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AXA Green Crescent Insurance Company rolled out a workplace savings plan to help UAE employees save for their retirement and improve their financial well-being.
The Employee Secure Saver plan helps employers provide employees with a savings vehicle similar to those available globally, the insurer said in a statement on Monday.
“Many in the country remain unaware that end-of-service benefit in the UAE is unlikely to be sufficient on its own for retirement – a life goal that requires careful planning,” Mohamed Seghir, chief executive of AXA GCIC, said.
Many in the country remain unaware that end-of-service benefit in the UAE is unlikely to be sufficient on its own for retirement
Digital drive boosts insurtech prospects in UAE
Covid-19 accelerated insurance digitalisation to meet customer demand.
85 per cent of insurtechs want to partner with technology providers.
Insurtech is all poised to boom given the disruption brought in by startups coupled with aggressive adoption of technologies by traditional insurers. The challenge to capture the customer’s needs in real-time and to deliver the same is something that the industry has been venturing into for quiet some time. While the digital drive will ease the processes for the players the question is will it make life easier for consumers?
Covid-19 accelerated insurance digitalisation to meet customer demand, according to World InsurTech Report 2020. The report draws on research insights from two primary sources – surveys and interviews with traditional insurance firms and InsurTech firms. The primary research together covers insights from over 175 plus executives across 26 markets including the UAE.
2020-12-04T08:41:00+00:00
AM Best has placed under review with developing implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” of Gulf Insurance Group K.S.C.P. (GIG) (Kuwait) and its subsidiary, Gulf Insurance and Reinsurance Company K.S.C. (Closed) (Kuwait).
The Credit Rating (rating) actions follow the announcement on 30 November 2020, that GIG has signed a purchase agreement to acquire 100% of AXA Insurance (Gulf) B.S.C. (c) (Bahrain), 50% of AXA Cooperative Insurance Company (Saudi Arabia) and 28% of AXA Green Crescent Insurance Company PJSC (United Arab Emirates) for consideration of USD 475 million. A capital injection will be provided to GIG, by its existing shareholders, to help fund the acquisition. The balance is expected to be funded through bank debt, and the earnings of the target companies following year-end 2020.