4 InsurTech companies transfiguring the Insurance industry in UAE

By Delisha Fernandes

The InsurTech market is booming in the UAE. Many companies and startups are getting into the insurance space using technology. InsurTech is a merger of two words, “insurance” and “technology”, inspired by the word “FinTech”. It solely means using technology innovations designed to drive efficiency and savings from the current industry model.

InsurTechs tackle diverse insurance distribution challenges by using technology to create new distribution channels, simplify distribution processes, and provide better customer experiences. They use data analytics to identify customer needs and preferences and offer personalised insurance products and services to the underserved. By automating underwriting and claims processing, InsurTechs reduce costs and increase efficiency.

Mentioned below are 4 InsurTech companies transfiguring the Insurance industry in UAE:

• Aqeed

Aqeed is a technology company focused on making insurance simple again. We designed our technological solutions to help consumers understand insurance, manage insurance and buy insurance, in an easy and transparent manner. The company aims to digitize the insurance journey for customers in a simple and efficient manner. The platform helps customers understand what they are buying, help them close the gap between what they have and what they need, and bring everything related to their insurance needs into one organized and efficient place.

• Click2Secure Me

Click2Secure Me is an Insure-Tech Platform where creators are building the digital insurer and helps insurers put their digital transformation on the fast track in Middle East Region. Insurance companies use Click2Secure Me to build and continuously improve mobile and web apps that drive business innovation. Our platform is uniquely designed to support rapid, iterative development by a broad range of users while ensuring that IT retains control. The platform integrate seamlessly with existing legacy systems using our Connector Kit and messaging services based on industry protocols such as Acord.

• Policybazaar UAE

Launched with the aim to make insurance accessible and comprehensible for all, Policybazaar.com is among the top in the Indian insurance market. After dominating the Indian turf, the company has set its sights on the United Arab Emirates’ insurance sector. Policybazaar.ae exclusively provides car insurance in the UAE. With a recent reform capping the minimum premium on car insurance in the emirates, it seemed an opportune moment for the entry of an impartial aggregator. With features and strengths evaluated for people looking to buy policies on a budget, Policybazaar.ae looks forward to catering to the needs of every car-owner.

• Yallacompare

yallacompare (formerly compareit4me.com) is the Middle East’s comparison site. Using its platform, users can compare and apply for bank accounts, insurance policies, credit cards, loans, cars and more in nine markets across the MENA region. Additionally, yallacompare aims to bring more transparency to the region’s finance industry, actively works to educate users so that financial literacy can be improved across the Middle East. The company has raised over $9 million in venture capital funding to date.

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