January 17, 2021

AXA GCIC signs up with Policybazaar

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AXA Green Crescent Insurance Company P.J.S.C. (GCIC) has formed a partnership with insurance comparison platform Policybazaar.

With a focus on insurance inclusiveness customers in the UAE will be able to buy a comprehensive term life insurance plan directly via Policybazaar’s aggregator portal.

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.”

Currently one product is available on Policybazaar with more to follow in the first half of 2021.

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.”

Read more: AXA GCIC hires Mohamed Seghir as CEO

AXA to sell regional operations to gig

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