AXA Green Crescent Insurance Company P.J.S.C. (GCIC) has formed a first-of-its-kind partnership with yallacompare, the Middle East’s leading financial comparison platform. AXA GCIC was created in 2014 to offer life protection and savings plans to individuals and corporates and businesses in the UAE and the GCC.
With an aim of making life insurance more accessible to people, for the first time ever, customers in the UAE will be able to buy a range of life insurance products via an online financial aggregator. Furthermore, the purchase journey will now be fully digital with customers being able to obtain their policies in just five minutes through any device of their choice.
Commenting on the partnership, Mohamed Seghir, Chief Executive Officer of AXA GCIC, said; “We are delighted to partner with yallacompare, who share our passion for delivering innovative solutions. The insurance market is growing at a rapid pace in the region, however, many insurance products such as life insurance are still perceived as a luxury as opposed to a necessity. Consequently, we wanted to make life insurance more accessible and further raise awareness of the various types of covers available for UAE residents. We are sure this partnership with yallacompare will help extend our reach in the market.
“Furthermore, in an effort to drive the concept of transparency and simplicity in the insurance industry, we have ensured that the charges are clearly written down in black and white and shared with our customers in simple language with no hidden fees.”
The products available through the yallacompare platform are Simple Life (a yearly term life product), Hospital Cash (provides a cash payment and medical reimbursement in the event of hospitalisation) and Sponsor Protect (provides a cash payment in the event a domestic helper fails their medical or absconds). An innovative solution to protect customers against financial liabilities is also due to be launched in the first half of 2020.
Jonathan Rawling, Chief Financial Officer of yallacompare, said; “At yallacompare, we have been very pleased to see that consumers are becoming increasingly aware that thinking about insurance means more than just making sure their car is protected. Life insurance should be on everybody’s mind and we are delighted to have been selected by AXA GCIC to launch this initial suite of products. Adding these products and adding AXA GCIC to our existing panel of insurers aligns very closely with our vision of being a one-stop-shop for consumers to meet their financial needs.”
AXA GCIC’s life insurance products are fully validated by the Insurance Authority and are in line with the forthcoming life insurance regulations due to be introduced in 2020.