overview
Insurance with Infinite Paperless Suite
The insurance industry provides contracts known as policies to individuals or business entities as a form of financial protection or reimbursement against future losses. Those losses can be bundled under specialized insurance policies, such as health, life or accident insurances for individuals. For businesses, these policies include cargo or product liability insurance. Generally speaking, the insurance market consists of two main segments: Life and non-life insurances.
The UAE has the highest insurance penetration and density in the GCC as the industry is set for stronger growth led by the UAE and Saudi Arabia, according to a study by Alpen Capital (ME), a Dubai-headquartered investment banking advisory firm.
The UAE recorded the highest insurance penetration and density at 2.9 per cent and $1,194.7, respectively, in 2018. Insurance penetration in the region is expected to remain between 1.8 per cent and 1.9 per cent from 2019 to 2024, below the global average of 6.1 per cent, offering scope for growth in the sector. Insurance density in the region is expected to increase from $502.9 in 2019 to $555.8 in 2024.
Industry challenges
Challenges
– paper-based document flow
– risk of COVID infections
– non-automated proces
– low visibility into the proces
– lossing comptetive advantage
– poor customer service
– ineffective operations
– expensive operations
– Economic slowdown and competition
– Higher claims
– Equity market impact
– Reluctance to full-fledged digital transformation
– Skills Gap in the emerging technologies
– Dealing with internal resistance to change
– Traditional Operating Models
Going digital, enterprises can realise some tangible advantages such as considerable efficiency gains and higher-quality outputs. The spending on digitalization projects in the UAE have significantly increased over the years. However, many companies are managing the projects in a traditional operating model, which increases the risks of adoption.
Partnering with technology leaders and digital disruptors can help streamline the adoptions. If the digital transformation process is well-handled and the challenges are addressed, it needn’t be overwhelming and threatening.
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