Benefits from the emergence and adoption of insurtech in the United Arab Emirates (UAE) have extended to insurers and consumers alike, making the technology category an especially profitable proposition to stakeholders.
As reported by Khaleej Times, the major disruption has been felt across the life, health, property and casualty insurance space, including automobile or car insurance and travel insurance.
“Insurtech are those technologies which impact or disrupt the insurance business. It will be fair to state that historically insurance business and information technology have worked in separate silos. Globally a slew of insurtech startups has brought about a revolution across the value chain be it products and pricing, sales and distribution and claims,” said Sridhar Subbaraman, founder and owner of Oasis Insurance Group.
The rise of insurtech has mainly focused on providing improved customer experience and developing a connected ecosystem in order to personalize services to each insured individual. The more customer-centric services become, the more synonymous insurance becomes with e-commerce transactions. This requires in-depth analysis of customer preferences, behaviors and lifestyles.
Global trends of increased product and process simplification, automated support and virtual intelligent assistants have accelerated moves towards nontraditional distribution channels. Blockchain-based smart contracts have started streamlining claims payments and insurance administration, potentially facilitating new entrants.
Blockchain adoption into the ecosystem has enabled real-time claims settlements, expediting interactions between the supply chain and insurers while reducing fraud.
Watania Takaful, Noor Takaful, Al Wathba insurance, Aman Insurance, and Oriental Insurance all signed up with B2B startup Addenda, which maintains a blockchain network that streamlines processes between insurance firms.
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