INSURANCE TECHNOLOGY IN GCC AND OMAN
Abstract
The insurance industry in the Gulf Cooperation Council (GCC) countries, including Oman, is undergoing a significant transformation driven by the adoption of advanced technologies, commonly referred to as insurance. This study explores the impact of insurance on the insurance sector in the GCC, with a particular focus on Oman. It examines the economic and social context, the evolution and current state of insurance, and the technological innovations shaping the industry. Key technologies such as artificial intelligence (AI), big data analytics, the Internet of Things (IoT), and block chain are analyzed for their roles in enhancing operational efficiency, improving customer experiences, and driving market growth.
The findings reveal that insurance has led to substantial improvements in underwriting, claims processing, and customer service, resulting in higher customer satisfaction and reduced operational costs. However, the adoption of insurance faces challenges, including technical, regulatory, and cultural barriers. The study highlights the need for continuous investment in emerging technologies, supportive regulatory frameworks, collaboration between traditional insurers and insurance startups, and increased education and awareness to overcome these challenges.
Future trends indicate that insurance will continue to evolve, with AI, IoT, and block chain playing pivotal roles in developing more personalized and efficient insurance products. The study concludes with recommendations for insurers to embrace these technologies, foster innovation, and remain competitive in a rapidly changing market.