Digital disruptions brought in by insurance startups in the UAE is going to boost the insurtech sector in the region. According to World InsurTech Report 2020, Covid-19 accelerated insurance digitalisation significantly. The primary research together covers insights from over 175 plus executives across 26 markets including the UAE.
The research report further indicated that around 67 percent of insurers want to collaborate with insurtechs. And 85 percent of insurtechs want to partner with technology providers, while 83 percent want to collaborate with insurers. Also, more than 60 percent of insurers and insurtechs are interested in collaborating with big tech firms.
In this regard, Sridhar Subbaraman, founder and owner of insureatoasis.com told the media, “2021 will see almost the entire industry adopting insurtech. All retail insurance both life and non-life products will go digital, motor insurance will start seeing technology disrupting the current domain big time. SME will be enabled. Most importantly insurance will be more embedded across various industries. A big thumbs up to the industry for responding very well and quickly adapting to the new world order.
“Telemedicine has become mandatory and lifestyle digital ecosystem will rearrange the way medical insurance is being bought, priced and serviced. Data collection will play a big role and will be leading the way industry shapes up in the coming years. An area which needs to be focused next is the service aspect which is the backbone of the industry. Digital will continue to be focus, it’s not disruption anymore. It’s the new normal.”