The memorandum of understanding (MOU) was signed at the Ooredoo Group Digital Ecosystem Conference in Doha. Credit: Qatar Insurance Company.

Qatar Insurance Group (QIC) and Ooredoo Group have initiated a strategic partnership, formalised through an MOU to develop new insurance solutions.

The MOU was signed at the Ooredoo Group Digital Ecosystem Conference in Doha.

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The agreement was officiated by QIC CEO Salem Al Mannai and Ooredoo Group CEO Aziz Aluthman Fakhroo.

This partnership is set to integrate QIC’s risk management expertise with Ooredoo’s advanced telecommunications infrastructure, with the goal of setting “a new standard in service delivery”.

The collaboration is expected to produce a range of insurance products that leverage real-time data and mobile connectivity. These will include cyber insurance for individuals and small and medium-sized enterprises (SMEs), commercial insurance for group entities, mandatory visitor insurance bundled with Ooredoo SIM cards, microinsurance, smartphone and gadget protection, and SME products.

Al Mannai said: “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.

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“By leveraging Ooredoo’s digital capabilities, we can offer our clients a more seamless and efficient experience, whether it is through faster claims processing, personalised 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.”

Fakhroo 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 personalised experiences as we navigate this exciting era of transformation together.”

The strategic partnership aims to empower businesses and individuals to better navigate the complexities of the digital age, enhancing customer experience in the process. A comprehensive cyber insurance offering is a key aspect of the collaboration, designed to protect against online threats such as cyberattacks, identity theft and online shopping fraud.

By combining their strengths, QIC and Ooredoo are not only looking to innovate within the Qatari market but also have ambitious plans for regional expansion. This includes extending their services to other markets where they operate, such as Oman and Kuwait.

In a recent financial update, QIC reported a net profit of QR525m ($143.9m) for the first nine months of 2024, an increase from QR453m during the same period in 2023.