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Product Innovation  Innovating and Creating Solutions Tailored to Specific Market Needs in the Middle East

Jabran Noor

Executive Director – Tajweez Advisory

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change is the process by which the future invades our lives

- Alvin Toffler

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Insurance Industry is undergoing a radical transformation globally

business model innovation

product & service innovation

process innovation

technology innovation

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Product & Service Innovation

Mass Market

Personalised

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Personalised Products & Services

Unbundled

Fully integrated Packaged

Future of Insurance Products is

“Modular” Approach

� Product Innovation | Jabran Noor | MEIF 2015

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Emerging Trends Customer defining coverage

Priced for underwriting profits

Leverage technology for rating

Social Network Integration

Gamification of Insurance

BI / Big Data / Analytics

24 / 7 / 365 Service

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Pricing

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Appropriate Rating Factors

Claims Management

Operational Efficiency

Predictive Analytics

� Product Innovation | Jabran Noor | MEIF 2015

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Supporting Tools

CRM

E-commerce

Portals Rules Engine

Integrated Analytics

Financial Systems

� Product Innovation | Jabran Noor | MEIF 2015

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Under penetrated

Culturally different

Potential for growth

Favourable demographics

Expatriate Population

Basic Regulations

Middle East Insurance

Self Regulate

Embrace Technology

Optimise

Nurture Niche Markets

“Borrow” Innovation

Indigenous Innovation

� Product Innovation | Jabran Noor | MEIF 2015

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Product Innovation

Jabran Noor

Executive Director – Tajweez Advisory

jabran.noor@tajweez.com