Using yallacompare’s market-leading platform – which already represents over 75% of online insurance sales in the GCC – Kuwait’s four-million residents can now easily save money by comparing and buying car insurance policies online for the first time.
The platform is based on the same technology that underpins yallacompare’s insurance comparison service in the UAE, where it has become the clear market leader. Developed entirely in-house, it can assimilate pricing logic and algorithms from any insurer, and produce real, purchasable quotes on the front end for users to view.
“As we’ve seen from the tremendous success that we’ve had with online insurance comparison in the UAE, Middle Eastern consumers are extremely hungry for a better insurance experience. Online policy comparison is the norm in most major markets around the world, so we’re working diligently to make that the case in the Middle East,” said Samer Chehab, COO of yallacompare.
“We chose Kuwait as the second country to launch our insurance comparison services in because that hunger is most obvious here – among insurers, consumers and regulators. Every piece of data we have on insurance comparison shows that consumers save money on insurance when they compare online, and insurers are able to more effectively sell policies, helping loss ratios. We can’t wait for the people of Kuwait to start experiencing these benefits.”
At launch in Kuwait, yallacompare has partnered with three insurers, including Gulf Takaful Insurance Company; t’azur Takaful Insurance Company; and Arab Islamic Takaful Insurance Company. The comparison site will feature more insurers on its panel in the coming months, providing Kuwaiti consumers with even more choice.
As is the case in the UAE, to ensure regulatory compliance, insurance sold on yallacompare’s online platform is arranged through an insurance broker. In Kuwait, that broker is Rite Insurance Intermediaries.
The launch in Kuwait is the first step on yallacompare’s journey towards bringing online insurance comparison to the entire MENA region. Before the end of the year, the comparison site will have launched these services in at least one more of the nine markets in which it operates.