Abu Dhabi, UAE– Hala Insurance, the UAE-based insurtech platform built by Addenda Labs LTD and backed by Mubadala, today signed an exclusive strategic agreement with regional industry leader, Emirates Insurance Company (EIC) in a major move that aims to revolutionize the motor insurance sector.

The partnership will see EIC become the first insurance company in the UAE to partner with a startup to catalyze its transformation into a fully-digitized platform to meet the evolving needs of its customers. In addition to improving operational efficiency, EIC customers will now enjoy greater transparency and easier access to purchasing and renewing their motor insurance policy from the comfort of their home or office.  

Jason Light, Chief Executive Officer of Emirates Insurance Company, said: “As we move towards an increasingly digital world, it has become apparent to us that our customer base wants to be able to buy their insurance online.  We’re committed to continuously evolving our products and services to match these demands.  We saw Hala Insurance as the ideal partner to help us make this vision a reality due to their impressive track record, as well as the energy, enthusiasm and solid technical skills they have brought to the table. As one of the leading motor insurers in the UAE we saw this exclusive partnership as an excellent way to build our online presence”.

By implementing Artificial Intelligence and machine learning technologies into its existing platform, Hala Insurance has enabled more than 50,000 customers in the last year to receive motor insurance quotes best suited to their requirements within seconds.  It is also the first insurtech company in the region to facilitate the instant issuance of car insurance policies, while providing additional support services, such as filing accident claims and roadside assistance at the click of a button.

Walid Daniel Dib, Chief Executive Officer of Hala Insurance, commented: “Since day one, our mission has been to bring greater transparency and accessibility to the insurance industry through the integration of technology.  With our consumer-focused platform, that has meant taking the guesswork out of buying motor insurance, by first understanding customer wants and needs and then creating an experience that is quick, affordable and hassle-free.  We’re proud to now be working with one of the UAE’s most well-established insurance companies to be able to bring this offering to a wider customer base, as we support EIC in their digital transformation journey.”

In August 2021, Hala raised a USD 5 million funding round led by Entrée Capital, with participation from Mubadala Investment Company, EQ2 Ventures, Global Founders Capital, 500 Startups, and Hambro Perks Oryx Fund.  The seed capital has been used to fuel the company’s growth through diversification of its product offering to include home insurance policies and by securing strategic partnerships with industry leaders.

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About Hala Insurance

Launched in November 2020, Hala Insurance is a platform built by Addenda Labs LTD, a privately owned tech startup based in Hub71 and licensed by Abu Dhabi Global Market.  

The company aims to build an insurance tech stack focused on unlocking the potential of AI, big data and machine learning to offer the simplest, quickest and most cost-effective car insurance solutions to its customers.

For more information and to stay up to date on latest news announcements, please visit: www.joinhala.com

For media enquiries, please contact:
Sara Yaghoubi – Head of Marketing
E-mail: sara@joinhala.com
Manal Shaikh
E-mail: manal@trybecomms.com

About Emirates Insurance Company

Emirates Insurance Company (EIC) is one of the UAE’s leading motor insurers and a publicly listed company on the Abu Dhabi Securities Exchange (ADX), with A- credit ratings from both S&P Global Ratings and AM Best. In 2020, EIC underwrote Gross Written Premium (GWP) of AED 1.1 billion.

For media enquiries, please contact:
Jason Light – Chief Executive Officer
E-mail: Jlight@eminsco.com