The Future of Insurance in the UAE and the Role of CRM

Published on May 31, 2023
2 min read
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2 min read

Despite an overall decrease in profitability in 2022, UAE’s insurance industry continues to see premium growth for the sixth consecutive year, as the industry balloons to AED 29.1B (US$ 7.92B).

In recent years, the insurance market in the UAE has experienced significant growth due to rising prosperity and population. This trend will likely continue as more businesses seek ways to protect their investments and consumers seek protection against financial uncertainty. 

In this article, we’re going to briefly discuss the emerging trends in the insurance industry, what CRM does in this industry, and what its benefits are. Let’s find out.

Emerging trends in insurance

One of the most significant changes is the rise of Insurtech, a term used to describe the use of technology to improve and simplify the insurance process.

Insurtech companies use innovative technologies such as artificial intelligence and blockchain to provide more efficient and personalized insurance products and services.

Another trend in the insurance market is the increasing demand for personalized insurance products. Customers are looking for customized coverage that meets their specific needs and preferences.

Role of CRM in insurance

Insurance companies need to understand their customers’ needs and preferences to stay competitive in this changing landscape.

This is where CRM systems come in. CRM, or customer relationship management, refers to the tools and strategies used by companies to manage and analyze customer interactions and data throughout the customer lifecycle.

By leveraging CRM systems, insurance companies can better understand their customers, develop customized insurance products, and improve customer retention.

Benefits of CRM

Insurance companies can use CRM data to develop customized insurance products by analyzing customer behavior and preferences.

For example, suppose a company notices that many customers request a specific coverage type. In that case, it can develop a customized product that meets that demand.

Additionally, CRM systems can help insurance companies identify and address customer pain points proactively, enhancing the customer experience.

Improving customer retention is another area where CRM systems can be valuable for insurance companies. By analyzing customer data, companies can identify which customers are at risk of leaving and take steps to retain them.

For example, suppose a customer has had an adverse claims experience. In that case, the company can reach out to them proactively and offer additional support to ensure their satisfaction.

Try a CRM built for insurance now

The insurance market in the UAE is changing with the rise of Insurtech and the increasing demand for personalized insurance products. Insurance companies need to understand their customers’ needs and preferences to stay competitive, and CRM systems are an essential tool for achieving this.

By leveraging CRM data, companies can develop customized insurance products, improve customer retention, and stay ahead of the curve. 

Want to try a CRM built for insurance? Book a FREE demo below.

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Saphyte CRM is a powerful tool that can help insurance companies stay ahead of the curve. With Saphyte, insurance companies can manage their marketing needs from pipeline to reporting, allowing them to track their sales funnel and identify areas for improvement.

Additionally, Saphyte offers real-time claims processing via live chat, improving the customer experience and reducing wait times.

May 31, 2023