MIDDLE EAST FACT
Introducing artificial intelligence technologies , such as image and voice recognition , Union Insurance has gained an edge over competitors and Amazon have also sought to expand their diverse portfolios and tap into countries with denser populations and long-term potential .
As a result of new laws coming into force in the GCC , all individuals will be required to purchase compulsory medical insurance . Consequently , the GCC insurance industry is set to rise in the next five years – medical insurance presently accounts for approximately 40 % of the GCC insurance market . The adoption of life and non-life insurance products also remains on the rise due to the growth of lifestyle diseases and a changing demographic .
“ Technology players are entering insurance . They will not come as typical , traditional insurance companies , but will offer real-time insurance where they will use the power of data ,” notes Srivastav .
“ Google can see where you are and where you are calling from . In real-time , they can offer certain insurances to prevent the risk of a call drop , for example . On-demand insurance is going to be a game changer , especially in life , health and
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