Takaful Emarat accelerates digital growth with Bayzat Alliance

19/09/2017 10:23 AST

Takaful Emarat, the DFM-listed Shari'ah-compliant Life and Health Takaful provider has announced a strategic long-term alliance with Bayzat, a rapidly growing UAE-based technology business that provides innovative insurance and HR solutions.

"Bayzat is a UAE success story and we are excited to be working with a fresh and dynamic technology business which shares our vision to create change while opening up a new and younger customer market for our products. 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 Mohammad Alhawari, Takaful Emarat's Managing Director & Executive Board Member.

Bayzat helps both 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 per cent as well as securing savings of at least 20 per cent.

Bayzat represents an ambitious innovative start up business in the UAE, which is offering the first of its kind insurance solutions to the UAE insurance sector via its technology led platform. This approach is closely aligned to Takaful Emarat's vision and the alliance will be indisputably beneficial for both companies and their clients by allowing both players to work closely together on product sales, and facilitate joint efforts on research, development and market deployment.

"Takaful Emarat is a forward-looking Emirati Business that we are delighted to be working with. They are driving change across their business by embracing technology and digital solutions, and share our ambition to simplify products and services by making them easier to access online. I look forward to growing and sharing our experiences, and together, catalysing significant change within the insurance sector," said Talal Bayaa, Co-Founder of Bayzat.

CPI Financial