Islamic Arab Insurance Company (“SALAMA”), the UAE’s largest Shari’ah-compliant Takaful solutions provider, and Bayzat, a UAE-based company offering an all-in-one human resource (HR), payroll and employee benefits platform, have announced their collaboration to provide exclusive health takaful solutions to small and medium enterprises (SMEs) in the UAE.
This decision to introduce the offering follows comprehensive market analysis by Bayzat and SALAMA to identify and address the key pain points SMEs face with traditional Takaful solutions. Key among these is the need to remove the friction that these organizations’ lean HR teams typically encounter with the insurance process, from quoting all the way through to policy activation with customer centric integrations with NAS as the TPA. Moreover, by leveraging Bayzat’s unique analytics, they are able to provide each SME with a fair pricing structure that is unique to their organization, and more competitive than those available in the open market.
Under the partnership agreement, a unique Group Takaful Health solution will be launched exclusively for Bayzat’s SME clients to provide comprehensive health insurance coverage for their employees.
Fahim Al Shehhi, CEO of SALAMA, said: “We are pleased to partner with Bayzat to provide a unique solution that aligns with our core mission of extending the benefits of Takaful to all. Given the progress we have made in our digital transformation and the fact that Bayzat offers a great digital platform for work life balance, I am confident that this partnership can generate significant synergies that will greatly benefit the SME sector and the burgeoning startup ecosystem. The customized, high-quality, digital and comprehensive health insurance coverage will enable small businesses to take care of their employees’ health needs and, as a byproduct, promote socio-economic growth in the UAE.”
“The introduction of this insurance product is a logical step towards our goal of ensuring Bayzat can serve as the single, all-encompassing platform for our customers’ HR, payroll, performance management and employee benefits needs. It is specifically tailored to the unique needs of businesses with between 15 to 150 members. It not only offers them more competitive pricing, but also unlocks the ability for their employees to self-serve their insurance needs using the Bayzat app thereby reducing the workload on HR teams, and enhancing the employee experience,” commented Talal Bayaa, Co-founder and CEO at Bayzat.
“As one of the region’s most respected and well-recognized insurance providers, we are proud to partner with SALAMA in bringing this game-changing product to the market,” Bayaa added.
The policy will be underwritten by SALAMA, administered by NAS and reinsured by SwissRe – bringing together the expertise of leading players in the insurance sector.