Digital transformation will drive competitive motor insurance premiums

DUBAI — Damana, a leading insurer in the GCC, has launched a drive to give motorists across the region access to more competitive insurance premiums and tailored products with the introduction of market-specific portals for brokers in the UAE and Oman and a others due online in Kuwait and Bahrain in the coming months.

The portals, designed in line with Damana’s mission to capitalize on digital transformation, are aimed at reducing insurance processing times by 60-70%, and will help Damana better understand country-specific insurance and premium demands, and broker priorities. The goal is to optimise the analytical advantages and increased efficiency of the new portals to ultimately deliver competitive premiums.

“These portals will enable us to maximize our offering in each country we operate in,” explained Harish Iyer, senior vice president, technical, Damana. “Digitalization is transforming the insurance industry and enabling us to study trends in depth, such as seasonality, consumer preferences, country-specific market data, while greatly improving our broker relationships.”

Damana Broker Motor portals feature a digital interface that improves the broker experience by enabling them to complete transactions more efficiently, in a shorter turnaround time, and make better informed business decisions.

The portals provide brokers with access to motor insurance quotes in a simple and accessible manner through Damana’s continuous digital enhancements.

“Good brokers always look ahead, adapting to dynamic market needs and leveraging innovative strategies to best serve their clients,” added Harish Iyer “Damana recognizes that leveraging technology presents a significant opportunity to lead the industry in service, support and sales.

“An agile development approach will allow us to continuously improve our digital touchpoints by adding new features, products, automations and services that deliver tangible value for brokers in the region.”

The introduction of the Damana Broker Motor portals, is the latest digitalization initiative from the insurer, and comes at an interesting time for the region’s automotive sector, specifically in the UAE where the pre-owned car market is proving to be resilient and is expected to recover from COVID-19 ramifications, according to Frost & Sullivan.

Research from the market analysts state that 832,500 used cars were sold in the UAE in 2019 and forecast that the market is expected to grow to $18.2 billion, from its current $14.2 billion, by 2025, with a transition towards organised sales. — SG