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Online onslaught: Insurance firms need to prepare for tech giants' arrival - analyst
The biggest threat to local insurance firms may not come from local competitors, but from tech giants such as Amazon moving into the space, an analyst has told Zawya.
Speaking on the sidelines of a conference organised by the United Arab Emirates Insurance Authority in Abu Dhabi on the future of the insurance sector, Muhammad Asad Irshad, a principal at consultancy firm Milliman, said: “Amazon is the biggest threat to insurance. They are already trying to get a license in India for life, health and motor."
Talking in his personal capacity and not on behalf of his company, Irshad added: "Currently, they have a partnership to sell insurance when you buy a product from them.”
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