Damana launches digital portals to speed up insurance processing

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Updated 16 September 2020

Damana launches digital portals to speed up insurance processing

Damana, an insurer in the GCC, has launched a drive to give motorists across the region access to more competitive insurance premiums and tailored products with the introduction of market-specific portals for brokers in the UAE and Oman. The portals will be launched online in Kuwait and Bahrain in the coming months.

The portals, designed in line with Damana’s mission to capitalize on digital transformation, are aimed at reducing insurance processing times by 60 to 70 percent, and will help Damana better understand country-specific insurance and premium demands and broker priorities. The goal is to optimize the analytical advantages and increased efficiency of the new portals to ultimately deliver competitive premiums.

“These portals will enable us to maximize our offering in each country we operate in,” said Harish Iyer, senior vice president, technical, Damana. “Digitization is transforming the insurance industry and enabling us to study trends in depth, such as seasonality, consumer preferences, and country-specific market data, while greatly improving our broker relationships,” he added.

Damana Broker Motor portals feature a digital interface that improves the broker experience by enabling them to complete transactions more efficiently, in a shorter turnaround time, and make better informed business decisions.

The portals provide brokers with access to motor insurance quotes in a simple and accessible manner through Damana’s continuous digital enhancements.

“Good brokers always look ahead, adapting to dynamic market needs and leveraging innovative strategies to best serve their clients,” said Iyer. “Damana recognizes that leveraging technology presents a significant opportunity to lead the industry in service, support and sales. An agile development approach will allow us to continuously improve our digital touchpoints by adding new features, products, automations and services that deliver tangible value for brokers in the region.”

The digitization initiative comes at an interesting time for the region’s automotive sector, specifically in the UAE where the pre-owned car market is proving to be resilient and is expected to recover from COVID-19 ramifications, according to Frost & Sullivan. Research from the market analysts states that 832,500 used cars were sold in the UAE in 2019 and that the market is expected to grow to $18.2 billion, from its current $14.2 billion, by 2025, with a transition toward organized sales. 


Digital transformation to create 1 million Saudi jobs

Updated 21 September 2020

Digital transformation to create 1 million Saudi jobs

Speakers and experts at an international conference revealed that an estimated 1 million jobs are expected to be created in the Kingdom over the next five years, due to the acceleration of digital transformation in several industries and sectors during the COVID-19 pandemic.

Nasser bin Suleiman Al-Nasser, chief executive of the STC Group and head of the Digital Transformation Working Group of the Saudi B20 business group, participated in an interactive session titled “Digital Transformation: The Future After the COVID-19 Pandemic,” which was held recently and included the participation of representatives from the B20 business group in 20 countries.

Al-Nasser explained that future jobs will depend entirely on technology and innovation, noting the gender disparity in the field of technology. It is therefore significant to empower women entrepreneurs and work together with governments to create targeted employment programs, designed to involve and qualify women in the technical sector while encouraging their promotion to leadership positions.

“We need to ensure that young women receive training and guidance when they enter the job market or start their own businesses, and the Kingdom has adopted many initiatives and investments to qualify young men and women through education,” he said. “In 2019, the Kingdom allocated SR1 billion ($266 million) to support universities in preparing students for the job market.”

The Saudi B20 and OECD (Organization for Economic Cooperation and Development) organized a virtual meeting, where a number of key government actors and G20 members presented recommendations and exchanged experiences on future investments, digital transformation, sustainability and 5G-based digital solutions.

The Saudi business group is committed to providing recommendations that promote the implementation of robust policies through transparent dialogue and constructive cooperation with all relevant parties, supported by a group of international organizations that act as knowledge and communication experts. It is the official platform of the business community at the G20 summit, and plays a representative role for the private sector before the group.

Maadad Al-Ajmi, head of the working group of the B20 Saudi Arabia Integrity and Compliance and vice president and general counsel for legal affairs at STC, participated in a session dedicated to compliance and integrity. Nasser Al-Jareed, head of the Workers’ Communication Group of the B20 and director of the Workers’ Committees Support Program at STC, was also a participant.

The Kingdom has taken qualitative steps toward ensuring a speedy development toward digital transformation through the adoption of state-of-the-art telecommunications and ICT technology, thereby facilitating the transformation toward a knowledge economy and e-commerce. These efforts ultimately aim to achieve higher satisfaction rates and quality of living for both citizens and residents, facilitating their everyday lives.