Innovative insurance provider Beema is taking its pioneering motoring policies to even more GCC drivers after experiencing success in the UAE.
The Dubai-based insurtech company has shaken up the industry regionally with products that reward car owners for their safer driving habits.
And now car owners in Bahrain are set to benefit from the car insurance revolution as Beema Insurance - part of ENOC Group - geographically expands its operations in the GCC.
The online insurer began changing the way the regional insurance sector thinks and operates when it launched in September 2019.
Beema offers customers a percentage cashback from their premium fee based on the number of kilometers they drive each year, via the company’s ground-breaking Pay-per-kilometer product.
HE Saif Humaid Al Falasi, group chief executive, ENOC, says: “Over the past three years we have witnessed significant growth in the structure and the strategy of Beema, part of ENOC.
“We enhanced customer centricity and strongly focused on customer aspirations, enabling it to gain a strong market share in a short period of time.
“It is in line with the strategy and expectations to expand Beema’s success into other GCC geographies.”
So now Bahrain motorists can enjoy the kind of budget-friendly benefits many thousands of UAE car owners have been signing up for over the last three years.
Drivers who complete less than 20,000km in total during the term of their policy earn cashback up to 25 per cent of the premium.
The agreement for Beema’s expansion into Bahrain was celebrated during a signing ceremony in the country.
It was attended by Dr Abdulla Sultan, chief executive, and Ali Noor, chief operating officer, of Bahrain Kuwait Insurance Company (BSC) (BKIC), along with Beema Insurance chief executive Nicola Garelli and Sara Al Rumaithi, Beema’s chief business development, compliance and SSC officer.
Beema insurance policies in Bahrain will be underwritten by Bahrain Kuwait Insurance Company (BSC) (BKIC), which offers the highest levels of motor protection in that country.
With the launch of Beema, BKIC is strengthening its digital offering and intends to drive change in the Bahrain insurance market.
Beema and BKIC aim to provide customers with customised and curated insurance solutions across various segments, backed by strong tech support.
For Mr Garelli, taking Beema into Bahrain is a natural progression in the company’s innovative growth journey.
“Since the launch of Beema, our aim has been to focus on the needs of customers in the region and to continuously enhance and expand our services to serve customers in other markets,” says the CEO.
“We are proud to see Beema transforming into a strong and established regional player by launching in Bahrain.”
The company was the first insurance player to launch behavioural motoring policies in the region.
And it cites itself as officially the region’s first online digital car insurance offering designed for the ‘new reality’ - by delivering a digital-led, fair, robust, and flexible insurance platform.
With a digital-only strategy, Beema provides an end-to-end digital insurance solution that is transparent, simple, agile, and relevant.
By being fully-digital, all policy purchases and renewals are done online, with customers signing up and managing their policies via Beema’s online portal.
A corporate venture of Emirates National Oil Company (ENOC), Beema says it seeks to help residents save money on low-mileage vehicles and ensure they never pay more on a regular policy if they drive a ‘normal’ total distance in a year.
Beema has been on something of a roll in the second half of 2022 with August chalked up as the company’s best month of the year as its growth trajectory and mission to “make insurance lovable” continue at pace.
With more UAE motorists connecting with its incentive-linked insurance model and embracing the idea of driving less, Beema experienced “very strong performance” in August, with July and September close behind.
This makes October an ideal time to extend the tech-first firm’s industry-shaping strategy to its GCC neighbour, so drivers in Bahrain can also bank savings for logging less miles during their driving year, thereby representing less of an accident risk.