Takaful Emarat announces website revamp

Takaful Emarat, the DFM-listed, shari'ah-compliant life and health insurer, has announced a revamp to its website to offer more capabilities for customers. Takaful Emarat has seen an increase in visits to its website over the last year and sees this investment in technology, which is funded through the proceeds of its recent rights issue, as the next step in its innovation strategy and growth trajectory.

The expansion of accessibility to insurance through technology supports the growth of the global takaful insurance market, which is expected to reach US$20 billion, up from current estimates of US$14 billion, according to research by EY. Demographics in the MENA region support insurance growth particularly in personal lines, which currently make up 16% of the market, compared with 56% globally, according to the Qatar Finance Centre.

The website refresh will be delivered in two phases. The first phase focuses on offering customers easy access to product information and a modernised feel while the second phase, which is due to come online in the second half of 2016, will encourage customers to have a digital dialogue with Takaful Emarat by requesting insurance quotes and filing claims online. From a corporate perspective, investors have a more transparent insight into the company’s financial performance, with a comprehensive library of financial reports, up-to-date stock prices, governance structure, details about the management, company strategy and business model underpinning its performance as a one of the fastest growing companies in the UAE’s takaful insurance sector.

The platform offers real-time access to a fund’s performance and financial reporting tools. In the second half of the year, Takaful Emarat customers will be able to play an active role in managing their own policies online by adding or deactivating policy features as required and filing claims from a desktop or from the smartphone-enabled website. In this second phase of the website revamp, Takaful Emarat will also be able to offer potential customers instant life or health insurance quotes 24x7.

The refreshed website, along with recently announced distribution agreements with RAK Bank and Emirates Islamic Bank, extends the company’s access to new customers by digitising processes that have traditionally been limited to office opening hours or the availability of financial consultants. It also appeals to the UAE population’s increasing inclination to transact using digital technology.

Takaful Emarat’s Chief Executive Officer Wael Al- Sharif said: “The digitisation of life and health insurance has great benefits for our existing customers who can manage their insurance needs at their own convenience and take a more proactive role in planning for their future. Increasing accessibility to information about suitable investments, savings and health and life plans through technology also helps the previously uninsured and lower-income consumers to take control of their finances and wider life plans. For our investors, the updated website provides essential information about the company’s performance and strategy, increasing our transparency to enable a more informed investment decision.”

Maybank launches Etiqa Life Insurance in Singapore

Source: Etiqa Insurance website.

The Maybank Group has increased its presence in Singapore with the launch of its insurance arm Etiqa Insurance, which will now sell its life insurance products at Maybank’s 22 branches in Singapore.

Etiqa provides general insurance and takaful solutions. It has been present in Singapore for the past 50 years as a branch of its Malaysian office. Today, Etiqa is the exclusive insurance provider for the Housing and Development Board (HDB) fire insurance scheme.

Following the approval by the Singapore Monetary Authority of Singapore on 13 June 2014, Etiqa is now a licensed life and general insurance company. This marks the company’s foray into the local life insurance market.

Datuk Lim Hong Tat, CEO of Maybank Singapore and Head of Group Community Financial Services said, “Etiqa’s entry into Singapore’s life insurance market will provide consumers with greater choice and will ensure that our customers are served more holistically by all of us in the Maybank Group.”

Lim added, “We’re looking to Etiqa to increase Maybank’s market share and presence in Singapore. This is an exciting time for us, and we’re confident that Etiqa’s offerings will be welcomed by consumers as we continue to deepen our relationship with them.”

Maybank Singapore's bancassurance revenue has been growing at an average annual rate of more than 50% over the last three years.

“Life insurance will continue to be a cornerstone in a consumer’s financial portfolio,” said Sue Chi Kong, CEO of Etiqa Insurance.

“The life insurance industry achieved a 24% growth for the first quarter of the year1, and continues to make strong headwinds as it remains an area of focus among the public.

“Coupled with the rising affluence in Singapore and increasing awareness about the need to plan for retirement and other life needs, we see strong potential in this sector and are proud to be expanding our offer from general to life insurance to make a difference in the life of our customers,” Sue said.

“Etiqa firmly believes in placing people over policies, backed by its promise to understand consumers’ needs and to make insurance easy to understand.”

Etiqa aims to be a Top 10 life insurer in Singapore within the next five years. The launch of Etiqa comes at the conclusion of Maybank’s 10-year partnership with Prudential Assurance. Under the agreement of 2004, Maybank exclusively offered Prudential’s life insurance products through its sales channels in Singapore.

Etiqa will launch 12 products and nine riders in Singapore to address the protection and savings needs of customers. To celebrate the company’s launch, Etiqa will be running a series of promotions and road shows. Customers can visit any Maybank branch for more details.