Nexus Group in the Middle East has teamed up with Zurich International Life to allow UAE residents to purchase life insurance online without the need for a medical check-up.
The new product, called YourLife, will supply applicants with a policy schedule immediately with no requirement to meet with an adviser.
Tarun Khanna, chief executive of Nexus described the new product as “a market leading innovative proposition”.
“Until now customers in the UAE haven’t been able to purchase life assurance online. YourLife changes this landscape by providing instant peace of mind for customers who do not have complex life insurance protection needs and use the internet every day for managing other areas of their busy lives.
“By embracing technology, we can help customers feel confident about protecting their families quickly, simply and at a fixed price should the unimaginable occur,” he said.
Under insured
Nexus said in a statement that a review by Zurich of the amount of cover selected by its customers in their 2018 claims showed the that under insurance is a pressing issue in the Middle East.
The review found two thirds of death claims were under US$200,000, while most claimants were under the age of 60 with young families to support.
Instant pay
The move by Nexus to offer an online product also reflects the company’s ambition to meet the growing demand seen coming from the e-commerce market in the UAE. This market is expected to reach $10bn in value in 2018, according to analysis by Frost and Sullivan, having grown four-fold from USD 2.5 billion in 2014.
“Whilst it’s becoming easier for consumers to purchase a growing number of services and products from financial services companies, until now customers in the UAE haven’t been able to purchase life assurance online,” Khanna said.
The Nexus Group, which incorporates Nexus Insurance Brokers and Nexus Financial Services, is the largest financial advisor in the GCC region. It offers a range of insurance, savings and investment products to both corporate and individual clients, sourced from both international and domestic product providers.
