Abu Dhabi, United Arab Emirates: HAYAH Insurance Company PJSC, a leading provider of life, medical, and savings protection in the UAE, and Assurly, a France-based pioneer of digital loan insurance, announced a new partnership today that’s set to transform the UAE’s mortgage insurance market by providing property owners with transparent, affordable, accessible ‘insurtech’ solutions.
The two companies’ Memorandum of Understanding (MOU) comes after a period of significant growth in the UAE’s real estate market, particularly in Dubai, with experts forecasting further expansion stimulated by new Visa initiatives. To ensure the stability of the market, the Central Bank of the UAE now requires property owners to purchase mortgage insurance and has given them freedom to choose their preferred supplier.
Mohamed Seghir, CEO of HAYAH Insurance Company PJSC, said: "We are thrilled to embark on this strategic partnership with Assurly. Their innovative approach to insurtech aligns perfectly with HAYAH's mission to simplify insurance and empower our customers to make informed decisions. By working together, we aim to revolutionize the mortgage insurance market in the UAE, ensuring greater transparency, efficiency, and a seamless digital experience for our customers."
Toufik Gozim, CEO of Assurly, added: "Collaborating with HAYAH Insurance, a forward-thinking and customer-centric company, is a significant milestone for Assurly. Our partnership will enable us to jointly transform the mortgage insurance landscape in the UAE, making it more accessible, transparent, and user-friendly. As we continue to leverage technology to humanize insurance, we believe that our alliance with HAYAH will set new standards for the industry and positively impact the lives of countless customers."
Against a backdrop of higher inflation and rising interest rates, HAYAH and Assurly want to make life easier for UAE residents and to play a part in reducing their cost of living. Through their digital partnership they will provide transparent coverage options to ensure customers receive the most suitable products for their needs, and they will offer cover directly to customers to avoid the additional costs of sales via intermediaries.
