OMT Pay integrated
with Chedid online platform

Deal enables clients to choose

insurers and pay via digital wallet

Online Brokerage, the brokerage arm of OMT, has concluded a deal with Chedid Insurance Brokers (CIB), a Chedid Capital company, to integrate CIB’s digital insurance aggregator platform Compare360.com with the OMT Pay app.

“[The contract] will enable customers to benefit from Compare360.com’s robust InsurTech capabilities to browse and compare offerings from third-party providers, allowing them to choose policies from Lebanon’s top insurers, and securely complete payments through OMT Pay app,” the two companies said in a joint statement.

People looking for insurance coverage can access the Compare360.com insurance aggregator platform through the OMT Pay app. They browse different offers made by various Lebanese insurance companies featured on the Compare360.com platform. The offers include all the necessary details and specifications that customers can select from according to their needs. After choosing a suitable offer they make their payments through the OMT Pay app. By the end of the current year, customers could also perform these transactions through OMT branches. James Khoury, Business Development Director at OMT said; “This is the first of its kind deal in Lebanon. We are combining InsurTech with FinTech. There are several insurance products that don’t require physical documents and don’t need to be signed. That’s why we can provide them without the hassle of requesting or providing the documentation or signing.” Insurance policies, with the exception of those that legally require issuing a paper copy like compulsory insurance, could be issued as a soft copy and be sent by email to the insured. In some cases, customers can collect the physical policy from OMT branches. The compulsory insurance policy must be delivered physically due to legal requirements and because it is used in other transactions.

“This partnership brings together Compare360.com’s InsurTech innovation and OMT Pay’s advanced FinTech infrastructure to accelerate the digital transformation of insurance and payments,” said Hikmat Abou Zeid, Chairman of OMT.

Farid Chedid, Chairman and Group CEO of Chedid Capital, said: “Across Chedid Capital’s portfolio, we’ve grown our business with the firm belief that our solutions should deliver value across the (re)insurance chain, bridge real market gaps, and remain anchored in local needs.”

In other news, Abou Zeid said that OMT is negotiating with a number of digital wallet operators in order to enable interoperability between OMT’s digital wallet and wallets issued by other operators. “This will be only confined to money transfers from the holder of one wallet to another wallet holder. Once such an agreement is reached, it requires the approval of the Central Bank,” he said. There are currently 18 licensed digital wallet operators in Lebanon.