Innovative insurance provider Beema is bringing its groundbreaking motor policies to even more GCC drivers following success in the United Arab Emirates.
The Dubai-based insurtech has disrupted the industry regionally with products that reward car owners for their safer driving habits.
And now, car owners in Bahrain will benefit from the auto insurance revolution as Beema Insurance – part of the ENOC group – expands its operations geographically in the Gulf.
The online insurer started changing the way the regional insurance sector thinks and works when it launched in September 2019.
Beema, through the company’s groundbreaking innovation, offers customers a percentage cashback from their award fee based on the number of kilometers they drive each year Pay per kilometer Product.
SE Saif Humaid Al Falasi, Group Chief Executive, ENOC, says: “Over the past three years we have seen significant growth in the structure and strategy of Beema, part of ENOC.
“We have improved customer orientation and focused heavily on customer needs, which has enabled us to gain a strong market share in a short period of time.
“It is in line with strategy and expectations to extend Beema’s success to other GCC regions.”
Now motorists in Bahrain can enjoy the kind of budget-friendly benefits that many thousands of car owners in the UAE have signed up for over the past three years.
Drivers who drive a total of less than 20,000 km during the term of their policy receive a refund of up to 25 percent of the premium.
The agreement for Beema’s expansion into Bahrain was celebrated during a signing ceremony in the country.
Dr. Abdulla Sultan, Chief Executive, and Ali Noor, Chief Operating Officer, Bahrain Kuwait Insurance Company (BSC) (BKIC), along with Nicola Garelli, Beema Insurance Chief Executive, and Sara Al Rumaithi, Beema Chief Business Development, Compliance, part and SSC officer.
Beema insurance policies in Bahrain are underwritten by Bahrain Kuwait Insurance Company (BSC) (BKIC), which offers the highest level of motor protection in the country.
With the launch of Beema, BKIC strengthens its digital offering and aims to drive transformation in Bahrain’s insurance market.
Beema and BKIC aim to offer clients customized and curated insurance solutions in different segments, backed by strong technical support.
For Mr. Garelli, adding Beema to Bahrain is a natural progression on the company’s path of innovative growth.
“Since the launch of Beema, our goal has been to focus on the needs of customers in the region and to continuously improve and expand our services to serve customers in other markets,” says the CEO.
“We are proud that by launching in Bahrain, Beema is developing into a strong and well-established regional player.”
The company was the first insurance player to launch behavioral automotive policies in the region.
And it bills itself as officially the region’s first digital online auto insurance offering, built for the “new reality” – by providing a digitally-run, fair, robust and flexible insurance platform.
With a purely digital strategy, Beema offers an end-to-end digital insurance solution that is transparent, simple, agile and relevant.
Due to the complete digitization, all policy purchases and renewals are done online, with customers registering and managing their policies via the Beema online portal.
Beema, an Emirates National Oil Company (ENOC) company, wants to help residents save money on low-mileage vehicles and ensure they never end up paying for a regular policy again if they drive a “normal” total distance in a year .
Beema has seen quite a rebound in the second half of 2022, with August hailed as the best month of the year for the company as it continues on its growth trajectory and mission to “make insurance lovable”.
With more motorists in the UAE reaching out to its incentive-linked insurance model and embracing the idea of driving less, Beema had a “very strong performance” in August, followed by July and September.
This makes October an ideal time to extend the tech-first company’s industry-defining strategy to its GCC neighbors, allowing Bahrain drivers to also make savings by driving fewer miles during their driving year, thereby reducing the risk of accidents.
Bahrain car owners can visit https://www.bkicbeema.bh/en to learn more.
Updated November 02, 2022 4:25 am