Insurtech Beema grabs more of the motoring market as drivers find 'smart' policies pay

The innovative company was the first to introduce to the region its Pay-per-kilometre car insurance option

Beema's chief executive officer Nicola Garelli and Indraneel Jain, the company's chief business officer. Photo: Supplied

August has been the best month of the year for pioneering insurance provider Beema as the start-up’s growth trajectory continues.

The UAE company says it has enjoyed “very strong performance” with July also delivering great results as more people in the nation connect with its incentive-linked insurance model and embrace the idea of driving less.

Beema’s industry-shaping strategy rewards motorists who log less miles during their driving year, because they pose less of a risk of having an accident.

The company was the first to introduce to the region its Pay-per-kilometre car insurance option that enables drivers to earn up to 25 per cent cashback at the end of the policy year, depending on how much they have driven.

Beema, which launched in September 2019, says, increasingly car owners are starting to understand the value it can deliver through personalised car insurance products, including its ground-breaking SmartDriver offering.

And at a time when a rise in the cost of living is in the headlines, Beema’s alternatives to traditional standard policies are proving a smart investment and a sound budgeting move.

In short, they mean an owner’s vehicle is protected while also proving kinder to their outgoings, depending on usage and behaviour.

While Pay-per-kilometre rewards those who cover less distance during the policy duration, SmartDriver looks after those drivers who do 20,000km or more behind the wheel.

It allows them to earn rewards based on good driving, assessed via innovative technology that measures a users’ driving behaviour based upon factors such as speeding, sudden braking, and phone handling.

A Beema billboard on Dubai's Sheikh Zayed Road. Photo: Supplied

Chief executive officer Nicola Garelli is excited to confirm that Beema’s operating model is continuing to produce good results.

“Our approach to building customer-centric insurance products and promoting innovation within the industry continues to yield success and it remains the driving force behind the accelerated growth that Beema is experiencing,” he adds.

Statistics and data speak volumes for how popular Beema’s new style of insurance products are with the UAE market.

The company has experienced double-digit growth in policies issued month-on-month and has enjoyed revenue growth of more than 20 per cent.

Looking back at the year, Beema also reveals it has been more efficient at acquiring customers; it reveals a 22 per cent improvement year-on-year.

These numbers certainly have the attention of Indraneel Jain, the company's chief business officer.

“Data sits at the core of our business and using data we are able to identify market trends early on, allowing us to optimise the sales and marketing funnels,” he says.

“As a result, we’re consistently improving the way we communicate and onboard customers, which helps us maintain our growth trajectory’’.

With technology at the centre of Beema’s operation, the provider says it is continuing to notice how more drivers prefer to use online and digital channels when purchasing their car insurance.

Our approach to building customer-centric insurance products and promoting innovation within the industry continues to yield success

Beema CEO Nicola Garelli

Embracing this habitual movement, Beema has ensured it offers easy-to-use and simplified online channels that allow customers to not only get a quote, but buy a policy end-to-end online, within a few minutes.

Convenience remains high on the wishlist of many in the UAE, giving Beema added attraction while steering motorists away from sometimes cumbersome traditional insurance purchasing methods.

Launched in December 2021 as a first product of its kind in the region, the gamification element of SmartDriver makes it appealing for the user, with each trip generating an overall “driving score” - the higher the better.

Users can also see how well they scored on individual driving factors and know which areas they can improve upon, all activated and enabled through Beema’s mobile app.

And, importantly, drivers can then earn rewards like cashback based on their cumulative driving score at the end of their policy period, meaning safe driving is incentivised in a thoroughly modern way.

A Beema tanker. Photo: Supplied

Meanwhile, many more drivers have embraced Beema’s common sense approach and pocketed savings by taking up the tech-first firm’s Pay-per-kilometre product.

It is almost three years since this insurtech start-up announced its arrival by lighting up the Burj Khalifa - and went on to win Best Insurtech Solution at the Leaders in Fintech Awards 2021.

It seems its mission to “make insurance lovable” is reaching plenty more motorists and continuing to take Beema to fresh heights.

You can learn more about all its insurance products by visiting https://www.beema.ae/en or downloading the app.