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Islamic Arab Insurance Company (Salama) and Bayzat have teamed up to provide an exclusive health takaful solution for small and medium enterprises (SMEs) in the UAE.
Salama is the UAE’s largest provider of Shariah-compliant takaful solutions, while Bayzat is a UAE-based company that provides an integrated Human Resources (HR), payroll and employee benefits platform.
The decision to launch the product follows Bayzat and Salama’s comprehensive market analysis to identify and address key pain points faced by SMEs with traditional takaful solutions.
unique analysis
Key among them is the need to remove the friction that these organizations’ lean HR teams typically encounter in the insurance process, from quoting all the way to policy activation, customer-centric integration with NAS as TPA. Additionally, by leveraging Bayzat’s unique analysis, they were able to provide each SME with a fair pricing structure unique to their organization and more competitive than those on the open market.
Under the partnership agreement, a unique Group Takaful Health solution will be launched exclusively for Bayzat’s SME customers, providing comprehensive health insurance coverage for their employees.
Fahim Al Shehhi, CEO of Salama, said: “We will provide a unique solution that is in line with our core mission of extending the benefits of takaful to all. Given our progress in digital transformation, and Bayzat’s commitment to The fact that work-life balance provides an excellent digital platform, I believe this partnership can generate significant synergies that will greatly benefit the SME sector and the burgeoning startup ecosystem. Bespoke, High Quality, Digital and comprehensive health insurance will enable small businesses to meet the health needs of their employees and, as a by-product, contribute to the socio-economic growth of the UAE.”
logical steps
“The launch of this insurance product is a logical step towards our goal of ensuring that Bayzat can serve as a single, all-encompassing platform for our clients’ HR, payroll, performance management and employee benefits needs. Tailored to the unique needs of 150 member businesses.
“Not only does it provide them with more competitive pricing, but it also frees up the ability for employees to self-serve their insurance needs using the Bayzat app, reducing workload for HR teams and enhancing the employee experience,” Co-Talal Bayaa commented. Founder and CEO of Bayzat.
“As one of the most respected and recognized insurance providers in the region, we are proud to partner with Salama to bring this game-changing product to market,” added Bayaa.
The policy will be underwritten by Salama, administered by NAS and reinsured by SwissRe – bringing together the expertise of leading players in the insurance industry. – arab trade news agency
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