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.
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
