UAE-based Islamic Arab Insurance Company (SALAMA) has unveiled an online General Takaful solution in partnership with financial marketplace Policybazaar.ae.
The new product is designed for non-GCC specification cars, said to be the first of its kind. Munich Re will be the one providing reinsurance-related solutions for non-GCC spec cars.
“Insuring non-GCC spec cars used to pose a greater risk to auto insurers because they were not designed for Gulf conditions. The only available option was to purchase third-party liability insurance, which resulted in a long waiting period to obtain a quote,” SALAMA explained in a joint statement.
Approximately 10% of searches on Policybazaar.ae are for cars with non-GCC specs, according to Policybazaar.ae’s CEO, Neeraj Gupta.
The new product is part of SALAMA’s digital initiatives. The Takaful operator has been investing in boosting its digital and online capabilities. The firm attributed its 7.5% year-on-year growth in 2021 assets under management as well as enhanced operational efficiency to its customer-centric and digital transformation measures, among others.
Among the measures rolled out include the introduction of API-based services, upgrading its motor business-to-consumer portal and the launch of five online Takaful products (pet, motor, medical, home content and term life solutions).
“Partnering with Policybazaar.ae is in line with our commitment to provide a seamless and fast online insurance experience for all our customers, especially for owners of non-GCC specs vehicles who have not had the access to comprehensive auto insurance coverage in the past. This is a great example of how we are working together to solve an existing challenge and ensure that reliable Takaful solutions are accessible to all consumers,” Fahim Al Shehhi, CEO of SALAMA, commented.