- The company remains committed to offering advanced customisable, affordable and reliable insurance products to individuals and corporates
- Reports state that the UAE insurance sector places a substantial focus on health and life insurance, with the market projected to reach USD 19.6 billion by 2030 from USD 10.131 billion in 2022
UAE, March 05, 2024
NewTech Insurance Brokers, a licensed and regulated insurance brokerage powerhouse in the UAE, recorded a remarkable business growth in the fiscal year 2023 with a surge of over 35 per cent in key performance indicators (KPIs) and a renewal client rate exceeding 90 per cent.
This achievement further solidifies the company’s position as a trusted partner in the UAE’s insurance landscape, particularly within the healthcare sector, with a comprehensive range of insurance packages, services and products. With a specific focus on sectors, including health, property, motor, and travel, NewTech seeks to continue offering an array of personal and business insurance services that are flexible, reasonable, and reliable. The company also recently hosted an event in association with NHRDN addressing HR leads of the region on navigating the health insurance sector in the UAE.
Arvind Kashyap, CEO of NewTech Insurance Brokers, stated: “We are extremely proud of the figures we have achieved last year, in terms of business KPIs and metrics as well as client renewal rate. We look forward to further serving the MENA region in line with our ambitious plans to reach a larger audience through the provision of more advanced cutting-edge services. At NewTech Insurance, we adopt an empathetic and compassionate approach, which helps us better understand customer requirements and concerns as well as treat them with the respect and care they deserve, enabling us to deliver personalised solutions catered to their specific circumstances. Through this approach, we also guarantee insurance services of the highest quality for the MENA region as well as support the UAE’s mission to protect and safeguard all its citizens.”
As the UAE economy is growing, the need for different types of insurance has increased. In response to growing demand, the number of medical professionals as well as insurance companies and services in the UAE has quadrupled, significantly expanding the country’s healthcare infrastructure in recent years. Reports indicate a substantial focus on health and life insurance within the UAE’s insurance sector, with the healthcare insurance market projected to reach USD 19.6 billion by 2030 from USD 10.131 billion in 2022. Growing population, increasing healthcare costs, significant technological advancements, and government support are the major factors driving this growth in the country’s insurance sector.
NewTech Insurance offers reliable and bespoke insurance packages that cater to the specific requirements and demands of individuals and organisations. In addition to recording significant business growth in the previous year, the company has explored numerous innovative technologies and hired new personnel, both of which have helped to improve the organisation’s market intelligence and service standards. Advanced medical insurance plans, services, and products are an important source for UAE-based companies that are seeking to draw and retain talents. The vast array of services offered by NewTech Insurance is expected to advance the insurance sector and provide individuals with access to exceptional and top-notch services.
Hitesh Khanchandani, Managing Partner at NewTech Insurance Brokers, stated: “Our unwavering dedication to recognising client requirements and providing unparalleled value is reflected in the success we recorded the previous year. Through a number of strategic initiatives and targeted efforts, we are constantly striving to strengthen our position as a significant player in the region’s insurance sector. Our focus and commitment have enabled us to guarantee the efficacy of our services and increase the client renewal rates.”
Additionally, the company is also exploring new insurance products that are yet to gain prominence in the Middle East and North Africa (MENA) region, such as parametric travel insurance, which is very popular in the Western countries. With these solutions, the company aims to advance the insurance sector in the UAE and provide individuals and businesses with access to top-notch insurance services.
