Looking into stc Bahrain’s insurtech proposition

The company offers a range of insurance services and a fully digital experience for purchases.

Telecommunication operator stc Bahrain aims to drive the country’s digital transformation to support the local community with new technologies, services, and experiences that it can provide beyond its traditional offerings.

With this, the company launched its insurtech proposition, in partnership with Solidarity Bahrain, one of the Kingdom's foremost insurance giants, by technologically integrating and leveraging licence of insurance providers with its core and digital value chain that allows customers to seamlessly subscribe to insurance products of insurance companies.

Under this proposition, it launched an end-to-end digital experience to buy motor insurance in 2021 as the first telecom operator in Bahrain with a strong focus on customer centricity by leveraging digital capability and market footprint.

It was also able to tap into the insurtech sector and create a fully digital experience for consumers wishing to purchase insurance in partnership with some of the largest insurance companies in the Kingdom.

Between 2021 to 2022 alone, the insurtech proposition of stc Bahrain has witnessed a 145% increase in the number of its digital transactions, 45% growth in customer base, and a 21% revenue uplift.

This is due to the company’s digital infrastructure and its ability to provide flexible and seamless ways for customers to purchase insurance. It was able to capitalise on the growing insurtech sector in Bahrain and the region by enhancing the user experience and offering innovative solutions to their daily needs.

“We offer a fully digital experience for insurance purchases through our digital channels. We are enabling the insurtech sector by offering a range of insurance services from device and travel to motor insurance. The fully digital experience is a testament to our commitment to enabling a digital economy by providing comprehensive coverage and flexibility through the digital experience,” the company said.

stc’s commitment to transparency and simplicity remains to be one of its key advantages in the industry. Its digital and core channels provide clear and comprehensive information about each insurance product, allowing customers to make informed decisions based on their specific requirements. Additionally, the pricing structure is transparently communicated to the customers, with no hidden fees or surprises.

Innovation is at the core of stc’s insurtech play and its ecosystem has enabled integrated licenced insurance companies to provide their services on monthly payments charged to customer bills directly.

This feat has been lauded at the Middle East Technology Excellence Awards, as stc Bahrain clinched the InsurTech - Telecommunications category win. The prestigious awards programme honours outstanding companies that made exceptional contributions in pursuit of technological innovation.

The Middle East Technology Excellence Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Danica Avila at [email protected].