The 12th Annual World Takaful Conference convened by Middle East Global Advisors and held in strategic partnership with the Dubai International Financial Centre (DIFC) Authority, ended last weekend with the successful completion of a dedicated platform – InsurTech (Insurance and Technology ) Integrated. InsurTech Integrated gravitated around the theme of “Harnessing Disruptive Technologies to Thrive in a Digital Era”.
Stressing on the need for innovation through an exemplary keynote address, Head of Commercial Insurance Middle East, Zurich Insurance, Peter Englund,: said, “The insurance industry is on the brink of a major technology- driven transformation. Digital insurance models can gain advantage over traditional models, reducing expenses and claims.
The new business models offer both risks and rewards. As insurers, we need to focus on both innovation and disruption in order to make our products relevant.”
CIO & Digital Officer, Union Insurance, Anshul Srivastav, said: “Digital stands for – Disruptive In Globally Inclusive Transformational (and Transitional) Analytical Leadership.
The uberisation of insurance can only happen when everything is offered as service. Consumers should pay for what they consume in insurance as well. Digitization in Insurance is a continuous journey, as for digital strategy one needs to have data to adopt or adapt new technologies whilst checking whether it’s fitting for your business.
It is important to continuously engage with your customers to digitize the most compelling and complex processes. Insurance has to move from 4Ps (People, Process, Parner & Product) to 3Ps (People, People, People and Service).”
Expressing her views on today’s highly informed customer, Founder & CEO, Souqalmal. com, Ambareen Musa, said: “Price is not the only criteria that people take into account.
It might originally be a key factor that they look at, but once they start looking at other things, we realize that the process is much more detailed.
At Souqalmal. com, the average premium that we normally sell at is 3000 Dirhams for one policy, which is much higher than the market average. We’ve come to understand that other factors like agency repair, personal accidents, branding, also play a key role in shaping customer decisions.”