Souqalmal.com, who announced the launch of its online end-to-end car insurance comparison platform across the UAE in June, has since become the fastest growing online retail car insurance portal in terms of sales. The site hosts the largest number of insurance providers offering consumers the biggest selection of online options in the UAE, including three Takaful providers.
During the first six weeks post the launch, Souqalmal.com reached an impressive USD600,000 in total sales, indicating a strong appetite among UAE consumers for an independent online insurance portal. Indeed, while Fintech is well on its way to revolutionizing banking, the insurance sector is also seeing a dramatic change, led by consumers, which Souqalmal.com is capitalizing on.
Souqalmal.com’s car insurance portal launch followed the findings from a survey the team conducted, where an overwhelming percentage of respondents (90%) said they would consider an online platform to purchase their car insurance.
As a result, Souqalmal.com was quick to capitalize on those invaluable insights and was able to fast track the way car insurance is purchased in the UAE for consumers, resulting in its online car insurance sales gaining immediate and significant traction since launch.
Ambareen Musa, CEO of Souqalmal.com commented, “I am very proud of the fact that Souqalmal.com has become the fastest growing online retail car insurance portal in terms of sales since its launch in June. Sales averaged a growth rate of 400% since the first week until now, with a very strong pipeline of enquiries.”
She added, “The success we have experienced in terms of sales in such a short space of time has been due to Souqalmal’s long history as a trusted brand and go-to website for independent advice. We are well-known for offering both unbiased and research-based content across a large number of product and services.”
The Souqalmal.com car insurance platform is fully secure and most importantly customer-centric, allowing users to get real time quotes in less than 60 seconds and have their policy issued to them in 60 minutes (time to policy for each provider is actually specified on the site). Customers also have access to a UAE based call-centre 7 days a week for any questions and support.
She commented, “More and more consumers are eager to be able to purchase car insurance online as it provides them with greater transparency of inclusions, options as well as overall value, over and above pricing. It’s also an added convenience as they can do this from home or work, on a fully secure portal.”
