UAE Online Insurance Market 2021 Industry Outlook, Present Scenario of Manufacturers, Share, Size, Trends, Opportunities, Key Players and Forecast to 2027: Ken Research

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.

UAE Online Insurance Industry Outlook to 2024 – Driven by Customer Uptake, Ease for New and Renewal Policy Convenience with Insurance Aggregators

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.

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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

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Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

support@kenresearch.com

+91-9015378249

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