Pioneering transformation in the insurance industry
CME has charted a course of unparalleled innovation over its 40-year journey
The insurance market in the MENA region has been experiencing notable growth. As of the end of 2021, the total value of the insurance market in Arab countries was more than $40.9 billion, with a growth of 1.8 per cent over the previous year. Specifically, for the health and medical insurance market in the MENA region, it is expected to record a CAGR of more than six per cent during the forecast period.
In the UAE alone, the insurance market size was valued at $12.9 billion in 2022, based on the gross written premium (GWP), indicating a robust and growing insurance sector in both the MENA region and the UAE.
This underscores the heightened demand for innovative, customer-centric solutions in the dynamic world of insurance, particularly within the medical and life sectors, driven by several factors, including shifting customer expectations towards personalised and accessible services, advancements in data science, IoT and AI enabling hyper-personalised offerings, and stricter regulatory demands for transparency and customer care.
Having cemented itself in the tech industry, CME, a multinational enterprise at the forefront of technology services and solutions, recognised this shift. With its deep-rooted commitment to driving tech-forward solutions, the company's strategic focus is on harnessing cutting-edge technologies to redefine the insurance experience for both providers and policyholders.
CME has charted a course of unparalleled innovation over its 40-year journey. "Our engagement in the digital transformation of the insurance sector stems from a profound understanding of its complexities and the dynamic needs of today's consumers," Georges Rehbane, GM of CME Dubai explains. "We've pinpointed the medical and life insurance sectors as areas ripe for technological disruption, enabling us to deliver solutions that are not just innovative but also highly personalised and engaging."
CME's approach is meticulously designed to be customer-centric, data-driven, and gamified to ensure that insurers are equipped to meet the ever-evolving expectations of their policyholders, offering a more contextualised, personalised, and embedded digital experience. The emphasis on gamification, in particular, introduces a novel way of promoting healthier lifestyle choices among policyholders, aligning with broader preventive healthcare goals.
The company's track record speaks volumes about its expertise and credibility, with collaborations with industry giants, underscoring CME's prowess in delivering solutions that resonate with the market’s needs and exceed expectations.
Now, CME is ready to extend its influence, bringing its comprehensive suite of technology services and solutions to the GCC and MENA region. "Our success across various markets has emboldened us to take our expertise to new regions," continued Rehbane. "This expansion is driven by a desire to bring transformative tech solutions to a global audience, emphasising our commitment to leading a tech-driven, progressive makeover in the insurance industry worldwide."