REVIEW SUMMARY

Oman Insurance

Oman Insurance Company (OIC), established in 1975, is a leading insurance provider in the Middle East. With its headquarter in Dubai, it has 15 branches in the UAE, and caters to other GCC countries such as Oman and Qatar. 

Oman Insurance Company is rated as ‘A-Excellent’ by AM Best and ‘A-Stable’ by Standard & Poor’s, and is supported by several reinsurers like Swiss Re, Munich Re, Allianz, and Arig. 

Our Verdict
A Closer Look
FAQs
Customer Reviews

Oman Insurance offer the below plans: 

  • Moderate regional SME policies 
  • Moderate regional corporate policies 

The Pros

> Large insurance provider, well recognised across the GCC
> Strong financial ratings
> Well-designed online portal for claims policy management
> Relatively flexible SME plans
> Provides insurance to members earning around AED 4K

The Cons

> Slow turnaround time for additions or any escalations
> Rigid with internal procedures, often causing delays including scheme set up so sufficient time needs to be allocated for policy set up
> SME/business standard plan excludes work-related injuries and road traffic accidents coverage
> Don’t seem to care about their members and seem more concerned about their loss ratio
What are the TPA (Third Party Administrator) options?

Oman Insurance use their in-house team. 

Do Oman Insurance offer a portal or an app?

Oman Insurance offer a portal and an app. 

What's the turnaround time for reimbursements?

14 days for bank transfer.
21 days for cheque.

What's the turnaround time for pre-approvals?

For out-patients: 3 hours
For in-patients: 6 hours

What's the minimum number of employees required for MHD (Medical History Disregarded)?

2.

I'm on the fence

I'm torn...on the one hand we've had a good experience with Oman, but not until we'd finished the sign up process.  In fact, the process was so painful and long-drawn out we almost backed out. 

After it was all set up we've found them to be good from our perspective in HR, but have heard of issues around claims from our staff...that's not ideal. 

You don't want staff to be ill - and you certainly don't then want them to suffer stress when a claim is rejected and there is no way to escalate.  OK, so this has only happened a couple of times, but we're looking at our options to see if we can improve in terms of ongoing support for members with another insurer. 

Expert Assessment of Oman Insurance

Oman Insurance Company is a well-recognised insurance provider in the Middle East region. The majority of leading hospitals and clinics work with Oman Insurance Company and are therefore aware of the policy procedures to ensure efficient claim submissions. SME plans are well priced and relatively flexible, allowing a choice of 3 categories, networks, deductibles, annual limits, area of cover, dental and pharmacy co-insurance. 

Companies with as few as 2 employees can opt for group medical insurance and policies can be split across different emirates easily. 

Their portfolio size and consistent plans has lead to very stable premium increases, usually in line with inflation. 

Oman Insurance also caters to large corporates, and is one of the participating insurers that provide basic health cover to members earning under AED 4K. 

The sign-up process can be convoluted, and includes more forms and processes than the majority of their competitors. Also, their internal processes tend to be slow, with limited options for escalations. Claim reimbursements can take around 3 weeks, and medical cards can take over 2 weeks to arrive. There have also been a few occasions where no care or flexibility has been shown by Oman Insurance when we try to escalate an issue and it feels like a very automated system. 

On the plus side, they have a well-designed online portal that allows ease of claim submissions and policy management. 

If you are a business owner or HR professional in the UAE, you’re looking to improve the medical insurance cover for you group, save money on your employee benefits package or reduce your company medical insurance costs, we will review your current plans and related expenses. Please contact us or call us on +971 (0) 4559 4900. 

At AES, we focus on providing long-term solutions, tailored to an individual organisation’s needs, to help you improve overall employee wellness, drive up productivity and engagement, and enable you to manage your corporate medical insurance spend year on year. 

Basic Network List

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Comprehensive Pharmacy Network List

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SME Plans Fact Sheet (Dubai)

DHA Easy Healthcare Insurance

DHA Fact Sheet

DHA Plans Table of Benefits

DHA Family Plus Plan

DHA Family Plan

Medical Portal - How to login guide

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