According to the Emirates Insurance Society, 7% of insurance contracts are sold electronically. The insurance companies are required to adapt to the new environment predominated by the emerging technologies.
The digital transformation now concerns all the insurance operations from underwriting a policy up to the settlement of claims.
Farid Lutfi, Secretary General of Emirates Insurance Association stated that nearly 7% of motor insurance contracts are purchased electronically. However, this rate does not exceed 1 or 2% when it comes to life insurances. Lutfi has also declared that the bill on electronic insurance is still in consideration.
Three major classes of business are currently being targeted among which: motor, health and travel. Nevertheless, the travel insurances take a prominent position compared to the other activities with 50% of total electronic sales up until now.
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