Qatar Insurance Group (QIC) and Ooredoo Group have signed a Memorandum of Understanding (MoU) to offer integrated insurance products that deliver innovative, customer-centric insurance solutions, and revolutionise insurance and telecommunications services.

This strategic partnership is poised to revolutionize the insurance and telecommunications industries, reinforcing their leadership positions in their respective fields, both firms claim.

QIC’s expertise in risk management will be integrated with Ooredoo’s advanced telecommunications infrastructure to create seamless insurance solutions. This aims to create a new standard in service delivery.

By combining real-time data, mobile connectivity, and personalized insurance products, the partnership will offer cyber insurance products (SME and personal), microinsurance products and SME products.

Its offer will also include smartphone and gadget protect products, , mandatory visitor insurance in combination with Ooredoo SIM cards, and commercial insurance products for their respective group entities.

Salem Al Mannai, CEO of Qatar Insurance Group, stated: “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.

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

Aziz Aluthman Fakhroo, CEO of Ooredoo Group, said: “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 personalized experiences as we navigate this exciting era of transformation together.

As part of this partnership, both companies will also offer comprehensive cyber insurance, protecting individuals and businesses from online threats including cyber-attacks, extortion, identity theft, credit card and online shopping fraud, and smart device risks.

In addition to enhancing the customer experience, this collaboration aims to drive growth for both QIC and Ooredoo. By combining their expertise, they can explore new markets and revenue streams, and develop solutions for the digital economy.

While the initial focus will be on the Qatari market, both companies have regional expansion plans, with a view of extending their offering to other markets they operate in such as Oman, Kuwait, and beyond.

“The partnership is poised to make a significant impact on the insurance and telecommunications sectors, setting the stage for continued innovation and growth across the region,” concluded Al Mannai.