, the company can deliver superior outcomes for its policyholders.
Risk Management and Innovation
Orient Insurance recognizes the importance of risk management and innovation in achieving its long-term goals. The organization has established a comprehensive risk management framework to detect, assess, and manage risks across its operations.
Enterprise Risk Management
Orient Insurance’s Enterprise Risk Management (ERM) framework Identifies, evaluates, and controls risks that could affect the company’s financial performance, reputation, and operations. The ERM framework comprises several components: risk identification, risk assessment, risk response, and monitoring.
The company has a dedicated risk management team that oversees the implementation of the ERM framework. The team works closely with business units to Identify developing risks and devise effective mitigation methods.
Investment and Growth Strategies
Orient Insurance’s investment portfolio is diversified across various asset classes, including equities, fixed income, and alternative investments. The company’s investment strategy is guided by its risk appetite and long-term growth objectives.
Orient Insurance has also implemented several growth strategies, including product innovation and expansion into new markets. The company constantly explores new opportunities to expand its business and provide innovative risk solutions to its clients.
In summary, Orient Insurance recognizes the importance of risk management and innovation in achieving its long-term goals. The company has implemented a comprehensive risk management methodology for identifying, assessing, and managing risks across all operations. The company’s investment and growth strategies are guided by its risk appetite and long-term growth objectives.
Customer Engagement
Orient Insurance is committed to providing the best possible customer experience. As a result, the company has invested heavily in developing a comprehensive customer engagement strategy. This section outlines the various service channels and customer support options for Orient Insurance customers.
Service Channels
Orient Insurance has a multichannel distribution network that allows clients to access its products and services via various channels. Customers can purchase insurance policies online, through the company’s mobile app, or by visiting one of its many branches located throughout the region.
In addition to these traditional channels, Orient Insurance offers various innovative digital services to make it easier for customers to interact with the company. These include online chat, email support, and social media channels.
Customer Support
Orient Insurance is committed to providing exceptional Customer service. The organization has a team dedicated to customer service, and professionals are available to help clients with any queries or issues.
Customers can contact Orient Insurance’s customer service team by phone, email, or through the company’s website. The website also has an extensive FAQ section that answers frequent queries.
In conclusion, Orient Insurance’s customer engagement strategy is designed to provide customers with a seamless and convenient experience. Whether customers interact with the company through its multichannel distribution network or its innovative digital services, They may trust that they will receive the highest customer support.
Global Expansion
Over the years, Orient Insurance has expanded its international reach, establishing a strong presence in key markets worldwide. This has been made possible through strategic partnerships and a commitment to providing innovative insurance solutions to clients across the globe.
International Reach
Orient Insurance is significant in several key international markets, including London, Amsterdam, Hong Kong, Singapore, and Mexico City. In these markets, the company has leveraged its expertise and experience to provide customized insurance solutions to clients across various industries.
The company’s presence in these markets has been motivated by a dedication to providing innovative, customer-centric solutions that meet clients’ evolving needs. Leveraging technology and data to gain insights into client needs and preferences has enabled the company to develop tailored solutions that meet these needs.
Strategic Partnerships
Orient Insurance has expanded its global reach through strategic partnerships with leading insurers and reinsurers worldwide. These partnerships have enabled the company to tap into the expertise and experience of these partners, allowing us to provide unique solutions that satisfy the unique needs of clients in different markets.
Through these partnerships, Orient Insurance has expanded its product offerings, providing clients with various solutions that cover multiple risks and exposures. This has been made possible through a focus on collaboration and a commitment to delivering value to clients.
Overall, Orient Insurance’s global expansion has been driven by a commitment to providing innovative and customer-centric solutions to clients worldwide. The company has established a strong presence in key international markets through strategic partnerships and a focus on leveraging technology and data, providing Clients with personalized solutions that address their specific needs and preferences.
Industry Contributions
Orient Insurance has significantly contributed to the insurance industry in the United Arab Emirates. The company has been actively involved in several initiatives to promote growth and development in the sector. Some of the notable industry contributions made by Orient Insurance include:
Expo 2020 Participation
Orient Insurance’s innovative products were crucial in safeguarding Expo 2020 Dubai’s site and operations. The company provided comprehensive coverage for the event, including protection against various risks such as property damage, liability, and business interruption. This helped ensure the event’s success and the safety of the participants and visitors.
Educational Initiatives
Orient Insurance has also been actively involved in various educational initiatives to promote awareness and understanding of the insurance industry. The company has partnered with several academic institutions to provide training and development programs for students and professionals in the sector. These initiatives have helped improve the industry’s talent quality and promote growth and innovation.
In addition to these initiatives, Orient Insurance has also been actively involved in data analytics and other technological advancements in the industry. The company has partnered with leading data analytics providers to develop innovative solutions that improve risk assessment and management. Furthermore, the company has been featured in various news publications for its industry contributions and impressive growth in recent years.
Overall, Orient Insurance has established itself as a leading player in the insurance industry in the United Arab Emirates. The company’s focus on innovation, education, and technological advancements has helped it “Remain ahead of the competition and sustain its position as a leader in the market.”
Frequently Asked Questions
How can I check the details of my Orient Insurance policy?
You can check your Orient Insurance policy details by logging in to their online portal using your registered email address and password. Once you log in, you can view your policy details, download policy documents, and make changes to your policy.
What types of coverage does Orient Insurance offer?
Orient Insurance offers a wide range of insurance products, including motor, health, travel, home, and personal accident insurance. Their health insurance plans cover inpatient and outpatient treatments, maternity expenses, and dental treatments.
Who owns Orient Insurance PJSC?
Orient Insurance PJSC, a part of the UAE’s Al-Futtaim Group, has a solid financial foundation and a long history in the insurance industry.
What is the process for filing a claim with Orient Insurance?
To file a claim with Orient Insurance, call their customer care center, email them, or visit their nearest branch office. You must provide details about the incident, such as the date and time, location, and other pertinent information. You must also provide supporting documents, such as medical or police reports.
How can I contact Orient Insurance customer care?
You can contact Orient Insurance customer care by calling their toll-free number, emailing, or visiting their nearest branch office. Their customer care center is available 24/7 for any queries or concerns.
What are the benefits of Orient Health Insurance plans?
Orient Health Insurance plans offer many benefits, including coverage for inpatient and outpatient treatments, maternity expenses, dental treatments, and more. They also provide cashless hospitalization and direct claims settlement, making the process of availing medical treatment hassle-free and convenient.
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