Arab Reinsurance Company: a new dimension
Home   |   Sitemap   |   Contact us
Follow us on
Is Climate Litigation Covered by Insurance? - Social Inflation or Science: What Is Fueling Climate Litigation? - Fortegra Europe Opens Branch in Czech Republic - Vantage launches Construction and Political risk business - UK Insurers Cautiously Willing to Underwrite Fire Safety Risks - Insurtech Foxquilt Raises $8M to Expand Small Business Offering in U.S. and Canada - Speciality Re/Insurer Convex Launches European Subsidiary With A- Rating From S&P - Debt surge in emerging markets may hurt insurance outlook: Swiss Re - Zurich Insurance Weighs Selling Some Australian Non-Core Assets - Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds - Corvus, SiriusPoint announce investment & underwriting capacity partnership - Munich Re backs energy storage systems provider ESS - Climate Change Could Force 200 Million People to Leave Their Homes by 2050 - Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s - Gallagher Re Touts Advanced Integrated Reinsurance Analytics Platform - London Financial Employees Return to Offices Despite Rising Virus Cases - P/C Reinsurers Maintain Underwriting Discipline, Despite Rising Capacity: Guy Carpenter - Britain Looks to Revisit Data Privacy Regulations - WTW, Applied Systems target real-time pricing enhancements - Reinsurance environment “most attractive in a decade”: SCOR’s Launay - Willis Towers Watson’s New CEO Says It Has $5 Billion for Possible Acquisitions - Lloyd’s Reports H1 2021 Profit of £1.4B ($1.9B), with 92.2% Combined Ratio - Global Reinsurers Shoulder ‘Considerable Burden’ of COVID-19 Claims - “Inflation is the enemy of the re/insurance industry,” says Swiss Re CFO Léger - Global Reinsurance Rates, Demand to Continue Rising in 2022: Moody’s - Prudential’s Michael Koller joins MS Amlin as Chief Risk Officer - Rates need to and will harden further: Swiss Re CEO Mumenthaler - Russia’s Renaissance Insurance Plans $1 Billion IPO in Moscow: Reuters
Search Search
World News & Events
Enlarge Font Minimize Font

UAE workers to receive free ins. when sending money home

Thursday, 02 06 2020, Category: Insurance and Reinsurance, Country: U.A.E
InsurTech platform Democrance and global insurer Axa have tied up with money transfer service Hello Paisa to offer low-income UAE workers free accident insurance when sending money home as they look to expand the reach of insurance within this segment.

UAE residents remitting money to their home countries from the Middle East, Africa and Asia through Hello Paisa will have complimentary access to the new “Hello Protect” product, which provides coverage of Dh3,000 in the case of total disability or death.

“Our mission is to make insurance accessible and affordable to those who need it most,” said Michele Grosso, co-founder and chief executive of Democrance. “We give access to new customer segments by working with partners. And remittance in the region is the perfect channel to do that.”

Remittances worth a total of Dh169.2 billion were sent from the Emirates in 2018, according to the UAE Central Bank. The UAE was the second top remittance country in the world after the US in 2017, World Bank figures show.

Democrance, a Dubai tech start-up that connects low-income customers to insurance providers, rolled out a similar product in October with Axa and FinTech platform Rise. Domestic workers signed up to the Rise platform have Dh3,000 in protection in the event of accidental disability or death and have the option to upgrade the policy to Dh25,000 coverage at a cost of Dh5 a month.

Hello Protect is provided free of cost to the customer who is conducting a transaction and renewable after 30 days, as long as another money transaction is performed. The 30 fils premium per 30 days per customer is subsidised by Hello Paisa. The same policy upgrade offered with Rise will be made available with Hello Paisa in the coming months, but no date has been set.

“The starting point is that 99 per cent of low-income workers in the Mena region do not have access to insurance,” Mr Grosso said. “You have to give a product for free through a channel that they know and they trust … then you can start to cross-sell and upsell new products.”

Source: The National – UAE
All copyrights reserved, Arab Reinsurance 2016 ©