Digitalisation driving growth in insurance industry

Intensive efforts for digital transformation and investment in information technology infrastructure have contributed to enabling business innovation within the health insurance sector

Digitalisation is driving a transformational shift in the insurance industry, and businesses that fail to meet the needs of a new age of customers, who prefer digital interactions over branch visits, will soon be left behind, experts said at the second edition of The Future of Insurance congress.

Organised by Khaleej Times, the event brought together a number of officials and industry experts who examined the state of the industry today and the changes that it is undergoing.

Alan Griffin, chief executive officer of Khaleej Times, described the event as a great opportunity for officials and experts to meet and discuss key trends in the insurance industry, as well as highlight the challenges that the industry will face in the near future.

“Technology and automation; changes in Human Resources in terms of flexible working; and even customer data and privacy are all challenges and opportunities that we face,” he said in his opening address at the event.

Fareed Lutfi, secretary-general, Emirates Insurance Association, noted that the environment is clearly shifting, and that the insurance landscape is becoming more challenging. A key reason for this is the Covid-19 pandemic, which has accelerated the digital shift.

“I believe that the pandemic helped the insurance industry get out of their acceptable market practice complacency, as companies were forced to actively jump into the present and start proactively looking forward. Covid-19 has accelerated the transformation of the insurance industry in multiple respects,” he said.

“New expectations regarding industry leadership in driving transformational change in environmental, social, and governments will continue to build across geographies including our region,” he added.

Hamad Al Mehyas, CEO of National Health Insurance Company – Daman, also highlighted how innovation is changing the industry, and that employing a digital first mindset across business is what has given companies an edge.

“Those companies that were best able to weather the storm of the Covid-19 pandemic were those that had already begun to invest in the digitalisation of their operations and embraced the process of digital transformation,” he said. “Over the course of the pandemic, customers demanded more and more digital services and favoured digital interactions over face-to-face or branch visits.”

This digital reality, he said, is here to stay. “It is our responsibility as business leaders to meet these demands by insisting on a digital first policy. At Daman, we have been long-term advocates of digitalisation, and we are committed to putting digital at the very heart of our business.”