How Insurance brokers could capitalize on the opportunities led by Premium Comparable Websites in UAE: 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 Contributing 42% to total GWP collection in 2018, as per the data released by the Insurance Authority of UAE, traditional brokers led the distribution of insurance products among the UAE population. These brokers have been characterized as employing a team of telesales representatives opting for aggressive selling for different products including Health, Motor, and Life to meet their monthly sales targets. Generally, such brokers used to limit customer choices to 2-3 partner insurance providers. However, with the advent of price comparison websites (aggregators), brokers are also facing the heat of their share cannibalizing to aggregators. Let’s evaluate how brokers could beat this heat. Win-Win Evaluation Matrix for Brokers and Aggregators 2019 According to Draft Regulations of Electronic Insurance published by UAE Insurance Authority in January 2019, modified in December 2019; price comparison websites cannot directly collect the insurance premium from customers and can only facilitate in providing price comparison services. To avoid missing traffic/sales, major aggregators including Yallacompare, Souqalmal, Bankonus, and PolicyBazaar UAE have partnered with brokers. Through this, an aggregator platform assists the customer in providing a wide array of choices (not limited to 2-3) and generated lead is then transferred to the partner broker. Is this model successful? Analysts at Ken Research estimate the penetration of online insurance surging from 1% in 2018 to a whopping 11% by 2024, with price comparisons being in-charge. The success is also evident in tremendous monthly growth rates experienced by aggregator platforms, ~10% in a number of policies being sold every month. In 2010, AFIA Brokerage Services, a pioneer in the UAE Insurance Brokerage industry, rebranded its platform to the Insurance market. ae and later introduced e-mail-based comparison services to its customers. While the entire process is not done online as by other aggregators, the Insurance market.ae has moved in this direction and plans to further strengthen its position in the industry. An early step in this direction could help in safeguarding the top-line figures of brokerage firms. With demand increasing for online services, customers prefer to buy everything as per their convenience in minimal time. To adapt to changing customer buying behavior, it becomes pertinent for incumbents to evaluate their business strategies. The tremendous growth expected of aggregator’s platform through increased traffic, increasing leads, and sales could set the momentum for the same. “Change is inevitable, and the disruption it causes often bring both inconvenience and opportunity” – Robert Scoble 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: – Online Brokers vs Online Aggregators UAE insurance market UAE UAE Fintech Market Number of Insurance Lives Covered UAE Car Dealership Sales Insurance Motor Insurance Declining Premium UAE Life Insurance GWP Online UAE Individual Life GWP Online UAE Online Brokers in UAE Number of Policies sold by Policy bazaar UAE Dubai Online Motor Insurance Market Online Health Insurance in Abu Dhabi 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 Aggregator 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, United Arab 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