The Insurance Authority and Dubai Trade sign a memorandum of understanding to provide insurance services electronically

: 3/29/2015

The Insurance Authority and Dubai Trade sign a memorandum of understanding to provide insurance services electronically

Al-Zaabi: “The Insurance Authority seeks to inform and educate the customers about insurance services in order to enhance the competitive environment of the UAE market.” 

Al Bastaki:  “Dubai Trade aims to develop and support the UAE’s economic progress through the provision of electronic services of trade and logistics industry.”

 

Abu Dhabi,   March 24th, 2015

The Insurance Authority (IA) and Dubai Trade signed on Tuesday a memorandum of understanding (MOU) aimed at sharing information & expertise and to provide insurance services and products in the local market through the Tradeshield, the electronic platform for cargo insurance initiated by Dubai Trade.

The MOU was signed by HE Ibrahim Obaid Al Zaabi, Director General of the Insurance Authority and Eng. Mahmood Al Bastaki, CEO of Dubai Trade in the IA headquarters in Abu Dhabi.

Mr. Al Zaabi highlighted the importance of the MOU signed between the IA and Dubai Trade and its impact on UAE insurance by enhancing growth and strengthening the competitive level of the services provided by insurance companies and insurance-related professions to keep pace with the development and cumulative growth achieved by the national economy among all sectors.

He said, “The Insurance Authority endeavors by all means to boost the UAE insurance market and spread the awareness among the customers in the UAE and abroad of the services and products offered by our national as well as foreign insurance companies operating in the UAE. Dubai Trade has paved the way for the trading community by providing an integrated portal for marine and cargo insurance in smooth and easy steps,  in order to ensure the development of the business environment, raise the level of insurance services and enhance the competitiveness of the UAE insurance market as the largest in the Arab region.”

He added that the IA, in line with its vision to be a leader in the regulation & development of the insurance sector as well as to better serve the objectives of the national economy and contribute to enhancing the business environment in the UAE at all levels, has been actively investing in modern and advanced technologies to deliver the high standard and effective insurance services in the local market and meet the customers’ requirements locally and globally, and continuously upgrading the insurance criteria to compete globally.

The IA Director General elaborated that the legislation and regulations declared by the Authority over the past few years, in addition to the smart services provided to its insurance companies and professions, have reinforced the position of the UAE insurance market, which has become the operations hub for a large number of Arab and international insurance companies to meet the growing demand for insurance services.   He pointed out that the protection of the rights of policy holders, consumers and beneficiaries of insurance policies tops the priorities of the Insurance Authority, which is striving to balance all parties’ rights and obligations.

On his part, Eng Mahmood Al Bastaki stressed on the importance of insuring cargo during the shipping process from one region to another to protect the interests of all the involved parties including the merchant or trader.   He pointed out that Dubai Trade, as a single electronic window for all trade and logistic services providers in Dubai such as DP World, Dubai Customs, and Economic Zones World, has launched Tradeshield concurrently with the growing demand for cargo insurance services in recent years.

Al Bastaki added: "We, in Dubai Trade, have streamlined the insurance process and made it easier by providing the service electronically from the ideal insurance providers in the region like the Insurance Authority. We are proud to sign this agreement with the Insurance Authority as a federal authority, thus enhancing the importance of the Tradeshield as an electronic platform for cargo insurance.  This, if anything, highlights the concerted efforts of all government and private agencies working in this area to serve the trade sector and support the economic progress in the UAE."

The MOU signed by the two parties stipulates that they shall exchange information and expertise and enable Dubai Trade portal users to have direct access to insurance services provided by the leader companies through the e-insurance platform of Tradeshield.

The two parties will mutually promote the respective services of each party by promoting awareness on the e-services offered, activities, events, exhibitions and promotional publications in a manner that is not inconsistent with the legal and oversight regulations in each party.

It is noteworthy that the Insurance Authority has managed during 2014 to convert more than 35 services provided to customers into smart services.  The conversion of all electronically convertible services to smart services will be completed in 2015.  The list of available services through smart devices includes the receipt and resolution of complaints, renewal for national and foreign insurance companies, registration and renewal for the branches of national and foreign companies, registration renewal for insurance agents, brokers, surveyors and adjustors, actuaries, insurance consultants, health insurance claim management entities (TPAs), both companies and individuals, and registration and renewal for the branches of these professions, as well as application to amend the data of insurance companies and insurance-related professions.

 

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