Innovation in the insurance sector
27 Feb 2023
The UAE insurance market has undergone significant changes over the past few years. With the adoption of cutting-edge technology and advanced operational solutions, the industry has streamlined processes, enhanced customer experience, and offered personalised insurance solutions.
One of the critical transformative innovations in the insurance sector is the introduction of Insurtech. This technology has allowed insurers to automate their processes, reduce the time it takes to issue policies, and improve customer engagement. As a result, insurance companies across the local industry are providing more comprehensive and cost-effective services to their customers.
Artificial intelligence (AI) and machine learning (ML) also transform how insurers do business. Predictive analytics, developed using AI and ML, enable insurers to anticipate risks and take proactive measures to mitigate them. Additionally, insurers have been using these technologies to automate underwriting processes, which has resulted in faster processing times and more accurate policy pricing.
Blockchain technology is yet another innovation that is changing how insurance companies operate. In the UAE, insurers use blockchain technology to store customer data securely and transparently. This technology enables insurers to streamline processes, reduce the risk of fraud, and improve claims processing efficiency.
UAE insurance providers have also been innovating their products and service offerings. For instance, insurers now offer usage-based insurance, where premiums are calculated based on the usage of the insured asset. This type of insurance is particularly popular among vehicle owners, as it offers a more cost-effective solution than traditional policies.
Meanwhile, ADNIC has implemented various innovative solutions to enhance customer experience and service delivery, with one of the critical advancements being ‘Saeed,’ the company’s virtual chatbot assistant. ‘Saeed’ can assist customers with an array of services – it can guide them through medical claims, and facilitate the submission of home and medical insurance proposals, credit shield claim forms, and travel claims. Additionally, it can display QR codes for medical networks on the ADNIC business WhatsApp account, making accessing medical services more convenient for customers.
ADNIC has also been leveraging technology to streamline its operations by introducing Addenda, a Blockchain-based digital solution. This end-to-end platform enables insurers to reconcile motor recovery receivables with each other, reducing the time and effort required to complete the process.
Insurers have been adopting innovative technologies at a faster pace in recent years. The sector is poised for further growth, and we will likely innovate in new areas in the future.