Beema has launched the first pay-per-kilometer motor insurance scheme in the region. The scheme is positioned as an innovative one for the market in the UAE, as customers can get up to 25 per cent cash back based on the distance that they have covered in their vehicle. It is definitely a boon for those who do not drive much during the course of the year or for those who own a second car that they use only for emergencies.
After one year, a customer drives a distance that is less than 20,000 kilometers, he can receive up to 25 percent cashback. Even if the distance is a lot, they will never have to pay more than what they were originally quoted.
Beema was established back in July 2018, as part of ENOC’s accelerator program, NEXT. NEXT established BEEMA in collaboration with BCG Digital Ventures. NEXT undertook to identify disruptive digital businesses and found that many motorists in the UAE were using a range of offline car insurance services which were not really tailored to their individual needs. Customers had to say the same premiums whether they drove a lot or very little, based solely on the make and age of their car. This was a common complaint for those who owned multiple vehicles. Beema identified this as a lucrative business opportunity and developed a pay-per-kilometer model that catered to this challenge. With its fully online experience, customers can get a quote within a few seconds and be fully insured within minutes.
Commenting on the launch of the new program, His Excellency Saif Humaid Al Falasi, Group CEO of ENOC said that the new insurance scheme was in line with the UAE’s innovation agenda and would offer a service that would disrupt the insurance market and have broad appeal for drivers.
The scheme is underwritten by top insurance firm AXA, and will provide motorists with the highest levels of motor protection in the Middle East. It will effectively leverage AXA’s experience, security and service quality to offer customers the benefits of comprehensive cover. Policies with Beema also provide 24-hour accident recovery, guaranteed repairs and round-the-clock service.
Paolo Gagliardi, CEO at Beema said that Beema was all about convenience and value, as the insurance policy would provide customers with full coverage and would align well with their driving habits and lifestyle. He said that the scheme was designed specifically for the UAE market, in view of the diverse pool of driving needs in the country. Customers would thus get the best value for how much they drive and enjoy complete peace of mind when they are underwritten by AXA.
The kilometer reading is taken annually from the vehicle’s odometer, so customers’ journeys will not be tracked by Beema. Customers also have the option of submitting an odometer reading by uploading a Tasjeel certificate, or having a Beema employee visit them to record their vehicle’s odometer. Cashback amounts are then based on kilometers driven.
Manju Mathew, an MBA in marketing, completed publisher training courses from the Oxford Brookes University and New York University. She started with marketing and PR roles before moving on to her current position as a full time writer. Currently living in Dubai, her life as an expat has sharpened her observation skills and flair for writing. She enjoys writing about luxury cars like Ferrari, Lamborghini, etc even if she can only dream of owning them.
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