Ravi Lalwani: When did PolicyBazaar enter the UAE market? What features made it an attractive market? What are the main differences between UAE and Indian markets?
Neeraj Gupta: PolicyBazaar entered in the UAE market in 2018. We were exploring our expansion in the international markets, and we chose UAE for the expansion, because UAE has a good Indian population and secondly there is a brand awareness about us among the customers, as a lot of these customers have used our services in India.
What are the main differences between UAE and Indian markets? Is your tech platform the same as in India, or are there some differences? Please highlight the differences.
In India, there is good knowledge and education among the customers about buying insurance products digitally. While in UAE the insurance penetration is very low, as people in the UAE are less aware about importance of ‘protection’ in their lives.
Most of the people in India don’t have plans to leave the country, but in UAE 90% of the population is expat - they are always thinking of leaving UAE after 5-10 years to their own country. So, there is confusion regarding the continuance of insurance policies after leaving the UAE. India and UAE have different tech platforms, India is ahead of UAE in terms of the digital adoption of financial products. In India, you can buy digital insurance products instantly, while in UAE there are limited insurance companies that provides an instant insurance policy.
Esta historia es de la edición February 2022 de Banking Frontiers.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición February 2022 de Banking Frontiers.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Key Russian central bank official leaves
The First Deputy Governor of Bank of Russia Olga Skorobogatova is leaving the central bank in early December.
Better prospects for Swiss banking in 2024, says new study
The year could see revitalization of the banking to some extent, finds the study by Swiss Bankers Association:
Ease of use, personalization & consistent engagement promotes digital loyalty
Murari Lal, Head - Digital Initiatives, Shivalik Small Finance Bank, delves into platforms, loyalty and Al:
From Feet on Street to Fingers on Screen
Nippon India Mutual Fund is driving into newer customer segments by leveraging voice and vernacular as the drivers, reveals the company's Chief Digital Officer Arpanarghya Saha:
Digitization embraces the senior citizens
Among other projects, Shriram Capital completely transformed the 2-wheeler loan origination system, reveals the company's Chief Digital Officer Ajay Thomas:
Making of the most connected bank in Bangladesh
A stream of digital initiatives is transforming Mutual Trust Bank and its customer engagement, reveals Khalid Hossin, who heads the bank's digital banking division:
Digital embraces Archaeological Tourism
Chief Digital Officers are leading tremendous transformation initiatives. Five CDOs reveal their fascinating journey and their ambitious goals:
Tech will bridge Advisory and Education
Venkatesh Naidu, CEO, Bajaj Capital Insurance Broking:
AI bridges Protection and Prevention
Gyanendra Singh, Chief Technology Officer, Aviva India:
Bridging Products & Distribution for Rural Markets
Vikas Mittal, Deputy CEO, and Amit Thapliyal, Chief Technology Officer, Magma HDI General Insurance:
