Sukoon Insurance continues leading the way

In 1975, Abdullah Al Ghurair envisaged an insurance powerhouse that would not only protect the people of UAE for decades to follow but also champion customer excellence and innovation. Today, 48 years later, Sukoon – previously Oman Insurance Company – stands as the epitome of that dream.

Protecting the lives, health, and wealth of over 830,000 clients, Sukoon has led the insurance industry from the front. With a single-minded focus on customer service excellence, innovation that enhances customer experience, and ensuring peace of mind at every turn, Sukoon has remained the insurer-of-choice for more than three generations in the UAE.

With a satisfied and diverse clientele and a history of setting the bar for the industry, Sukoon’s way of doing things is what sets it apart. Its strength lies in the professionalism and dedication of its 650-strong staff, networked through its branches and available 24/7 through its call centre and active e-commerce platforms. Its insurance solutions mainly cater to healthcare, motor, travel, life, and general (that is, property, energy, engineering, aviation, marine and liability) needs.

Strong financial position

2022 was another rewarding and transformative year for Sukoon.

Sukoon’s net profits peaked at Dh223.6 million – the highest in the past eight years. In addition, the Company recorded a local solvency margin of 280 per cent – a testament to the success of the strategies it has in place for a resilient risk transfer mechanism.

Its Net Earned Premium stood at Dh1.511 billion, one of the highest in the UAE insurance industry as was the case in 2020 and 2021, reflecting its position as a market leader.

Sukoon’s enhanced receivables and credit management system exhibited the strongest performance, generating significant free cashflow in 2022 which was partially utilised through further investments in financial instruments, leading to an 11 per cent increase, excluding ULIP, in the Group’s invested assets (that is, from Dh3.50 billion in 2021 to Dh3.87 billion in 2022). The company’s net receivables ratio was also among the lowest among other listed companies in the UAE market, standing at 15.4 per cent.

These achievements reflect the company’s robust financial strength, strong operating performance, and razor-sharp focus on customer service.

Customer-centricity at the heart of Sukoon

With service as its core work ethic, the company believes in establishing long-term relationships and using trust as its salient feature in keeping every customer satisfied, feeling secure, and wanting more.

Customer-centricity is at the core of Sukoon’s ambitions, believing that customer satisfaction is not only the basis for profitable growth but also a key driver for employee engagement. The company’s ‘customer-first’ value has also led it to venture digitally to provide quality, personalised and value-propositioned services. From mobile applications and digital platforms to regular customer surveys, Sukoon is always in search of the next ‘wow’ factor for its customers.

Customer-first digital strategy

One of Sukoon’s key strategic pillars is customer excellence, which demands 24/7 availability of services through digital channels.

With unwavering focus, Sukoon successfully built an industry-leading, resilient cloud estate. The company focused on this between 2018-19 and transformed the legacy IT estate into an industry-leading, resilient, and highly secure, future-ready cloud estate.

All digitisation investments resulted in improving IT service availability from roughly 85 per cent in 2018 to clocking 100 per cent for the first five months in 2022 and achieving over 99 per cent in the last 43 months (that is, from June 2019 to Dec 2022) an incredible feat for any IT Team. This resulted in the provision of uninterrupted services to the company’s end-customers along with a significant change portfolio of over 200 programmes delivered in the last four years.

Sukoon will continue to leverage its foundations, to develop an exceptional insurance platform to provide unmatched customer experience and unrivalled insurance expertise in the region.

The Way Forward

Sukoon will continue to leverage its foundations, to develop an exceptional insurance platform to provide unmatched customer experience and unrivalled insurance expertise in the region.