How has the insurance coverage market within the UAE advanced for the reason that outbreak of COVID-19?
Automotive insurance coverage costs, significantly in Dubai but in addition typically throughout the UAE, have actually fallen as a result of decreased total driving and the ensuing discount in accidents, nonetheless the variety of transactions have stayed robust because it’s a compulsory product and even when a automotive is parked it nonetheless carries dangers like pure perils, fireplace and theft, which is why most shoppers selected to take care of their motor insurance coverage protection. It’s a good time to avoid wasting cash on auto insurance coverage.
Typically, the curiosity and take-up of personal medical health insurance and life insurance coverage has elevated significantly as the general public turns into extra involved about their household’s wellbeing. That mentioned, there has additionally been the fee stress on firms, which is why some employers have been pressured to chop advantages and downgrade plans of their worker advantages programmes.
Journey insurance coverage enterprise clearly took a little bit of a nostril dive through the lockdown interval and whereas planes remained largely grounded, nonetheless we’re beginning to see a robust comeback as each UAE resident who intends to depart the nation is anticipated to have journey insurance coverage and it wasn’t fairly a compulsory product to have pre-COVID.
How would you describe the philosophy behind InsuranceMarket.ae?
We’re on a mission to avoid wasting our shoppers’ money and time and we obtain this by our digitally accelerated insurance coverage advisor model the place one among our ‘personal shoppers’ shortly reply to your enquiries and allow you to select and purchase our completely negotiated offers from main insurers within the UAE like AXA, RSA, Oman, QIC, Orient, Noor Takaful and plenty of extra in a matter of minutes.
As the most important retail insurance coverage brokerage within the UAE with over 350 passionate workers and because of the efficiencies from our proprietary tech, we’re in a position to provide by far the bottom costs on all our merchandise with out compromising on advantages or protection, coupled with market-leading velocity and high quality of service and recommendation not solely on the time of shopping for insurance coverage but in addition crucially on the time of a declare.
When you learn our 11,000+ Google opinions (the place we’re so pleased with our 4.9/5 star ranking) you will notice that whereas quite a lot of our shoppers don’t solely reward us for our offers and responsiveness on the time of shopping for insurance coverage, an incredible quantity additionally commend us for our dedication to take additional particular care of them on the time of a declare by our digitally accelerated fast-track claims course of and world class claims mediation crew.
How do you make sure you provide the absolute best value to your prospects?
In the beginning, we guarantee our shoppers get the very best offers by our dedication to offering a alternative of choices for any insurance coverage requirement. Offering an easy-to-understand comparability of quotes with a devoted advisor to assist, information and advocate is core to what we do. As we are saying, we store round for the shopper in order that they don’t should. That is how we accomplish our mission to avoid wasting our shoppers money and time while ensuring they’re protected and have peace of thoughts.
Along with this, based mostly on InsuranceMarket.ae’s appreciable volumes and the portfolio development that we’re in a position to provide to our insurance coverage firm companions, we’re in a position to negotiate unique offers for our prospects and we’re appreciated for our means to supply market main insurance coverage offers coupled with our greatest price assure.
That is additionally made doable because of our steady strategic investments in state-of-the-art tech, omnichannel advertising and most significantly our glorious crew. All these components have been working in concord to create exponential efficiencies within the supply of value to our prospects.
What steps do you are taking to assist prospects select the correct degree of safety with sufficient cowl?
For personal people, our stance is to supply essentially the most complete protection choices for his or her requirement from our main insurance coverage service companions proper on the outset, in order that they will have the widest scope of protection with out compromising on price.
For companies and organisations, we usually take stock of their present protection if any together with a danger evaluation based mostly on an understanding of how the enterprise operates and the sort of exposures confronted. Primarily based on this we might be capable of come again with detailed suggestions for mitigating all insurable dangers.
For all times insurance coverage and monetary planning, the confidential reality discovering course of is carried out with our world class Advisors is a vital one. The objective is to try to get a sound understanding of the present monetary place of the shopper together with a way of their long term targets and aspirations. Primarily based on this we might advocate one of the best ways to guard and make sure the success of our shoppers’ monetary future.
How has COVID-19 affected your corporation?
While we admire that there are issues about demand-side and client confidence available in the market, our digital positioning has meant that we noticed a development in transactions through the lockdown interval and we have now seen the pattern proceed since.
On the supply-side, our insurer companions have supplied us all their assist to permit us to proceed to seamlessly ship our companies and because of this we’re grateful to have the ability to perform a file variety of transactions for the reason that motion restrictions intensified. That mentioned, the discount of pricing on auto insurance coverage implies that our unit economics have needed to adapt, however we have now shortly taken due measures to verify we proceed to construct a sustainable enterprise.
Make money working from home has additionally been going properly, provided that our operation has natively been cloud-based and digital-first in lots of core respects.
In consequence, I’m happy to report that we at AFIA Insurance coverage Brokerage Providers LLC, because the insurance coverage brokerage agency behind InsuranceMarket.ae, haven’t modified our imaginative and prescient and technique, and we’re excited to have the ability to proceed to spend money on our development and improvement as a market-leading insurance coverage supplier.
How are you planning to evolve and enhance your corporation transferring ahead?
We intend to proceed investing in our crew, know-how and advertising capabilities in order that we are able to get higher and higher at saving our prospects money and time on all varieties of insurance coverage. InsuranceMarket.ae has been a development firm from the time we began and we intend to proceed sustaining the identical development charges going ahead. It will imply that we’ll exceed AED 1 billion in insurance coverage premiums within the subsequent couple of years.
We’re additionally enthusiastic about some alternatives to export our value proposition to different geographies which we’re contemplating actively by some compelling three way partnership proposals which have come to us.
Lastly, we’re happy to proceed working with our strategic companions Artistic Zone in constructing propositions for the SME sector as we additionally think about different comparable ventures so as to add value not solely to the insurance coverage market but in addition the broader ecosystem.