Member presentation and their challenges
A leading insurance provider from the UAE, headquartered in Abu Dhabi, is navigating a rapidly evolving market. The UAE's insurance landscape has seen significant advancements in technology and operational efficiency, leading to improved customer experiences and personalized solutions. Market consolidation through mergers and acquisitions, regulatory enhancements, and a surge in demand for health insurance due to economic growth and expatriate influx are reshaping the industry. Despite high regional insurance penetration, opportunities for growth in property and liability insurance remain, but this is also a challenge for the institutions who wish to keep their leading place.
Moreover, for our members based in UAE, as they were embarking on a digital transformation journey, they also needed specific expertise on which model was better to adopt: in-house development of plug and play in terms of investing in IT and infrastructure.
Solutions implemented
To support their digital transformation and IT investment strategies, we facilitated two key member-to-member (M2M) sessions:
Session with Discovery: Focused on the Vitality business model, this session covered budgets, ROI measurement, build vs. buy decisions, and the impact on business outcomes and time-to-market. During this session, they delved into the partnership business model, incentive-based behavior programs, challenges, business outcomes, AI Quote capability, AI-driven capabilities, and online claims and sales.
Session with an APAC institution: Impressed by ALive by AIA, this session delved into innovation programs, time-to-market strategies, and organizational culture. Insights on contact center operations and life insurance claims management also brought an interesting perspective to explore.
Additionally, Qorus provided access to our innovation library, offering valuable insights into emerging trends and business models in the insurtech domain.
In-house briefings on insurance innovation trends and comprehensive reports on life, health, and property insurance further enriched their knowledge base.
Results achieved
The M2M sessions provided our member institution with critical insights from peers who have successfully undergone digital transformations. Employees from various levels and departments within the bank gained exposure to the latest trends and innovative ideas from a global viewpoint. Learning about real-world challenges, successes, and strategies significantly enhanced their approach to investing in IT and digital infrastructure. These firsthand experiences proved invaluable in shaping their innovation journey.
Collaboration next steps
Following the sessions, all institutions involved expressed a strong interest in continuing their dialogue for future collaboration and partnership opportunities. This ongoing engagement promises to foster further innovation and mutual growth in the dynamic UAE insurance market. Qorus is keen to follow and support these institutions in the future.
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