Page 25 - NewTech Insurance PR REPORT - March 2024

NewTech Insurance Brokers enriches customer experiences, records 90% client renewal rate and 35% growth in business KPI…
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 substan al 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 popula on, 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 organisa ons. In addi on to recording significant business growth in the previous year, the

company has explored numerous innova ve technologies and hired new personnel, both of which have helped to
improve the organisa on’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 excep onal and top-notch services.

Hitesh Khanchandani, Managing Partner at NewTech Insurance Brokers, stated: “Our unwavering dedica on to
recognising client requirements and providing unparalleled value is reflected in the success we recorded the previous
year. Through a number of strategic ini a ves and targeted efforts, we are constantly striving to strengthen our
posi on 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.”

Addi onally, 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 insurance, which is very popular in the Western countries.
With these solu ons, the company aims to advance the insurance sector in the UAE and provide individuals and

businesses with access to top-notch insurance services.

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