MIDDLE EAST

Oil & Gas Insurance Broker of the Year

RMS LLC, Omani Broker with International Aspirations

Established in 1979, Risk Management Services was the first insurance broker to be licensed in the Sultanate of Oman. RMS is a 100% Omani owned company. For the first 30 years, prior to HSBC selling their insurance broking interests to Marsh, RMS operated under a technical and management agreement with HSBC Insurance Brokers Ltd. This association instilled within RMS a culture of compliance, international standards and being fair to clients. Today, RMS continue to provide insurance consultancy, insurance broking services and risk management advice to the highest standards.

In 2008, RMS made their first overseas foray by investing in Pakistan. The business grew very well and in 2013, RMS ventured to India and Sri Lanka. The following year RMS opened discussions with Millennium Insurance brokers in Dubai and agreed on an RMS majority owned JV in Dubai. Millennium employs 60 staff and has been growing well.

In 2015 RMS were approached by a venture capital company who owned 70% of an insurance broking business operating in Central & Eastern Europe (CEE). This business was quite complex as it had operations in 13 countries along with a strategic network of partners in 12 other countries. It was a very solid business proposition and after much negotiation RMS bought a 100% stake of that business. MAI CEE is a very strong brand, which is why RMS have retained the MAI CEE name.

RMS in Oman: in June 2014 oil prices crashed and since that time cash flows have been tight: however, RMS’ shareholders have encouraged them to continue to invest, not only overseas, but also in Oman. Five years ago, RMS Oman employed 40 people staff operating from one office. That has now grown to 138 staff in seven branches.

RMS is split into six divisions: Energy (Oil, Gas and Power) and Construction, Corporate Risks, Industrial and Commercial, Government and Special Risks, Employee Benefits, and Personal Lines and Branches. These six divisions are supported by a separate claims division led by a Chartered Loss Adjuster.

RMS are very proud of the fact that we have created over 90 jobs for Omani staff over the last five years. Currently, the Omanistaion target in the Insurance Industry is 70% (increasing to 75% this year); however, they have already achieved 78% Omanisation. Leveraging Technology: RMS is leading the pack in Oman when it comes to investing in technology. They have invested in client friendly Apps and portals for medical insurance programmes enabling clients’ staff to review claims on line, check the scope of cover, find a hospital or clinic and contact RMS or the insurance company for advice. They have also developed an aggregator which initially will focus on providing clients with options on quotes for motor insurance. This should be on-line by the 2nd quarter of 2019.

RMS plan to continue to make significant investments in the development of technology to revolutionise the delivery of their services to their clients, particularly in the claims sector where management information (MI) and the ability to share and access information on-line significantly speeds up the entire process.

RMS have also launched Apps through their social media channels on Facebook, Instagram and LinkedIn under the name RMS Aldhaman.

Future Growth Opportunities: the RMS Group continue to seek opportunities for further geographic expansion. They have recently opened operations in Abu Dhabi, are considering a JV in East Africa and also reviewing opportunities in other countries in CEE.

Providing clients with insurance related services in the Oil, Gas and Power sectors remain a core strength of RMS and they now seek to expand these services through their network of 19 countries. This business practice is led by P. K. Mohan who in addition to being the practice leader is also the Deputy CEO of RMS Oman. P. K. Mohan is recognised by his clients and peers as one of the leading experts in the field of insurance and risk management for the Oil and Gas industry.

RMS P.O.Box 1734, Ruwi, P.C.112, Sultanate of Oman Tel: +968 24762600 Fax: +968 24798423 www.rmsllc.com