Oman Insurance Company (OIC) is an insurance company in the UAE established in 1975 and is majority owned by Mashreq Bank, one of the UAE’s leading financial institutions.
Tradeshield is a new robust service on Dubai Trade that enables customers to apply and obtain standard insurance policies online. It has been created to further streamline trade processes, converting manual procedures to faster more convenient electronic transactions.
With unparalleled marine industry expertise, OIC offers comprehensive insurance protection for the transport of goods to their final destination. Simplifying an essential component of lengthy export procedures, traders can now click their way through Tradeshield’s online insurance quotes, payment, and policy issuance.
Addressing the surge in cargo insurance queries, Tradeshield’s online insurance service streamlines the otherwise complicated insurance process for trade and logistics service providers in the UAE. The platform essentially presents the trading community with online access to a wide range of cargo insurance solutions from leading providers in the region, all in a single, easy to access forum.
MONDCloud provides the background web services that
- handles synchronizing of master data between the insurer and the aggregator
- returns a quote, using Robotic Process Automation(RPA) with pricing based on a variety of factors
- enables users to accept a quote, make payments and receive a policy document
- issues a policy pdf that uses Artificial Intelligence (AI) to build the policy document based on the goods shipped.
- enables users to update an existing quote
In addition, MONDCloud provides exception based underwriting by enabling under-writers to view the quotes that have been referred to them based on the business rules. The underwriter is then able to provide a decision which is then communicated back to the requestor.
Finally the client master data, the quote data and the policy data are synchronized with OIC’s Core Insurance platform.