Hala Insurance, the UAE-based insurtech platform built by Addenda Labs LTD and backed by Mubadala, has signed an exclusive strategic agreement with regional industry leader, Emirates Insurance Company (EIC) in a major move that aims to revolutionise the motor insurance sector.
The partnership will see EIC become the first insurance company in the UAE to partner with a startup to catalyse its transformation into a fully-digitised platform to meet the evolving needs of its customers. In addition to improving operational efficiency, EIC customers will now enjoy greater transparency and easier access to purchasing and renewing their motor insurance policy from the comfort of their home or office.
Jason Light, Chief Executive Officer of Emirates Insurance Company, said: “As we move towards an increasingly digital world, it has become apparent to us that our customer base wants to be able to buy their insurance online. We’re committed to continuously evolving our products and services to match these demands.
“We saw Hala Insurance as the ideal partner to help us make this vision a reality due to their impressive track record, as well as the energy, enthusiasm and solid technical skills they have brought to the table. As one of the leading motor insurers in the UAE we saw this exclusive partnership as an excellent way to build our online presence”.
By implementing artificial intelligence and machine learning technologies into its existing platform, Hala Insurance has enabled more than 50,000 customers in the last year to receive motor insurance quotes best suited to their requirements within seconds.
It is also the first insurtech company in the region to facilitate the instant issuance of car insurance policies, while providing additional support services, such as filing accident claims and roadside assistance at the click of a button.
Walid Daniel Dib, CEO of Hala Insurance, commented: “Since day one, our mission has been to bring greater transparency and accessibility to the insurance industry through the integration of technology. With our consumer-focused platform, that has meant taking the guesswork out of buying motor insurance, by first understanding customer wants and needs and then creating an experience that is quick, affordable and hassle-free. We’re proud to now be working with one of the UAE’s most well-established insurance companies to be able to bring this offering to a wider customer base, as we support EIC in their digital transformation journey.”