Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Research Reports

UAE Online Insurance Market is predicted to augment owing to challenging status quo of traditional offline brokers: Ken Research

Published : , on

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.

Request For Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=MzM1Mjc0

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

UAE Fitness Services Market Outlook to 2025F (Second Editiion) – Driven by increasing health concerns resulting in addition of number of health clubs and gyms in the country

The UAE Car Rental, Leasing and Limousine Market Outlook to 2025 (Second Edition) – Driven by Reviving Tourism, altered Customer Preference from Public Transport to Personal Cars owing to Covid-19

Contact Us:-

Ken Research

Ankur Gupta, Head Marketing & Communications

[email protected]

+91-9015378249

Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication's content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post