The vast majority of UAE residents would recommend both their bank and their insurer to others, according to a survey conducted by yallacompare, the Middle East’s leading comparison site.
The survey, conducted as part of the yallacompare Banking and Insurance Awards 2018, sought to ascertain the leading banks and financial products in the UAE by popular vote, and was taken by over 5,100 UAE residents. Awards were handed out last week at a glittering ceremony held at the Capital Club, Dubai.
According to the results of the survey, 80.7% of UAE residents would recommend their bank to others, while 76.4% would recommend their car insurer to others. Just under 10% said they would not recommend their bank to others – an improvement on the survey results collected for the yallacompare Banking Awards 2017, in which 12% said they would not recommend their bank to others.
“With the amount of research we do, and our direct contact with consumers, we’re incredibly well placed to work out how Middle Eastern customers perceive their financial providers,” said Jon Richards, CEO of yallacompare.
“I’m pleased to report that, on the whole, the UAE’s banks and insurance companies continue to enjoy high levels of customer satisfaction. We’re looking forward to further deepening our partnerships with these institutions so that, together, we can bring greater value to Middle Eastern consumers.”
The survey quizzed respondents on what they deem to be the nation’s best financial and insurance products, providing the basis for the results of the yallacompare Banking and Insurance Awards 2018. This follows on from the first large survey that yallacompare conducted last year, which polled 3,500 UAE residents on their preferred banks. This year, the survey was widened to include categories for insurers as well, given that yallacompare is, by some margin, the largest online seller of insurance products in the UAE.
In the insurance categories, RSA picked up the award for General Insurer of the Year, while Noor Takaful was named Takaful Provider of the Year. Daman picked up the award for Health Insurer of the Year, and Adamjee Insurance scooped the Breakthrough Insurer of the Year prize. Watania was named Most Progressive Insurer, and the Most Policies Sold award, based on the number of policies sold through yallacompare, went to Union Insurance. Finally, i-Insured picked up the Insurance Innovation of the Year award for its WhatsApp claims service.
In the credit card categories, it emerged that airline co-branded products once again proved popular with consumers. The Emirates-Citibank Ultimate Card was voted as Air Miles Credit Card of the Year, building on the success seen by the Emirates-Citibank Ultima Card, which picked up the same award last year. And in the Debut Credit Card of the Year category, open to credit cards launched last year, First Abu Dhabi Bank’s Etihad Guest Platinum Card picked up the win.
In terms of cashback credit cards, users unsurprisingly voted for the cards that gave them the largest sums of cashback. Standard Chartered’s Titanium Card was named winner for the second year in a row, thanks largely to the fact that it offers a market-leading 10% cashback on a variety of purchases.
Likewise, rewards figured highly in the mortgage and Islamic home finance categories, with RAKBANK’s Home In One and DIB’s DIB Home products both bagging honours in their respective categories for the second year running. As opposed to being standard, long-term home loans, these products offer complete personal finance packages that allow borrowers to earn benefits from their mortgage repayments.
After much painstaking analysis – the details of which can be found below – the results of the yallacompare Banking and Insurance Awards 2018 came out as follows:
Insurance Innovation of the Year: i-Insured
Most Policies Sold: Union Insurance
Most Progressive Insurer: Watania
General Insurer of the Year: RSA
Health Insurer of the Year: Daman
Breakthrough Insurer of the Year: Adamjee Insurance
Takaful Provider of the Year: Noor Takaful
Personal Loan Provider of the Year: HSBC
Islamic Personal Finance Provider of the Year: Emirates Islamic
Auto Loan Provider of the Year: Emirates NBD
Islamic Auto Finance Provider of the Year: Noor Bank
Home Loan Provider of the Year: RAKBANK
Islamic Home Finance Provider of the Year: DIB
All-Rounder Credit Card of the Year: Simplylife Family Credit Card
Debut Credit Card of the Year: FAB Etihad Guest Platinum Card
Cashback Credit Card of the Year: Standard Chartered Titanium Credit Card
Air Miles Credit Card of the Year: Emirates-Citibank Ultimate Credit Card
Premium Credit Card of the Year: American Express Platinum Credit Card
Savings Account Provider of the Year: National Bonds
Sharia Savings Account Provider of the Year: ADIB
Current Account Provider of the Year: ADCB
yallacompare’s comprehensive survey also polled respondents on general satisfaction levels. The results found that 83.4% of UAE residents are either ‘very satisfied’ or ‘satisfied’ with their bank, and 78.1% are either ‘very satisfied’ or ‘satisfied’ with their insurer.
The UAE’s banks and insurers also scored highly on brand perception. Over 75% of respondents said they had a favourable view of their bank’s brand, and over 72% said the same for their insurer.
About the yallacompare Banking and Insurance Awards 2018
The yallacompare Banking Awards were founded in 2017 to recognise the efforts made by UAE banks in providing high-quality banking services. In 2018, insurance categories were added as well. With 21 categories in total, the awards are an opportunity for UAE banks and insurers to celebrate their achievements in creating and maintaining solid products that deliver outstanding value and high levels of customer satisfaction. And because the awards are voted on by the public, they provide a stamp of approval from the UAE’s population on the insurance policies, credit cards, loans and bank accounts that exceed customer expectations.
A range of methodologies were employed when deciding on the winners of the yallacompare Banking and Insurance Awards 2018. The first saw a comprehensive survey run from December 2017 to March 2018, with yallacompare users invited to vote on their favourite financial products in each category. In all, over 5,100 user responses were collected, with each response having been vetted to ensure that the respondent was indeed a UAE resident and had access to UAE banking and insurance services.
For the banking categories, a second methodology saw yallacompare dive into its vast database of site analytics and user searches for financial products. For each award category, the yallacompare insight analysis team ranked the leading financial institutions based on the number of organic page views and the number of organic searches performed for each product. The results from the survey were then combined with the results from yallacompare’s deep-dive into its site analytics to create a score. The highest scorers were given the awards.
As for the insurance categories, the results of the survey were then cross-referenced with a scoring system devised by yallacompare’s analysts, including factors such as quote-to-purchase ratio and the ability to provide quotes for the largest range of vehicles. The one exception to this came in the category for General Insurer for the Year. It was important to yallacompare that this category be open to any insurer operating in the UAE, regardless of the company being on yallacompare’s panel or not. As a result, the public vote alone provided the basis for this category.
Scroll down to see more pictures from the awards night!