Digital services propose choice, convenience and comparison. The financial services industry, comprising insurance, is also making efforts to tap this space. Life insurance, traditionally sold by agents, is prevail for the online purchase, often at the lower prices. In the single sentence, buying insurance online is convenient, speedy and primarily cost you lesser. The insurers know the prospective of this distribution channel and therefore have the whole product range-from life to health, travel-available, and motor on the net for you. With a single click of a mouse you can purchase any policy from any corner of the globe at any point of time.
The effective growth in internet and mobile utilization has a foremost influence on transforming consumer preferences, as the consumers are getting utilized to researching products online. While the traditional model of purchasing insurance is still the most sought in UAE, it was found that online research on life insurance has been witnessing an augmenting trend.
Around UAE, the GWP collection stood at $12Bn, majorly led by growth in non-life insurance products of Health and Motor. Insurance of the Persons and Fund Accumulation underwritten 28% to entire GWP collection. While UAE is ahead between the peer GCC countries in terms of insurance penetration of 2.9%, it still lags behind the average insurance penetration of evolving countries which stands at 3.2% and Global average of 6.1%. Mandatory insurance necessities of Motor across UAE coupled with Health Insurance in Abu Dhabi and Dubai has subsidized to raising awareness among individuals to defend their risks.
Moreover, Yallacompare, Souqalmal, Bankonus, PolicyBazaar UAE, Compare4benefits, Insurancemarket.ae, Bayzat are the market players which recently functioning in the UAE Online Insurance Market significantly for leading the highest market growth, ruling around the globe, obtaining the competitive edge, registering the great value of market share, keep maintaining the governing position and creating the great percentage of revenue by increasing the applications and benefits of online insurance, spreading the awareness connected to the features and benefits of online insurance, analysing the strategies and policies of government as well as similar entities, implementing the policies and strategies of enlargement and profit making, establishing the several research and development programs, improving the qualitative and quantitative measures of such and delivering the better consumer satisfaction.
In addition, challenging the established ascendency of Brokers, Banks, and Agents is not relaxed for Aggregators as incumbents create ~99% of the total premium collection during 2018, as per the data unrestricted by the Insurance Authority of UAE.
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However, aggregators are stepping up owing to the changing customer preferences towards the online, price judgement led to buying behavior. Bank on the commission-driven income and a high one-time cost of technology building for proposing the multiple banking products, aggregator’s model is exceedingly scalable to peer GCC regions, thereby confirming sustainable growth by becoming a one-stop solution provider.
Primarily, targeting kin to commodity ‘Motor Insurance’ products, aggregators have built-in AI-driven algorithms and platforms accomplished of generating quotes within a minute and carrying policies in the e-mail within 60 minutes. This has allowed consumers to get away with the tedious progression of submitting documents offline and adoptive confidence owing to a shortage of information asymmetry. Ken Research have faith in online insurance could cannibalize the share of brokers and banks and underwrite >10% of total GWP collection by 2024.
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Ankur Gupta, Head Marketing & Communications