Page 48 - Insurance Times June 2023

trends do you foresee which may catch the attention
of clients?
Vikaus Siingh (GM of KRIS): Presently, we are providing
Sultanate of Oman is quite high. People are eager to adopt insurance services on a B2B model. Adding value to our
new technologies and norms to improve their risk offerings are always our continuous endeavor. We pioneered
management framework. and are offering specialized value-added insurance services
to our existing/potential clients, in the Sultanate of Oman.
Pre-covid era risk management through insurance was an
The value-added services that we offer are - Insurance risk
option and post-covid era people started to adopt insurance
audits, Thermography Testing, Employee Wellness
cover for risk management as a necessary tool for their
Programs, Insurance Orientation programs, and training &
personal risk management as well as corporate risk
development of client resources on insurance/risk
management.
management services.
The advancement of technology is also taking a new leap in
We are extensively using technology to make our processes
underwriting, claims risk inspections, and the overall risk
more efficient and hassle-free. We are coming up with a
management practices.
user-friendly insurance web aggregator application to serve
individual clients (B2C)
S. G. Fazal Biya Bani: In your opinion, what is the
biggest challenge facing the risk management industry S. G. Fazal Biya Bani: Can you share some tips for
today and how can it be addressed? aspiring risk management professionals and what
Vikaus Siingh (GM of KRIS): I will say "data capturing" and
qualities are necessary for success in this field?
"technology advancement" are the two biggest challenges
Vikaus Singh (GM of KRIS): I would like to say 3 points to
that the current risk management industry is facing. There
all aspiring risk management professionals, they are -
are a lot of invalid or uncaptured data available which needs
Risk is not managed once, it's a continuous process, keep
immediate attention to manage risk efficiently. With the
yourself updated and look out for improvisations.
advancement of technology, convenience factors are getting
Costs cannot be ignored but should not lead to
added to our lives but on the other way, we all are also
compromise in quality.
getting exposed to lots of known and unknown risk factors.
The technology is also creating and enhancing new risk Process mapping and digitalization
perils.
S. G. Fazal Biya Bani: How do you stay up to date with
From a risk management perspective, I would like to say that
the latest developments and advancements in risk
we need to have a collective approach to creating more
management?
awareness both at micro and macro levels.
Vikaus Siingh (GM of KRIS): Updating oneself with the latest
developments and advancements in risk management is of
S. G. Fazal Biya Bani: How do you see the future of
utmost importance for risk managers. The external
risk management evolving in the next 5-10 years?
environments of enterprises are rapidly changing leading to
Vikaus Siingh (GM of KRIS): The use of automation and AI
rapid changes in the internal processes, hence managing risk
is going to play a major role in risk management in the next
becomes a continuous risk and needs frequent
5-10 years. Automation and AI will help detect and address
improvisations. There are many national and international
risk in advance. For the first time in history, companies can
risk management forums that bring sharing of risk know-
continually monitor data and get instant access to current
how. One should also be attending seminars and upgrading
risk information. Constant risk information lets us make
their skill sets by doing relevant courses.
decisions more confidently because the newest data
supports them. So entire risk management in the future will S. G. Fazal Biya Bani: How does your experience
be based on AI and Automation techniques with working in Oman differ from your experience in other
decentralized data availability. countries or regions in terms of risk management
practices and cultural considerations?
S. G. Fazal Biya Bani: Which are the specialized areas Vikaus Siingh (GM of KRIS): Oman is a great country to live
of services you are focusing upon and what future in and work in, you have ample opportunities to develop new

The Insurance Times June 2023 43