Page 9 - NewTech Insurance PR REPORT - March 2024

circumstances. Through this approach, we also guarantee insurance services of the highest
quality for the MENA region as well as support the UAE’s mission to protect and safeguard all

its citizens.”

As the UAE economy is growing, the need for different types of insurance has increased. In

response to growing demand, the number of medical professionals as well as insurance
companies and services in the UAE has quadrupled, significantly expanding the country’s

healthcare infrastructure in recent years. Reports indicate a substantial focus on health and life
insurance within the UAE’s insurance sector, with the healthcare insurance market projected

to reach USD 19.6 billion by 2030 from USD 10.131 billion in 2022. Growing population,
increasing healthcare costs, significant technological advancements, and government support

are the major factors driving this growth in the country’s insurance sector.

NewTech Insurance offers reliable and bespoke insurance packages that cater to the specific

requirements and demands of individuals and organisations. In addition to recording significant
business growth in the previous year, the company has explored numerous innovative

technologies and hired new personnel, both of which have helped to improve the organisation’s

market intelligence and service standards. Advanced medical insurance plans, services, and
products are an important source for UAE-based companies that are seeking to draw and retain

talents. The vast array of services offered by NewTech Insurance is expected to advance the
insurance sector and provide individuals with access to exceptional and top-notch services.

Hitesh Khanchandani, Managing Partner at NewTech Insurance Brokers, stated: “Our
unwavering dedication to recognising client requirements and providing unparalleled value is

reflected in the success we recorded the previous year. Through a number of strategic initiatives
and targeted efforts, we are constantly striving to strengthen our position as a significant player

in the region’s insurance sector. Our focus and commitment have enabled us to guarantee the
efficacy of our services and increase the client renewal rates.”

Additionally, the company is also exploring new insurance products that are yet to gain
prominence in the Middle East and North Africa (MENA) region, such as parametric travel