The UAE life insurance market is witnessing steady growth, driven by evolving customer preferences and regulatory support. According to Anil PM, Executive President Legal and Chief Compliance Officer at Bajaj Life Insurance, Non-Resident Indians (NRIs) in the region are increasingly opting for unit-linked insurance products tied to global markets, alongside guaranteed return plans and term insurance for family protection.“Financial security is a priority, and awareness among NRIs is rising, aided by initiatives such as GST removal on retail insurance products,” he noted.

Bajaj Life has observed market growth from 5% to 8%, with retirement-focused products like annuities gaining traction. The company has innovated by allowing regular premium contributions to annuities, a feature well received by UAE customers.

About 26% of Bajaj Life's NRI business originates from the UAE, underscoring the region's strategic importance. To strengthen engagement, the insurer established its Dubai representative office in 2023, which has transformed customer servicing. Today, 94% of requests are resolved within three days, a significant improvement from earlier timelines.“Dubai has become a strategic hub for our NRI servicing efforts. Having an on-ground presence helps us offer faster resolution, improve transparency, and provide confidence that India-linked policies are easily manageable from anywhere in the world,” said Anil PM.

The Dubai office offers 16–18 services, including onboarding, medicals conducted locally, and claims processing. Digital innovation has been central to this transformation. Bajaj Life introduced an industry-first WhatsApp conversational bot, enabling 24x7 assistance and seamless policy servicing across time zones. This initiative has earned the company the Digital Insurance Award, reflecting its commitment to global service efficiency. With over 15 lakh active customers and 17,000 active NRI customers in FY25, Bajaj Life continues to lead in digital-first engagement.

Customer preferences in the UAE highlight broader proptech-like trends in insurance. Unit Linked Insurance Plans (ULIPs) now account for 60% of Bajaj Life's product mix in the region, driven by NRIs seeking flexibility and market-linked returns. Term plans are gaining popularity among younger NRIs prioritizing affordable, high-cover protection, while guaranteed savings plans appeal to those seeking stability amid market volatility. A significant share of NRI customers hail from Kerala and other South Indian states, reinforcing the Gulf's historic economic ties with India.

Beyond product innovation, Bajaj Life has focused on reducing turnaround times dramatically - claims that once took years can now be settled within 24 hours. Regulatory improvements have also shortened resolution timelines from 15 days to seven, and Bajaj Life aims to exceed these benchmarks through enhanced systems and training.

As demand for seamless cross-border servicing grows, Bajaj Life plans to build on its Dubai success by expanding digital capabilities and strengthening partnerships. While direct licensing in the UAE remains under consideration, the company's immediate priority is ensuring NRIs receive consistent, high-quality support - whether in person or online.

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