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AXA Green Crescent Insurance Company P.J.S.C. (GCIC) has formed a ground-breaking partnership with Policybazaar, one of the Middle East’s leading insurance comparison platforms. AXA GCIC was established in 2014 to offer life protection, as well as savings plans to individuals and corporates in the UAE and the GCC.
With a focus on insurance inclusiveness (i.e. making life insurance affordable and easily accessible to everyone), for the first time ever, customers in the UAE will be able to buy a comprehensive term life insurance plan directly via Policybazaar’s aggregator portal. AXA GCIC’s cutting edge platform supports a fully digital process, with customers being able to obtain their policies in just a few clicks through any device of their choice.
Commenting on the partnership, Adel Benachour, Head of Life at AXA GCIC, said; “We are delighted to partner with a market leader such as Policybazaar, which shares our passion for delivering innovative solutions. Together, we developed a first of its kind automated assessment approach to allow customers to buy and access their policies immediately without needing to visit a medical facility.”
“The insurance market is rapidly growing in the region, however, many insurance products such as term life insurance are still perceived as a luxury. We are committed to further raising insurance awareness for UAE residents and making our products easily available and affordable, which we hope will close the current protection gap. In line with our efforts to improve transparency and simplicity in the insurance industry, we have ensured that the charges are clearly shared with our customers in simple language with no hidden fees.”
The first product available through the Policybazaar platform is Life Protect, an innovative solution that aims to encourage customers to protect themselves and their loved ones from financial hardships that they might face in the event of death or illness. Other protection products also due to be launched in the first half of 2021 including – Simple Life (a yearly term life product) and Hospital Cash (provides a cash payment and medical reimbursement in the event of hospitalisation).
Neeraj Gupta, Chief Executive Officer of Policybazaar UAE, said; “At Policybazaar, our ethos has always been to bring more consumer-focused products on the platform. Since the beginning of this year, we have seen a significant increase in demand for term insurance. The current pandemic is forcing a change in the consumer
attitude towards pure protection insurance plans. This is a positive development that will increase pure term life insurance penetration in the UAE, which currently stands at around 0.7 percent.
AXA Green Crescent Insurance Company has always been at the forefront in creating consumer-centric products and in the future, we plan to bring more of such innovative insurance products in partnership with AXA Green Crescent Insurance Company.”
AXA GCIC’s life insurance products are fully validated by the Insurance Authority and are in line with the life insurance regulation introduced in October 2020.
For more details on Life Protect, please visit URL directing to Policybazaar customer journey.
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FOR MORE INFORMATION:
AXA:
Tony Hamad
Head of Marketing, Brand & Communication
Tony.Hamad@axa-gulf.com
+971 4 447 6181
WEBER SHANDWICK:
David Ross
Senior Account Director
DRoss@webershandwick.com
+971 4 445 4260
ABOUT AXA
AXA, one of the largest global insurers, is a worldwide leader in Insurance and Asset Management with a purpose of empowering people to live a better life. In the Gulf region, AXA has been present for 70 years, offering a wide range of insurance products and services for corporate, SME and individual customers.
AXA Green Crescent Insurance Company P.J.S.C. (AXA Green Crescent) is registered on the Abu Dhabi Stock Exchange and was created in 2014 with an aim to offer life protection and savings plans to individuals and corporates and businesses in the UAE and the GCC. With a single-minded aim to put customers first, AXA focuses on empowering its customers by tailoring its services and products to serve them better. Click here for live financial information on AXA GCIC.
AXA GCIC is committed to conduct its business according to the highest standards of honesty and integrity. Click here to learn more about our Compliance and Ethics Policies.
For more information, visit https://www.axa.ae/en/axa-greencrescent
© Press Release 2021
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