United Arab Emirates : Dubai-based insurance innovator Beema Insurance, a part of ENOC Group, has marked its second anniversary with record growth, increased customer centricity and transferring to a multi vertical InsurTech. The company has reported an increase of over 120% in terms of insurance policies, owning a market share of 1.2%.
Having revolutionised the insurance sector in just two years of its launch, Beema is now expanding its portfolio to offer even more value to customers with unique automotive, home and travel insurance.
Despite the impact that COVID-19 had on several businesses and startups, the company reported significant growth while achieving 83% Customer Satisfaction score, one of the highest in the market.
Further, an average cashback received per customer has been AED 266 totaling more than AED 490,000 paid out to date.
Beema is the region’s first online digital car insurance offering designed for the new reality; a digital-led, fair, robust and flexible insurance platform. The InsurTech startup uses digital technology as a vehicle to build deeper associations with internal and external customers while offering ease and convenience to offer optimum value. The new home and travel insurance is an extension of the company’s digital only strategy providing end-to-end digital insurance solution – that is transparent, simple, agile and relevant.
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About Beema:In Q3 2019, Beema Insurance (www.beema.ae) launched the UAE’s first pay-per-kilometre car insurance product, helping residents save money on low-mileage vehicles and ensuring they never pay more than a normal policy if they drive much. The product is fully-digital with all purchase and renewal actions taken online. Customers sign-up online and can manage all of their policies from their online portal. In Q3 2021, Beema announced its transformation to a multi vertical InsurTech company with the addition of home and travel insurance verticals alongside its automotive insurance service. Beema is an innovative, market-first, insurance tailor made for the UAE, result of a collaboration between ENOC (Emirates National Oil Company) and The Boston Consulting Group. Visit www.beema.ae to learn more.
For further information:
Rawan Al Hosban | Srishti Soni
ASDA’A BCW
+9714 4507600
rawan.alhosbani@bcw-global.com
srishti.soni@bcw-global.com
© Press Release 2021
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