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An interview with Ambareen Musa (SouqAlMal - CEO)
Ambareen Musa Shares her view on "Innovation in Insurance"
1 ) Which innovations in the insurance sector do see becoming major industry disruptors?
The insurance industry is one of the latest sector facing disruptive changes in the form of digital where the shift now is more towards offering an e-service that better caters to the consumer needs in terms of convenience and user experience. The online insurance aggregator model is also gaining traction where it offers a transparent marketplace that enables consumers to make more educated purchases. Definitely, in the coming year we will see greater urgency from the supply side to offer a well integrated digital service to maintain their competitive advantage.
2 ) What are the key drivers for innovation in the insurance industry today?
One of the main key drivers for innovation in the current insurance market are the recent regulatory challenges to enforce better governance and controls. Though these changes will pose a challenge to the insurance companies on the short-term, however, they are necessary for the development and growth of the industry on the long term. Other key drivers include higher competition in local markets which is forcing insurance companies to innovate to be able to retain their market share. But more importantly, customers are changing their behaviour and the way they are buying and choosing their insurance. Based on a survey we did earlier this year, 90% of customers would prefer to renew their car insurance online.
3 ) What latest insurance products do you see becoming popular in GCC in the near future?
The latest regulations have enforced the popularity of healthcare insurance and vehicle insurance which will continue to be the main cornerstones of the insurance sector. However, our insights also show that home content insurance has started to gain popularity and will become more of a trend in light of the increased awareness on its importance especially in the UAE market.
4 ) How do you think this conference will benefit the attendees?
In light of all the recent changes the insurance industry is facing especially in the age of digitization, this conference discusses a lot of the points that should be on the agenda of the different insurance players and offers a good foundation for the required work.
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