DOHA: Qatar’s insurance sector is expected to witness a growth of more than five percent in 2013, outpacing most of its neighbours, a press statement issued by Interactive Intelligence said yesterday.
Opportunities for growth in the Qatari insurance market are abundant. According to a recent report from A M Best Co, the Qatari insurance market is likely to grow by more than five percent in 2013 and is expected to outpace most of its neighbours. Strong economic development enabling infrastructure expenditure is expected to remain one of the biggest drivers of insurance demand. The proposed introduction of universal compulsory medical insurance by 2014 would provide another substantial boost to the market.
Shaheen Haque, Territory Manager, Middle East and Turkey at Interactive Intelligence, said that to capitalise on these opportunities, insurance providers in Qatar must acknowledge the need to transform from policy and product based, to customer based organizations. Ineffective business processes or lack of integrated communications within an insurance organisation have an impact on customer experience.
Like any industry, insurance faces significant challenges in its quest to provide excellent customer service. Often, insurance providers are acutely aware of the need to apply technology to improve customer facing processes, but fail to correctly identify key requirements of proposed solutions. The situation is complicated by disparate systems, legacy data structures and ineffective contact centre platforms which result in the creation rather than the solution of problems.
While identifying pain points, he also outlines the business benefits and potential streamlining of operations that result from addressing these through smart technology deployments.
The Peninsula
