UAE – Insurance Authority launches automatic renewal of insurance branches
Tuesday, 07 07 2015, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority launched the automatic renewal service of national and foreign insurance companies’ branches through the electronic and smart system within the scope of the smart transformation of the services of the Authority offered to insurance players and the public.
Hi Excellency Mr. Ibrahim Al Zaabi, the director general of the UAE Insurance Authority revealed that the Authority is seeking to develop the concept of services offered to insurance players and the public and innovate new modern methods which can help in supporting the development of the insurance market in addition to simplifying procedures, reducing transaction time, and reducing costs for insurance companies and insurance-related professions. This will strengthen the growth and competitiveness of the local market and will boost the economic productivity in the country.
He indicated that the automatic renewal of insurance branches reduces the number of procedures and steps that have to be followed in order to finalize a renewal transaction for the registration of national and foreign insurance companies’ branches from 8 steps previously to 2 steps in the new system.
Source: Insurance Authority - UAE