UAE: Takaful Emarat in strategic tie-up with InsurTech firm
Source: Middle East Insurance Review | Nov 2017
United Arab Emirates InsurTech Life & Health Takaful
Dubai-listed life and health takaful provider Takaful Emarat has announced a strategic long-term alliance with Bayzat, a rapidly growing UAE-based technology business that provides innovative insurance and HR solutions.
Bayzat helps companies and individuals quickly compare and buy their health insurance online, saving them both time and money. It also helps them identify specific policy requirements and provides a transparent comparison of all relevant options available in the market. Real time pricing of over 100 policies can be completed in less than two minutes, reducing processing time by 50% as well as securing savings of at least 20%.
“As an Emirati business, we want to embrace and lead change within the traditional insurance industry, by making products easier to understand and access, and through strategic partnerships with the likes of Bayzat, we are committed to lead the way,” said Mr Mohammad Alhawari, Takaful Emarat’s Managing Director & Executive Board Member.
Originally launched as a tech platform for financial advice and health insurance in the UAE, Bayzat focused its offerings on insurance, and recently diversified into automation of HR management. It said recent UAE government decisions making employee health insurance mandatory helped the company decide on its business strategy and led to growth in its business. M