According to the Emirates Insurance Society, about 7% of car insurance policies are sold on electronic platforms, noting that insurance companies are required to respond to developments in the global insurance industry in the field of digital transformation and the use of technology in their operations, including the settlement of claims.
At a seminar organized in Dubai yesterday, the association said that the draft insurance law issued by the insurance company is still under study.
"Insurance companies in the UAE are required to respond to developments in the global insurance industry in the field of digital transformation, to use technology in their operations and to prepare appropriate plans to keep pace with them," said Emirates Insurance Association Secretary General Farid Lutfi. Developments quickly enough will make them in a position where it is difficult to achieve any competitive advantage ».
In an e-marketing and digital transformation symposium organized by the association in cooperation with Clyde & Co., Lawfi explained that electronic insurance is related to the provision of full insurance cover, related offer, negotiation, online contracting, payment method, document delivery, During the Internet, pointing out that its importance seems to facilitate business and internal management by conducting business electronically, along with reducing real time to conduct business, and improve management.
He added that the insurance industry is in the process of undergoing significant changes in business performance in various ways, including the settlement of claims, pointing out that these developments require reengineering operations, in line with the new situation that the insurance industry seeks to achieve. Technological systems.
Lutfi said that about 7% of car insurance policies are sold electronically, while not more than 1 or 2% in health insurance, pointing out that the draft law on electronic insurance is still under study.
"The use of digital technology will provide many benefits and a significant change in the insurance industry in the UAE," said Essam Al Muslamani, Chairman of the Insurance Committee of the Emirates Insurance Society. And circulate around the clock.
He added that the insurance company moved in this regard to put things in perspective and to develop solutions to some of the problems and negatives that accompanied the marketing of insurance products through the websites, in the absence of legal frameworks regulating this type of insurance, pointing out that the current reality of electronic insurance in the state Many advantages, but also there were some shortcomings, so the draft decision on electronic insurance to fill the changes, and to ensure the interest of the entire community of dealers and companies and entities affected and beneficiaries.
And whether electronic insurance will lower insurance prices, he said: "Prices will certainly be subject to pressure, so customers should be directed towards product quality and corporate commitment, not just focus on the lower price."
He pointed out that insurance through electronic platforms is divided into three main sectors, namely cars, health and travel, pointing out that travel insurance tops the sectors through electronic platforms by up to about 50% of the total documents sold.
Travel insurance leads sectors across electronic platforms by up to 50% of total documents sold.
The use of digital technology will make a significant difference in the insurance industry in the UAE.