HAYAH Insurance (HAYAH), the first insurance company in the UAE to secure a fund management license from the Securities and Commodities Authority (SCA) in June this year, and a strong contender for UAE’s mainland End-of-Service Benefits (EOSB) Savings scheme, has announced a strategic partnership with additiv, a global leader in fintech, to deliver a comprehensive digital solution for EOSB with customizable add-ons.
This partnership was unveiled at the inaugural “Jalsa” event, part of HAYAH’s educational meeting series for employers, held in Dubai on 18 November 2024.
HAYAH’s commitment to digital transformation in the insurance industry is widely recognized in the UAE and the collaboration with additiv will now see HAYAH leverage additiv’s cutting-edge technology platform to deliver a fully digital employer and employee experience, for managing the end-to-end value chain of the EOSB proposition, from employer and employee onboarding and servicing to termination.
Nils Frowein, Chief Executive Officer at additiv added that additiv’s API-first platform will enable HAYAH to offer a wide range of value-added services, extending beyond EOSB to include personalized retirement, savings, and wealth management solutions for employees.
As an example, Adil Saghir, Head of Pension and End-of-Service Benefits at HAYAH, demonstrated the new HAYAH Pension Calculator at the event. This free, user-friendly tool is designed to help UAE residents assess their retirement preparedness. Considering factors such as age, retirement destination, desired lifestyle in retirement, risk appetite, and current savings, the AI-enabled tool runs thousands of simulations to forecast the likelihood of meeting retirement goals and indicates how much needs to be saved each month. A screenshot of HAYAH’s Pension Calculator is presented below.
“This partnership with additive is strategic and transformative for HAYAH as it will create a comprehensive digital financial ecosystem by integrating additiv’s technology platform with HAYAH’s Your Employee Saver (YES) platform to offer seamless solutions that address both corporate needs, such as EOSB management, and individual wealth management aspirations.” said Mohammed Seghir, Chief Executive Officer of HAYAH.
HAYAH currently serves over 350 companies and 300,000 employees across the GCC with innovative life, medical, and savings solutions. Licensed by the Central Bank of UAE, HAYAH currently offers a voluntary corporate pension product called Employee Secure Saver, while regulatory approval is awaited to launch a solution that is compliant with Cabinet Resolution 96.
More market updates to follow in our upcoming articles. Subscribe to our newsletter for direct notifications so you don’t miss out.
