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Mr. Mustafa O. Vazayil, Managing Director, Gargash Insurance Services LLC – Mr. M. Rajendran, Deputy Managing Director, Gargash Insurance Services LLC
If the insurance industry’s first phase of technological transformation focused on improving internal efficiencies, the next phase will focus on improving the customer experience and enhancing data and analytics capabilities, he said. gagash insurance Service LLC.
Gargash Insurance has invested heavily in digital capabilities to become increasingly agile, innovative and customer-centric. “We want to offer our customers a comprehensive solution on our website and reduce the time lag between selecting and purchasing a policy. Customers don’t have to wait for a quote. You will be able to select and buy online, just a few clicks will take you to the website, some insurers have this feature and others are joining us By the end of March, the provider will offer customers more choice on our website,” said Mustafa O. Vazayil, President. , Gaga Insurance. “There is no better way than to invest in technology to improve efficiency and meet customer aspirations.”
Regarding industry trends, Gargash Insurance Deputy Managing Director M. Rajendran expects auto insurance premiums to increase by at least 10% this year. “Rising inflation is hitting the industry hard. Average claim costs have risen as repair and parts prices have risen. Yet average premiums have not kept up with this change. car insurance “Premiums have definitely gone up this year.”
“Realistically, auto premiums should go up 10% this year, but we are not the ones making the decision. Competition often occurs in open markets, so we want to compete on premiums for volume, even if the average cost of claims justifies an increase (of premiums) There will always be a minority of insurers who think that. This may mean they want to raise premiums, but in such scenarios, regulatory intervention can help,” Vazayil added.
However, customers with clean billing records or less frequent billing can enjoy preferential rates, Vazayil said.
UAE drivers have received discounts of up to 50% on premiums for the first two years of the pandemic. UAE insurance companies were able to offer discounts of up to 10% to drivers with no claims history before COVID-19. Discounts can be up to 30% for long term insurance policies for drivers with no claim history. Some insurers have gradually started increasing premiums, returning them to pre-corona rates.
Regarding business opportunities, Mr. Rajendran pointed out that the market has great potential. “We delivered a decent performance in 2022, posting 16% growth in our business. This year looks strong, but this is largely due to the overall UAE economy’s vitality. The Emirates are our second home.More and more international companies are looking to move their operations to the Emirates.Many global exhibitions are interested in hosting events here.Trade and tourism activity will increase, and the United Arab Emirates will benefit broadly, as will the insurance industry.”
Domestically, the next leap in the health insurance industry will come from the northern emirates, where health insurance is compulsory, said Vazayil. “Like other insurers and brokerages, we are already preparing for that.”
Gargash Insurance is targeting at least 20% growth across its industries this year. “We are deeply rooted in the SME sector and are now focusing on large customers to diversify our portfolio. This includes energy customers, port operators, real estate and infrastructure, large It could include things like large regional companies,” said Vazayil.
Two senior managers are confident the insurance sector will expand despite headwinds from the Western economy. “The UAE does less with Europe, more with Asia and Africa, and even when Europe hits a recession, demand is still booming. Dubai is very resilient. We’ve seen this over the years, and companies with strengths and capabilities like ours can certainly benefit from the knock-on effects of a recession in the West. Players will be forced to withdraw from the market, but we see it as an opportunity.
gagash insurance Services LLC has offices in Dubai, Abu Dhabi and Sharjah, providing insurance to individuals and businesses.
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