Union Insurance: Embracing ‘on-demand’ insurance
(Norwich, UK, 10/08/2018)
Providing comprehensive range of retail and commercial insurance products to clients in the UAE and the Middle East, including both standard and customised policies that help individuals, SMEs, large enterprises as well as government entities, Union Insurance is embracing the digital revolution.
As the UAE moves away from its dependence on oil in order to diversify its economy, the insurance industry has turned towards new digital tools in order to transform the customer experience.
Anshul Srivastav, Chief Information Officer and Digital Officer, has sought to overhaul outdated processes, introduce new digital tools and develop products and services to cater to an evolving demographic.
Convincing the business to explore the end-to-end experience of the customer, Union Insurance has revamped its online presence and branding, become fully digital, and introduced new technologies, such as cloud technology and robotic process automation, in order to gain a greater understanding of its customer needs.
“Most customers are not very clear on what they want and what they're looking for. When reaching out to the customer, whether it's for a product or a service, we have to create a journey for them,” he explains.
“Cloud has enabled us to provide on-demand type services. We now don't invest on IT prefecture, but pay per use, similar to on-demand. It’s like the uberisation of insurance. We've converted IT infrastructure as a utility, where similar to water or electricity, customers pay for what they consume.
“It has helped us bring products to market quicker,” he adds.
“When we come up with a new product or service, we don't have to wait for 8 to 12 weeks to get our IT prefecture commissioning set-up. It has now been reduced to a couple of hours.”