Comprehensive Dental and Cosmetic Dental Services,
Introduction
Insurance companies have long aimed to provide the maximum range of benefits to their clients. However, the limited scope of dental insurance, typically offered as an additional rider, has remained a significant challenge for years. This is largely due to insurers' reluctance to deviate from traditional models, fearing increased risk and financial burden.
Challenges and Innovative Solutions
High Loss Ratios:
It is widely recognized within the insurance industry that dental insurance riders often result in significant losses, with some companies reporting a loss ratio as high as 325%.
Solution: I Project Investment has introduced a groundbreaking dental insurance plan, the first of its kind in the Middle East, aimed at reducing the financial strain on insurance companies. This plan covers a full range of dental services in exchange for an annual premium. I Project Investment assumes all risks and losses, alleviating the burden on insurers. The plan operates within a specialized network of elite A+ and A-rated dental and cosmetic dentistry centers in the UAE.
Limited Coverage of Dental Services:
Most dental insurance riders offered by insurance companies only cover basic treatments, leaving out more comprehensive dental care and cosmetic procedures.
Solution: I Project Investment has expanded the traditional dental insurance model by introducing four comprehensive packages. These packages cover all dental services, from basic treatments like fillings and extractions to advanced cosmetic procedures such as veneers, implants, and teeth whitening.
Fraud and Misuse of Benefits:
A common issue is that clients, in collaboration with medical centers, often maximize their insurance benefits by receiving treatments that are not covered under their plan. This contributes to higher loss ratios for insurers.
Solution: I Project Investment has developed tailored dental coverage packages that meet both client needs and insurance policies. By offering full coverage for all basic and aesthetic dental services, the opportunity for fraud is significantly reduced, eliminating the need for misdiagnosed or unnecessary treatments.
Low Uptake of Dental Insurance:
Approximately 90% of corporate and individual clients do not opt for dental coverage, as the limited scope of existing plans fails to meet their needs.
Solution: I Project Investment has upgraded its dental plans, ensuring that both clients and insurance companies benefit. The enhanced packages guarantee access to comprehensive basic and cosmetic dental services, delivered to the highest quality standards.
High Costs of Dental Care in the UAE:
Dental treatments in the UAE, particularly in Dubai and Abu Dhabi, are known for being expensive.
Solution: I Project's insurance packages offer competitive pricing, aligned with the tariffs announced by insurance companies. Furthermore, the network includes a selection of highly skilled clinics and medical centers, ensuring excellent service without inflating costs.
Limited Availability of Standalone Dental Insurance Plans:
Currently, standalone dental insurance is rarely available in the market and is often sold only as an add-on to health insurance packages.
Solution: I Project Investment has developed a range of flexible dental insurance packages, priced between 4,000 to 35,000 AED per person. These packages can be purchased individually or alongside health insurance policies, offering a standalone dental insurance option for both individuals and businesses.
I Project Investment is transforming the landscape of dental insurance in the Middle East by offering innovative, comprehensive, and affordable solutions that benefit insurance companies, clients, and healthcare providers alike.