Beema builds market share as leading InsureTech firm reporting strong first-year growth
December 27, 2020
Dubai-based insurance innovator Beema Insurance, a part of ENOC Group, has marked its first anniversary, recording promising growth. Attaining more than 15,000 insurance policies in the first year.
Launched as part of ENOC’s NEXT accelerator programme designed to unlock growth opportunities through new digital business ventures, Beema is the region’s first online digital car insurance offering.
Despite the impact that the COVID-19 pandemic had on several businesses and startups, the company reported significant month-on-month growth, positioning Beema as one of the fastest growing InsureTech players, with an ability to grab an impressive market share in early days.
H.E Saif Humaid Al Falasi, Group CEO, ENOC, said” “Beema has achieved a significant milestone in a short span of time. We attribute this achievement to the unwavering trust and loyalty of our valued policyholders, employees and agents. We will continue to evolve and enrich customers, supported by technology savvy and customer centric team.”
Beema, is the region’s first online digital car insurance offering. Its unique proposition is in determining premiums based on kilometers driven – the biggest risk factor in the car insurance business. Launched earlier in 2019, Beema uses digital technology as a vehicle to build deeper associations with internal and external customers.
As part of Dubai 10X, all government entities have been tasked with driving digital innovation and developing new business models.
Dubai’s 10X initiative encourages the development of disruptive technologies to replace traditional working practices and create new innovative business models. Focusing on government entities, Dubai 10X mandates the setting up of independent ‘X-Units’ to re-think current work practices and develop systems, processes and structures to enable new ways of working. It also encourages government entities to develop methodologies so they can work with start-ups that offer improved service models and eliminate regulatory obstacles to achieve Dubai 10X’s overall aims.