3 InsurTech platforms disrupting the insurance industry in UAE

By Delisha Fernandes

The InsurTech market is booming in the UAE. Many companies and startups are getting into the insurance space using technology. InsurTech is a merger of two words, “insurance” and “technology”, inspired by the word “FinTech”. It solely means using technology innovations designed to drive efficiency and savings from the current industry model.

InsurTechs tackle diverse insurance distribution challenges by using technology to create new distribution channels, simplify distribution processes, and provide better customer experiences. They use data analytics to identify customer needs and preferences and offer personalised insurance products and services to the underserved. By automating underwriting and claims processing, InsurTechs reduce costs and increase efficiency.

Mentioned below are 3 InsurTech platforms disrupting the insurance industry in UAE:

• Click2Secure Me

Click2Secure Me is an Insure-Tech Platform where creators are building the digital insurer and helps insurers put their digital transformation on the fast track in Middle East Region. Insurance companies use Click2Secure Me to build and continuously improve mobile and web apps that drive business innovation. Our platform is uniquely designed to support rapid, iterative development by a broad range of users while ensuring that IT retains control. The platform integrate seamlessly with existing legacy systems using our Connector Kit and messaging services based on industry protocols such as Acord.

• Democrance

Democrance helps insurers and insurance brokers to increase digital sales and access new markets. Headquartered in Dubai, UAE and operating across the Middle East and Africa, South-East Asia and Latin America, Democrance works with insurers, mobile operators and other industries to offer insurance and protection to the underinsured and uninsured population of emerging markets. With its SaaS platform, partners are able to enhance their digital sales mechanisms by automating workflows, and increase their operational efficiency and profitability in the insurance market.