A new survey by Middle Eastern newspaper Al Bayan has found that consumers in the UAE are eager for their insurance industry to innovate. Customers are reportedly keen for insurers to deliver modern products and programmes that are tailored to the varied needs of different societal demographics.
Only 17 per cent of respondents answering the survey through the newspaper’s website believe that local companies offer a range of sufficiently innovative products to meet everybody’s requirements; 13 per cent of Facebook respondents and 25 of Twitter respondents thought the same. Meanwhile, 83 per cent of website respondents, 87 per cent of Facebook respondents and 75 per cent of Twitter respondents said that insurance companies need to do more to provide modern, tailored products.
As digital advances become ever faster and more commonplace, there is increasing space for innovation – it just depends on which insurers are the quickest on their feet. The survey’s report commented that: “These changes have led insurance companies to seek a wider range of products to ensure that they meet market requirements and provide products that are appropriate to each customer’s needs.”
Clearly, as far as consumers are concerned, there is still a way to go.