Sharia-compliant insurance provider Takaful Emarat has signed a partnership with comparison website Souqalmal.com to provide mandatory health insurance products through its digital platform, the company announced on Tuesday.
While the service will initially only be available to residents of Dubai, the company says that a wider roll out is planned in “the near future”.
“We are taking our customer offering to a whole new level by providing them access to our products through an enhanced digital platform. This in turn will open up new markets and sales channels for our digitized insurance products and services,” Mohammad Alhawari, managing director and executive board member at Takaful Emarat told Arabian Business.
“We’re essentially opening and expanding channels through which our customers can easily access information on their existing policies, as well as policies they’re considering – enabling them to do this seamlessly,” he added.
Ambareen Musa, founder CEO of Souqalmal.com noted that as a result of the Dubai Health Authority’s decision to make insurance mandatory,” health insurance has become an extremely popular topic” on the platform.
According to Souqalmal, its insurance business has grown by 800 percent over the past year, Musa said requires the company to “adapt fast” to meet customer demands and requirements.
“Having said this, we needed to make sure that we were still as transparent as possible and gave the choices to the customer in a way that they understood the products clearly,” she added. “Scaling up is a very interesting time for a business and needs to be done with a lot of thought process.”
Musa noted that with the partnership with Takaful Emarat, it will now only take “around five minutes” from start to finish for customers to receive their insurance package in their mailbox.
“All customers need is the relevant documents like residency visa, emirates ID, if you have them of course. Once done, the customer can go ahead and apply or renew their dependant’s visas,” she said. “The health insurance policy is clear and all online, with all the terms and conditions readily available. Consumers can really take their time on our platform to look up all the terms, exclusions and any small print.”
According to studies, it is estimated that the UAE’s health insurance market will grow by as much as 12 percent by 220, with the average healthcare spending per capita having risen to $1,500 at a rate of up to AED50 billion annually.
As per DHA’s new regulations, all Emiratis and Dubai expats ad their dependents need health insurance to be able to apply and renew their residency visas, with a fine of AED500 per month levied for non-issuance or non-renewal of residence visas.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.