The insurance industry in the UAE is no longer limited to the traditional form of comprehensive motor insurance. Instead, it is witnessing a real transformation in product design to keep pace with drivers' behaviour, technology and market conditions, according to Mr George Al-Ashkar, advisor to the board of directors of Dubai-based Fidelity Insurance Services.
He said this indicates that the most prominent plans in the UAE are moving towards transforming comprehensive motor insurance from a static product to a dynamic one that changes with demand, by providing flexible insurance policies that include additional coverages such as a replacement car and agency repairs, reported the newspaper Al-Khaleej.
He added that this transformation aligns with the acceleration of digital transformation, which helps reduce time and costs, speed up services, and combat fraud.
He also said that insurers comply with the terms of comprehensive insurance policies. However, the level of actual compliance, as felt by customers, remains uneven. He said that the reason for this is often not due to an explicit breach of the contract, but rather to the way the detailed terms and conditions are interpreted, in motor insurance policies that are full of conditions and exceptions.