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UAE insurance industry to see transformational shift

Digital transformation has resulted in change in both products and services, experts say.

The insurance industry in the UAE is on the brink of a transformational shift, driven by the changing needs of consumers due to the Covid-19 pandemic, experts said at the Future of Insurance congress.

The second edition of the event, organised by Khaleej Times, drew the participation of several experts as well as high ranking officials. Many highlighted the wave of digital transformation which has swept across the GCC and how it has resulted in change in both products and services.

“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,” said Alan Griffin, chief executive officer of Khaleej Times.

Hamad Abdullah Al-Mehyas, CEO of the National Health Insurance Company (Daman) said that the intensive efforts for digital transformation, and investment in information technology infrastructure contributed to enabling business innovation within the health insurance sector. He pointed out that the company launched its first smart digital branch “Hayyakum”, which is the first of its kind in the health insurance sector in the region. This was in response to the increasing rates of demand for digital transactions from its subscribers, and an opportunity to access all health insurance services provided by the company by default.

Salim Awad, MD and head of Business Development - Institutional Payment Solutions, Magnati, noted that customers today are always on the lookout for seamless experiences, and that one of the ways of achieving this is through the proper utilisation of data. “When we are talking about a digital revolution, especially in payments, everyone in the industry has to work together through strong partnerships.”

When it comes to investments, Neeraj Gupta, CEO of Policybazaar.ae, advised companies to break their investments into different segments and then prioritise those which will ease their daily operations. “Technology is not going to give you results overnight; it is a long-term investment that companies need to make.”

rohma@khaleejtimes.com