Mohamed Jawad, CFO of Oman Qatar Insurance Company (OQIC), discusses key drivers of growth and transformation in Oman’s insurance sector. In an interview, Jawad highlighted how digitalisation, emerging risks, and regulatory changes are shaping the industry. He also shared OQIC’s efforts in leveraging AI and automation for financial operations and claims management.
Oman’s insurance market is set to grow due to expanding infrastructure projects under Oman Vision 2040, the introduction of mandatory health coverage, and digital advancements. Jawad expects higher insurance penetration, digital-first models, and a focus on ESG (Environmental, Social, and Governance) principles. He emphasized the finance function’s crucial role in supporting business transformation, optimising investments, and ensuring regulatory compliance.
OQIC is leveraging AI and automation to streamline reporting, enhance risk management, and improve customer experience, with tools like AI-powered chatbots and fraud detection systems in claims management. Jawad provided guidance for aspiring CFOs, stressing the importance of financial management, adaptability, and proficiency in technology and data analytics.
He also discussed the importance of forums like the Oman CFO Forum in fostering dialogue among finance leaders, suggesting future topics such as AI in financial management, risk strategies, and the impact of global economic shifts on the sector.
