UAE Online Insurance Industry Outlook to 2024: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit The publication titled ‘UAE Online Insurance Industry Outlook to 2024 – Driven by Customer Uptake, Ease for New and Renewal Policy Convenience with Insurance Aggregators’ undertakes a comprehensive analysis of the insurance industry in UAE, product-wise buying patterns of insurance among the population, traditional distribution channels including brokers, banks, agents, direct channels, etc and further explore the under-penetrated potential of aggregator led online insurance distribution. Following the path of European economies with high penetration of online insurance (>60%), research answers the question if aggregators are here to stay in UAE. Analysts have also depicted the general business model, end to end online buying process, Typical Organizational Structure, and Technology stack integrated by such firms in the platforms. With an extensive focus on Competitive benchmarking among major Aggregators including Yallacompare, Souqalmal, Bankonus, and PolicyBazaar UAE, the research concludes with some key recommendations for firms to focus on profitability, expanding the model to the peer GCC countries, increased emphasis on other banking products of loans, credit cards, etc to ensure sustainable growth in the coming years. Where does the Insurance Industry stand today? GWP collection stood at $12Bn, majorly led by growth in non-life insurance products of Health and Motor. Insurance of Persons and Fund Accumulation contributed 28% to total GWP collection. While UAE is ahead among the peer GCC countries in terms of insurance penetration of 2.9%, it still lags behind the average insurance penetration of emerging countries which stands at 3.2% and Global average of 6.1%. Mandatory insurance requirements of Motor across UAE coupled with Health Insurance in Abu Dhabi and Dubai has contributed to raising awareness among people to protect their risks. Traditional Distribution Channels & Viability of Aggregator led Online Model Challenging the established dominance of Brokers, Banks and Agents are not easy for Aggregators as incumbents generate ~99% of the total premium collection in 2018, as per the data released by Insurance Authority of UAE. However, aggregators are stepping up due to the changing customer preferences towards online, price comparison led to buying behavior. Relying on commission-driven income and a high one-time cost of technology building for offering multiple banking products, aggregator’s model is highly scalable to peer GCC countries, thereby ensuring sustainable growth by becoming a one-stop solution provider. Are aggregators here to stay? Primarily, targeting kin to commodity ‘Motor Insurance’ products, aggregators have built-in AI-driven algorithms and platforms capable of generating quotes within a minute and delivering policies in the e-mail within 60 minutes. This has allowed customers to get away with the tedious process of submitting documents offline and foster confidence owing to a lack of information asymmetry. Ken Research believes online insurance could cannibalize the share of brokers and banks and contribute >10% of total GWP collection by 2024. Time Period Captured in the Report: – Historical Period – 2014 -2019 Forecast Period – 2019 – 2024E Companies Covered: Yallacompare Souqalmal Bankonus PolicyBazaar UAE Compare4benefits Insurancemarket.ae Bayzat Key Topics Covered in the Report: – Socio Demographic and Economic Outlook of UAE Insurance Industry in UAE basis Products, Distribution Channel Decoding Penetration of Online Insurance with a special focus on Aggregators Business Model of Aggregators (Revenue Streams, Organizational Structure, End to End Buying Process, Technology Stack) Market Size of Insurance Aggregators basis Revenue and Aggregators Competitive Landscape among major Aggregators (Cross comparison matrices, strengths, weakness and company profiles) Future Outlook of Insurance Industry Potential of Insurance Aggregators in UAE Key Analyst Recommendations 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 Ankur@kenresearch.com +91-9015378249 Tags: Car Dealership Sales Insurance, Commission Rate Aggregators Insurance UAE, Dubai Online Motor Insurance Market, Future of UAE Online Insurance Market, General Insurance GWP Online UAE, Individual Life GWP Online UAE, insurance market UAE, Life Insurance GWP Online UAE, Motor Insurance Declining Premium UAE, Number of Insurance Lives Covered UAE, Number of Policies sold by Policybazaar UAE, Online Brokers in UAE, Online Brokers vs Online Aggregators UAE, Online Distribution Insurance UAE, Online Health Insurance in Abu Dhabi, Online Insurance GWP UAE, Online Insurance Industry in UAE, Online Insurance Market Aggregators UAE, Online Insurance Market in UAE, Online Motor Insurance GWP UAE, PolicyBazaar UAE Market Share, Potential Insurance Aggregators UAE, Revenue Streams Aggregators in UAE, UAE Bankonus Online Insurance Report, UAE Bayzat Online Insurance Market Future, UAE Fintech Market, UAE Insurance Aggregators Revenue, UAE Online Insurance Industry, UAE Online Insurance Industry Research Report, UAE Online Insurance Market, UAE Online Insurance Market Analysis, UAE Online Insurance Market Forecast, UAE Online Insurance Market Growth, UAE Online Insurance Market Major Players, UAE Online Insurance Market Outlook, UAE Online Insurance Market Research Report, UAE Online Insurance Market Revenue Analysis, UAE Online Insurance Market Size, UAE Souqalmal Online Insurance Growth Rate, UAE Web Insurance Aggregator Industry, UAE Yallacompare Market Revenue Share, UnitedArab Emirates Online Insurance Market, اللاعبون الرئيسيون في سوق التأمين الإماراتي عبر الإنترنت, تحليل إيرادات سوق التأمين الإماراتي عبر الإنترنت, تحليل سوق التأمين الإماراتي عبر الإنترنت, تقرير أبحاث سوق التأمين الإماراتي عبر الإنترنت, تقرير أبحاث صناعة التأمين الإماراتي عبر الإنترنت, توقعات سوق التأمين الإماراتي عبر الإنترنت, حجم سوق التأمين الإماراتي عبر الإنترنت, سوق التأمين الإماراتي, سوق التأمين الإماراتي عبر الإنترنت, سوق التأمين عبر الإنترنت في الإمارات العربية المتحدة, صناعة التأمين الإماراتية عبر الإنترنت, صناعة التأمين عبر الإنترنت في الإمارات, مجمعي سوق التأمين عبر الإنترنت الإمارات العربية المتحدة, مستقبل سوق التأمين الإماراتي عبر الإنترنت, نمو سوق التأمين الإماراتي عبر الإنترنت