Insurance in Dubai—According to Peter Gibbons, global head of individual and small group business at Allianz Partners, Health, as the world begins to emerge from the Covid-19 pandemic, extended periods of lockdown, working from home, and limited travel have had a profound impact on how people live and will continue to live for some time.
The way we work has undergone a complete transformation. As a result of the epidemic, hybrid working and greater employee flexibility are expected to continue.
There has been an impact on the global healthcare business due to these shifts in consumer preferences for healthcare management and access. With our focus on expats and international mobility, we feel some trends will have a significant impact on the industry in the months and years to come.
Following the epidemic, people are more conscious of the necessity of taking charge of their health and are more confident in the health services that are most important to them. This has led to people being more decisive than ever when it comes to knowing what they want from their health protection.
People are less interested in taking a product off the shelf. Instead, they are looking for a more customizable solution tailored to their family’s individual needs. They want to make sure the insurance product they buy is relevant for their life stage. You and your dependents’ needs must be considered when designing an insurance policy.
We’re also seeing a growing number of people opting out of the standard 12-month policy period. From chatting with our brokers, it’s evident that many people are at a crossroads.
For some, that means determining whether they genuinely need to invest in full healthcare coverage at this particular moment in their life or if they would be better off spending more significantly on protection for critical sickness.
The healthcare quality in the country where you plan to travel is a significant factor in this decision.
Many countries offer free public healthcare, but some people prefer to have the ability to get treatment at the best hospitals in case of an illness like cancer. As a result, the average person pays less for insurance while yet being well-protected in the event of a significant sickness.
Our mental health has suffered dramatically due to the pandemic’s ramifications. More than a third of Allianz Partners’ global employees have reported experiencing poor mental health since the pandemic began, according to a worldwide study performed by Ipsos MRBI.
A rise in the number of inquiries to our brokers about international health insurance policies that cover mental health services reflects this trend.
As a result, many people did not have access to mental health benefits that may have been included in their health insurance.
But in the last few months, mental fitness has taken precedence over physical well-being. Our research found that roughly six out of ten employees believe that people will be more comfortable discussing mental health issues in the future.
The demand for mental health services and resources is growing, and we’re committed to making sure that everyone who needs them has access to it.
To stay up with developments in the working world, the worldwide health insurance sector must adapt to such changes. The past two years have given a new generation of workers the courage to take bold and risky steps in their professional lives.
Employees who can work from home have the flexibility to do so from any location they want. While a company’s headquarters may be in London, its employees may be located in other parts of the country or even the world.
Health Insurance in Dubai and All Over the World
As a result, many people take advantage of this freedom and move around the world while they work, such as spending three months in Dubai and then another three months in Singapore.
This is the most intriguing development because, as people move from one country to another, they’re also subject to new regulatory frameworks, posing a challenge to insurers.
With the help of short-term insurance policies, we’ve been able to help these people cover themselves while they travel around the world.
However, working from remote regions is still an emerging trend; therefore, what happens to these people in the long term. We’ll be keeping an eye on that.
Regulations governing the collection and transfer of personal data are being tightened in many countries to prevent data from being exported to unrelated jurisdictions. It’s already a reality in China, and it’s now spreading to other countries, like Dubai, as well. It will be interesting to see how insurance companies manage data as government regulations on privacy tighten worldwide.
To keep up with the ever-changing needs of customers worldwide, insurance companies must constantly adapt to the “new normal.”
We now live in a world where employees have more authority to make decisions than ever before because of new ways of working. As digital technology and advancements in this area have shown companies in the past two years, it is now easier than ever to communicate across the globe. As an industry, we need to take all of these learnings onboard and integrate this new working style and thinking into how we deliver our services.