Tuesday, August 9, 2022

Email id: support@kenresearch.com, Contact Us : +91-9015378249

Home Banking Financial Services and Insurance What lies ahead for Aggregators in UAE: Ken Research

What lies ahead for Aggregators in UAE: Ken Research

Aggregators (Price Comparison Websites) have been lately introduced in UAE and within a short span of time, these platforms have gained much traction and are experiencing >200% Y-o-Y growth in their top line figures. However, unlike European and other developed countries, the penetration of aggregators is still very low. (~60% of motor insurance sales happen through Aggregators in the UK as compared to ~10% in UAE).  Ken Research estimates the potential of Online insurance to reach 10% of GWP by 2024. How could aggregators plan to capitalize on this opportunity?

Regulations set by Insurance Authority of UAE play a very crucial in determining the operation flow of aggregators. On one hand, it does not allow aggregators to directly collect a premium for customers while allows for selling other banking products (loans, credit cards, bank accounts, etc) through the platform. Aggregators should focus on becoming a one-stop solution provider for all banking and financial products among the entire GCC Region. Why GCC? Because the majority of the partner providers (insurers, banks) are the same for which existing agreements could be extended beyond GCC coupled with similar customer behavior throughout the region. Nonetheless, it also amplifies the cross-selling opportunities among different products.

Another dimension at which major aggregators including Yallacompare, Souqalmal, Bankonus, and PolicyBazaar UAE could follow is client on-boarding for health insurance products, which currently stands at ~1% (aggregator shares of Health GWP). Not only, but it also provides higher commission rates but also creates the customers for tomorrow (renewal conversion rates are high).

However, the entire end to end process is not technologically driven. Aggregators have to work with partner insurers to manually check/verify documents/update details of the policyholder. Bridging this gap through technology deployment could fasten the process of buying policies. To capture the era of personalized services, aggregators also need to work with partner insurers and come up with customized, pocket-friendly insurance plans, make your own policy plans. For instance, in January 2020, PolicyBazaar UAE launched a pocket-friendly plan of term insurance providing a sum assured of AED 25,000 and AED 50,000 priced at premiums of AED 59 and 79 respectively. Such plans are mainly targeted at a blue-collar workforce who find it difficult to pay hefty premiums in one go.

Aggregators need to up-ante their capabilities in terms of technological advancement and product offerings to capitalize on the expected booming rise of aggregators in the coming years.

Key Topics Covered in the Report: –

UAE Online Insurance Market Size

Future of UAE Online Insurance Market

UAE Online Insurance Market Forecast

Online Insurance Market Aggregators UAE

insurance market UAE

UAE Web Insurance Aggregator Industry

Online Insurance GWP UAE

United Arab Emirates Online Insurance Market

UAE Fintech Market

Potential Insurance Aggregators UAE

General Insurance GWP Online UAE

For More Information on the research report, refer to below link: –

UAE Online Insurance Market Growth

Related Report by Ken Research: –

India Online Insurance Outlook to 2019 – Driven by Internet Growth and Web Aggregators Industry

Contact Us: –
Ken Research
Ankur Gupta, Head Marketing & Communications


Tinjauan terhadap Pasar Distribusi Produk Keuangan di Indonesia: Ken Research

Buy Now Sementara pemerintah Indonesia telah mengambil inisiatif atas dasar digitalisasi industri, pendidikan & perdagangan, negara ini masih tertinggal dari negara-negara berkembang lainnya dalam hal...

India Credit Card Market Ecosystem – Ken Research

Credit Cards in India are in vogue with the #creditcard spend in India having hit an all-time high level & is now above Rs One Lakh...

Indonesia Peer to Peer (P2P) Lending Market Outlook: Ken Research

Buy Now The report titled “Competition Benchmarking: Indonesia Peer-to-Peer Lending Market Outlook to 2024” provides a comprehensive analysis of Indonesia Peer-to-Peer Lending platform operators. The...

Most Popular

Asia-Pacific Lithium-Ion Battery Recycling Market Outlook, Revenue, Major Players: Ken Research

Buy Now Lithium-ion (li-ion) batteries are rechargeable batteries that utilize lithium as the main component in electrochemistry. These are used in many products such as...

SEA Online Used Car Market Growth Strategy 2022, Industry Trends, CAGR Status, Growth Analysis, Key Manufacturer and Strategies till 2026: Ken Research

Buy Now SEA Used Car Market Overview: The SEA Used Car industry is currently positioned in the early growing stage and is anticipated to register a...

Iraq E-Commerce Logistics and Warehousing Market Research Report: Ken Research

Buy Now Expansion in internet services (~75% internet penetration in 2021) coupled with increasing demand for online logistics services have collectively given a boost...

Emergence of number of Unorganized and Online-Auto Classifieds as well as the trend toward upgrading vehicles will drive the Used Car Market in Australia:...

Buy Now Consumer shift from public transport to personal vehicle amid pandemic with rising demand of used cars. Increasing awareness about buying and selling...