The insurance authority issued electronic insurance regulations in April 2020- will it spur innovation? I was thinking about this while shopping for motor #insurance. I decided to test a few insurers out.
Found that the onboarding process is pretty good for AXA and Beema Insurance. I love any on-boarding process that triggers easily with a photo of the UAE Emirates id plus car registration card. They deserve points for making the customer #onboardingprocess easier!
One foreign insurer that I tried has an online application form that has around 40 fields. Phew! Another common problem- #Insurers ask for a no claims letter (friction) and unduly restrict the sum insured amount (forgetting that all cars do not depreciate at the same rate!). Makes you wonder- why is there no centralized digital database of #claims yet?
My current local insurer lost a chance to renew with me because they send me a renewal text and then left it to their #insurancebroker to work the renewal process. Unfortunately, that broker sent me a quote on email with a low sum insured and without a hire car cover. Hardly the way to retain customers.
My current insurer will lose me as a customer. Customers will vote with their feet. That is one reason to go #digital, I suppose.