InsurTechs are reshaping the UAE insurance market by addressing critical gaps and driving innovation, according to eSanad Insurance CEO Anas Mistareehi.
He told Middle East Insurance Review, “One of the most pressing challenges is the protection gap. A large portion of the population remains uninsured or underinsured, especially in non-compulsory lines.
“InsurTechs are closing this gap by offering digital-first platforms that simplify the purchasing process, providing clear product information and transparent pricing to help customers make informed decisions.”
“InsurTechs are using AI-driven recommendation engines to match customers with policies tailored to their needs, making insurance more intuitive and accessible,” he said.
Furthermore, to increase financial inclusion, he said that InsurTechs have introduced microinsurance products and flexible payment options, making it easier for low-income segments to access coverage.
He said, “This has helped expand insurance penetration across previously underserved markets.”
Efficiency
He pointed out that InsurTechs are automating claims processing and improving underwriting through data analytics, improving turnaround times and reducing operational costs. On the other hand, traditional insurance models have been slowed down by manual processes and administrative bottlenecks.
Specialised products
Mr Mistareehi said, “InsurTechs are also expanding their reach through new digital distribution channels – including mobile apps, online platforms and embedded insurance – catering to the growing demand for seamless, digital-first experiences.”
Lastly, according to Mr Mistareehi, InsurTechs are “developing specialised products to address emerging risks like cyber threats and climate change, helping insurers adapt to an evolving risk landscape”.
“By enhancing accessibility, streamlining processes and responding to changing market needs, InsurTechs are not only closing the protection gap but also redefining the future of the UAE insurance industry,” he said.