Wednesday 25 December 2024
 
»
 
»
Story

Key partnership to transform UAE’s end-of-service benefits landscape

DUBAI, November 19, 2024

additiv, a global leader in fintech and digital transformation, has entered into a strategic partnership with Hayah Insurance, a UAE-based digital insurance company, to transform the end-of-service benefits landscape across the United Arab Emirates.

The collaboration comes at a pivotal time, following the introduction of new regulations in the UAE in November 2023, which allow employers to opt for alternative end-of-service benefits schemes.

The initiative, supported by the Securities and Commodities Authority (SCA) and the Ministry of Human Resources and Emiratisation (Mohre), represents a significant step towards the UAE's 2031 vision of ranking among the top 10 countries in the Human Development Index.

Hayah Insurance will leverage additiv's innovative technology platform to deliver a fully digital employer and employee experience.

additiv’s platform orchestrates the end-to-end value chain of the end-of-service benefits proposition, from employer and employee onboarding, servicing to termination.

The modular, API-first platform will enable Hayah to expand its offering beyond end-of-service benefits to include holistic retirement and savings planning, as well as wealth management propositions for different customer segments.

Nils Frowein, Chief Executive Officer at additiv, said: "The end-of-service benefits market in the UAE represents a $100 billion opportunity in investable assets.

“Through our partnership with Hayah Insurance, we are bringing cutting-edge technology and innovative solutions to this rapidly evolving space.

“Our platform enables Hayah to offer a sophisticated, fully digital employer and employee experience that aligns perfectly with the UAE's vision for financial sector innovation.

“This partnership exemplifies our commitment to transforming business models in the region through everything-as-a-service solutions.”

Mohamed Seghir, Chief Executive Officer of Hayah Insurance, said: "Our strategic partnership with additiv marks a transformative step in Hayah’s journey.

“By integrating additiv's advanced technology platform with Your Employee Saver (YES) platform, we are creating a comprehensive digital financial ecosystem.

“This collaboration enables us to offer seamless solutions that address both corporate needs, such as end-of-service benefits, and individual wealth management aspirations.

“We're excited to demonstrate how this synergy will empower our clients with unprecedented financial flexibility and personalisation, setting a new standard in the UAE’s financial services landscape with ambitions to scale across the Middle East and North Africa region."

The new proposition offers significant advantages for both employers and employees: Employers receive corporate tax benefits through voluntary participation in the scheme and an improved ability to attract and retain talent, while employees can access personalized investment options aligned with their risk appetite and the flexibility to choose between traditional and Shariah-compliant funds.

Looking ahead, Hayah Insurance plans to expand its partnership with additiv to become a full-service digital wealth manager.

This strategic growth initiative will incorporate additiv's renowned asset and wealth management offerings, further enhancing the value proposition for customers across the Middle East and North Africa. – TradeArabia News Service

 

 

 

 

 




Tags: Digital transformation | Hayah Insurance |

More Travel, Tourism & Hospitality Stories


Markets

calendarCalendar of Events

Partners

4580

Ads

Buy high quality China wholesale Health & Beauty , Electronics, Sports & Outdoors , Computers, Video Games, Toys & Hobbies Cell Phones, Automobiles and other wholesale products directly from reliable Chinese wholesalers or Factories on DHgate.com