How insurtechs can help evolve the UAE industry
12 Apr 2022
The pandemic has accelerated digital transformation in the UAE’s insurance sector, with insurtechs rising to prominence and increasingly collaborating with established players, particularly around customer service innovation. According to Capgemini’s World InsurTech Report, 67% of UAE-based insurers wanted to collaborate with insurtechs in 2020.
While insurtech is at an early stage in the UAE, there are promising examples of insurers and startups working together to use new technologies for the benefit of customers. As a result, there are several interesting solutions on the rise. Take ADNIC’s partnership with Addenda, which is delivering an innovative Blockchain solution in motor recovery to minimise lengthy manual processes between companies and customer challenges.
The initiative is a great example of the different ways insurtech is helping the industry transform by addressing customer needs in real time, utilising data and new technologies to create tailored experiences and products for both life and non-life lines.
Some of the most exciting technologies on the horizon are ones that combat risks such as climate change and cyber threats, and local insurers are eager to adopt these technologies in the future given the UAE’s net-zero plan for 2050 and the country’s emphasis on data security and privacy.
As the UAE continues its journey to be the smartest country in the world, imagining and embedding new technologies across sectors, including insurance, will be a defining characteristic. Collaboration between established insurers and tech startup is at an early stage but it certainly heralds an exciting new era of innovation.