The UAE has a broad-variety, government-funded and speedily emerging private healthcare segment conveying great standard of health care to the populace. The health insurance policies are an interior portion of the healthcare infrastructure as they cover the price linked with the medical and surgical expenses of the policyholders.
With the highest population, the UAE is amongst the
GCC region’s reckless increasing economy. In addition, the government is also
playing a foremost role in growing the penetration of the online insurance
around the region.
Additionally, the effective growth in internet and
mobile utilization has a foremost influence on transforming customer
preference, as the consumers are getting used 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 a
growing trend.
Although, UAE is one of the largest online market,
around the globe. Majority of the internet users in UAE Online Insurance Market, are mobile phone internet
users who take benefit of inexpensive alternatives rather than choosing for
luxurious landline connections that demand the desktop PCs and infrastructure. Furthermore,
augmented availability of bandwidth, economic data plans, and augmented
awareness propelled by the government programs seem to have speedily bridged
the digital gap amongst the urban and rural UAE.
At Ken Research, the UAE
Online Insurance Market research report undertakes a comprehensive
analysis of insurance industry around UAE, product-wise purchasing the patterns
of insurance amongst the populace, traditional
distribution channels comprising brokers, banks, agents, direct channels, etc
and further discovers the under-penetrated prospective of aggregator led online
insurance distribution. With a wide-ranging focus on Competitive
benchmarking amongst major Aggregators including Yallacompare, Souqalmal,
Bankonus, and PolicyBazaar UAE, the research concludes with some foremost
recommendations for firms to aim on profitability, enlarging the model to peer
GCC countries, augmented emphasis on other banking products of loans, credit
cards, etc to confirm sustainable growth during the coming years.
GWP
collection stood at $xxBn, mainstream led by growth in non-life insurance
products of the Health and Motor. Insurance of Persons and Fund Accumulation underwritten
XX% to total GWP collection. While UAE is ahead amongst the peer GCC region in
terms of insurance penetration of XX%, it still lags behind the average
insurance dissemination of underdeveloped countries which stands at XX% and
Global average of XX%. Mandatory insurance demands of Motor around UAE coupled
with Health Insurance around Abu Dhabi and Dubai has underwritten to raising awareness
among people to safeguard their perils.
Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=MzM1Mjc0
In
addition, challenging the established ascendancy of Brokers, Banks, and Agents
is not calm for Aggregators as incumbents generate ~XX% of the total premium
assortment during 2018, as per the data released by the Insurance Authority of
UAE. However, collectors are stepping up owing to the changing customer
preferences towards the online, price comparison led to purchasing behavior.
Relying on commission-driven income and a high one-time price of
technology building for proposing the multiple banking products, aggregator’s
model is greatly scalable to peer GCC countries, thereby confirming sustainable
growth by becoming a one-stop solution breadwinner.
Primarily,
aiming kin to commodity ‘Motor Insurance’ products, aggregators have built-in
AI-driven algorithms and platforms proficient of creating quotes within a
minute and conveying policies in the e-mail within 60 minutes. This has enabled
customers to get away with the tedious procedure of submitting documents
offline and speedy confidence due to a shortage of information asymmetry. Ken
Research have faith in online insurance could cannibalize the share of brokers
and banks and contribute >XX% of total GWP assortment by 2024.
For More Information, refer to below link:-
UAE
Online Insurance Market Research Report
Related Reports
Contact Us:-
Ken Research
Ankur Gupta, Head
Marketing & Communications
+91-9015378249
No comments:
Post a Comment