The document discusses the growth of insurtech in the UAE insurance industry. It states that insurtech, which uses technology to disrupt the insurance business, has benefited insurers and consumers by making the industry more profitable. Major disruptions from insurtech have occurred in life, health, property and casualty insurance through innovations in products/pricing, sales/distribution, and claims processing. Insurtech companies are focused on improving customer experience and offering personalized policies and services. Blockchain and other technologies are also being used to streamline claims processing and reduce fraud.

1. Tuesday, augusT 27, 2019 khaleej times
mergence and adoption of
Insurtech in the UAE has ex-
tended its benefits to the in-
surers and consumers mak-
ing it a profitable proposition to all the
stake holders in the sector.
The major disruption has happened in
life, health, property and casualty insur-
ance space which includes automobile or
car insurance, home and travel insurance.
“Insurtecharethosetechnologieswhich
impact or disrupt the insurance business.
It will be fair to state that historically in-
surance business and information tech-
nology have worked in separate silos.
Globally a slew of insurtech startups has
brought about a revolution across the val-
ue chain be it products and pricing, sales
and distribution and claims,” Sridhar Sub-
baraman,founderandowner,OasisInsur-
ance Group, said.
The rise of insurtech companies is fo-
cused mainly on providing higher custom-
er experience and build connected cus-
tomer ecosystem so that every service is
personalised to each insured person. The
more the services are customer centric,
buying experience of insurance will be
verysynonymoustoane-commercetrans-
action. Thus, it requires in depth analysis
of customer preferences, behaviours and
lifestyle needs.
Globally trends towards increased
product and process simplification, auto-
mated support and virtual intelligent as-
sistants have begun to accelerate the
move to nontraditional distribution chan-
nels. Smart contracts developed on block-
chain have started to streamline the pay-
ment of claims and the administration of
insurance, perhaps opening the door to
new entrants.
Penetration by way of blockchain have
beenadoptedandconnectedwiththeeco-
system providing for real time settlement
of claims, hastening interactions between
the supply chain and insurers and reduc-
ing fraud.
“Therealinsurtechpenetrationhascom-
menced only from the beginning of 2019
through www.insureatoasis.com with re-
gardtosalesanddistributionandasrecent-
ly as last week, five insurance companies
have agreed to secure their recoveries
through a blockchain launched by another
start up Addenda,” said Subbaraman.
WataniaTakaful,NoorTakaful,AlWath-
ba insurance, Aman insurance, and Orien-
tal insurance signed up with Addenda — a
B2B startup maintaining a network of in-
surers on blockchain — which streamlines
processes between insurance companies
andhastailoredtasksreportedinreal-time
on a user-friendly interface and then time
stamped as evidence onto the blockchain.
“Insurtech is a subset of fintech, which
specifically aims to focus on niches with-
in the insurance industry that incumbent
insurers don’t have the resources or in-
terest in exploiting. Such blind spots in-
clude offering peer to peer insurance,
parametric policies, and IoT enabled
premium pricing based on consumer be-
haviour,” said Walid Daniel Dib, CEO,
Addenda Technologies.
The industry in 2020 will see insurers
compete with improving their customer
service through digitised claim handling
through chat bots and apps, as opposed to
the currently manual process of corre-
sponding via phone/email.
How will disruption of insurtech help
common consumer in the UAE? By digitis-
ing claim handling procedures and other
internal processes, insurers can cut signifi-
cant overheads.
Insurersarenolongercompetingjustfor
the cheapest policy: By having an app to
claim through, the customer journey itself
isimprovedwhenfilinganinsuranceclaim,
whether for your vehicle, health or home.
Thismeansthatthecustomermayactually
settle a claim and receive cash in bank at a
fraction of the time it takes today.
DrAnnJacob,chiefoperatingofficerand
board member, IRIS Health Services, said:
“Businesses should look at technology as
an enabler, as one of the key factors that
drives growth.”
Dr Jacob claims her platform Ezyclaim
is a game changer in health insurance
claims circles. The platform gives clients
the ability to monitor usage in real time,
detect trends, monitor for fraud, review
performance and manage their portfolios
with unparalleled efficiency and
transparency.“Our solution offers cust-
omised, intelligent and intuitive dash-
boards that helps physicians assign ap-
propriate ICD or other coding at their
fingertips without the need for specialist
coders or extensive coding knowledge,”
added Dr Jacob.
IRIS Health Services has helped save
more than $10 million in healthcare fraud
in the UAE, Oman and other Middle East
markets by integrating emerging technol-
ogies like AI, blockchain and Deep Ma-
chine Learning into their operations,
claims Dr Jacob
“Speaking of disruption, it can only
happen when insurtech can increase ef-
ficiencies without increasing manpower.
IRIS has implemented blockchain based
EHRs, we’ve put in Artificial Intelligence
(AI), and we’ve got a claims scrubber,
which help control insurance costs and
protect from fraud, waste and abuse,”
added Jacob.
Every cost adds up to the premium. If a
company can be more efficient by not in-
creasing manpower costs, at least on that
front the insurtech solution will help the
premium not go up.
Similarly, if there is overutilisation, if
there is fraud, if there are increased over-
heads,allthisincreasesthepremium.So,if
the insurtech solution can bring all of this
under control than it will help the end con-
sumer who doesn’t end up paying more for
the product that he/she is buying.
— sandhya@khaleejtimes.com
InsurtechtodrivesectorgrowthinUAE
SAndhyA d’MEllo
New League
E
16
T h E S TA R T U P S
BUSINESS
Insurtech is a subset of
fintech, which specifically
aims to focus on niches
within the insurance
industry that incumbent
insurers don’t have the
resources or interest in
exploiting. Such blind spots
include offering peer to
peer insurance, parametric
policies, and IoT enabled
premium pricing
It will be fair to state that
historically insurance
business and information
technology have worked
in separate silos. globally
a slew of insurtech
startups has brought
about a revolution across
the value chain be it
products and pricing,
sales and distribution
and claims
Walid Daniel Dib
CeO, addenda
Technologies
Sridhar
Subbaraman
Founder, owner, Oasis
Insurance group
Insurtech’s main focus
Data analytics/
Big data
artificial Intelligent /
Intelligent automation
Internet of Things /
Connected insurance
Key takeaways for insurtech
Customer driven
understanding the needs of
the customers and the best
way to serve them rather
than emphasising on pricing
and profits.
Claims assurance
Provide end to end service
when it comes to claims
providing 100 per cent
settlement ratio.
$10mSaved in healthcare
fraud in the uae,
Oman and other Middle
east markets
Customised policies
The expert team first
gathers information about
the industries and analyses
the particular risks involved
and then issue policies
based on the findings.
Addenda deal
> watania Takaful
> Noor Takaful
> al wathba insurance
> aman insurance
> Oriental insurance
chInESE cURREncy hITS REcoRd low offShoRE
Yuan slides to 11-year low as trade war rattles investor confidence
london — China’s yuan fell to an
11-year low in the onshore market
and a record low offshore on Mon-
dayafterthelatestescalationinthe
US-China trade war rattled inves-
tor confidence.
President Donald Trump an-
nounced an additional 5 per cent
duty on $550 billion in targeted
Chinese goods on Friday, hours
after Beijing unveiled retaliatory
tariffs on $75 billion worth of US
products, sending stocks into a
tailspin and investors rushing for
the safety of bond markets.
In China’s onshore market, the
yuan fell to 7.1500 per dollar, the
lowest since February 2008.
In the offshore market, the yuan
slid to as low as 7.187 yuan, the
weakest since international trad-
ing in the currency began in 2010,
before recovering to 7.1524 yuan
— down 0.2 per cent on the day —
after Trump’s upbeat comments.
In a sign that some calm had
returned to markets, the Japanese
yen — which investors regard as a
safe-haven — fell 0.5 per cent to
105.86, having earlier hit a new
seven-month high of 104.46.
Commerzbank analysts said
“market sentiment has been un-
doubtedly hit hard as there is an
even lower chance of a trade truce
in the foreseeable future.”
They said China could let the
yuan “depreciate further to ease
the tariff pains, and somehow
weaponize the currency to anger
Trump.” Although they added
that China would be reluctant to
allow any uncontrollable currency
depreciation given it would spur
capital outflows and a massive hit
to investors confidence.
Elsewhere, the dollar rebound-
ed and was last up 0.3 per cent
against a basket of currencies. Ver-
sus the euro it rose 0.2 per cent to
$1.1117. Writing before Trump’s
comments helped the dollar to re-
bound, Marshall Gittler, a strate-
gist at ACLS Global, noted that the
greenback was not behaving as a
safe-haven currency.
“Today’s move suggests that the
market is beginning to wonder if
Trump isn’t shooting himself and
the US economy in the foot with
his endless trade war,” he wrote.
The Turkish lira weakened more
than1%againstthedollaronMon-
day after briefly plunging to 6.47
in what market watchers described
as a “flash crash” as Japanese in-
vestors slashed their exposure to
riskier assets.
The lira was last down one per
cent at 5.8181. — Reuters
Tommy Wilkes
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