Disruptive Digital Experiences in the GCC Insurance Industry

The global economy relies heavily on the insurance sector to provide financial stability and risk management for individuals and businesses. Due to the quickening pace of technological advancement and shifting consumer demands, the sector has recently experienced a significant shift. Historically conservative, the insurance industry transforms digitally as incumbents and new Insure-Tech companies integrate cutting-edge technologies and digital platforms to revolutionise services, risk management, and client interaction. The insurance industry is still in its infancy within the Gulf Cooperation Council (GCC), but it is growing quickly thanks to powerful economic and demographic forces. The region boasts sophisticated digital infrastructure, a youthful and digitally literate population, and ample resources to drive innovation. Despite these advantages, the penetration of digital disruption in the GCC’s insurance landscape is disparate, with certain areas and market segments advancing more quickly than others. The sector holds considerable opportunity for leveraging technology to streamline operations, enhance customer experiences, and create new value streams. This research significantly contributes to the existing knowledge of digital innovation and its integration into the insurance industry, specifically in the GCC area. This research distinguishes itself from prior studies by exploring the intricacies of digital disruption in the GCC insurance industry, which has received less attention so far. Research on technology adoption in the global insurance business is growing, but there is still little exploration of the specific GCC setting. This study aims to fill this gap by enhancing our understanding of the factors unique to a particular location that influence technology adoption.