Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Takaful Emarat (‘the Company') reports financial results for the 9-month period ended September 30, 2018
 
  • The Company reports net profit of AED 9.1 million for the 9 months ended September 30, 2018, an increase of AED 7.6 million compared to the same period in 2017
  • The Company maintains its focus on Digitization and Artificial Intelligence development 
Dubai, UAE 14th November 2018,   Takaful Emarat (“the Company”), the DFM-listed, Shariah-compliant life, health and general takaful provider and the largest takaful insurer in the UAE, today announced its financial results for the period ended September 30, 2018. 
 
Key Financial Highlights 
  • Net profit for the 9-month period ended September 30, 2018 is AED 9.1 million, an increase of AED 7.6 million year on year 
  • Net profit for the 3-month period ended September 30, 2018 increased by AED 6.1 million year on year
  • Gross Contribution for the 3 months ended September 30, 2018 is 25% higher year on year, increasing by AED 32 million
Commenting on the results, Mohammed Al Hawari, Executive Board member and Managing Director of Takaful Emarat, said:
“I am pleased to report strong performance for Q3 2018, which reflects the on-going business efficiencies we have made across our Group as we continue to digitize our business. Our research and development teams are busy working with Artificial Intelligence and Blockchain technologies to develop more efficient products and services as we look towards the future of the insurance industry. In addition, working closely with Apple, we have also adopted Device-as-a-Service solution for our enterprise devices, which has helped to accelerate our product sales, services and deliveries through paperless processing.  
 
I am pleased to add that our team also has recently been awarded accolades such as “UAE Insurer of the Year” & “Takaful Insurer of the Year” which underpins our ambition to drive change within our industry.
 
These are very exciting times for our team and under the leadership of our CEO Fadi Hindi, we remain focused on delivering long term growth and shareholder value.”    
 
Key Operational Highlights:
 
During the first nine months of 2018, the Takaful Emarat business has been transformed by investing in digital and new technologies. This has provided customers with user-friendly services that are available 24/7 across multiple platforms.   At the same time, the Company’s corporate culture has also been transformed to become more agile and focused on accelerating growth. 
 
As part of this strategy, the Company successfully launched the new ‘tlife’ brand for its life and medical businesses with its general insurance business, post the acquisition of Al Hilal Takaful, being rebranded as ‘tinsure’ during this period. 
 
In July 2018, the Company received the final approval from the Insurance Authority to acquire Al Hilal Takaful, which provides general Takaful products and services to individuals and corporates, and become upon completion of the acquisition, part of one of the largest Takaful group in the UAE.
 
To support this growth, the Company also moved to a new 12,000 square feet state-of-the-art office, strategically located on Sheikh Zayed Road and with a dedicated high-tech Customer Service centre for walk-in customers. To further optimise business efficiencies, Takaful Emarat has become the first business in the Middle East to adopt a paperless strategy by deploying Apple devices for its sales force as well as back-office operations, leveraging cutting-edge technologies. The Device-as-a-Service solution for Apple devices has helped to accelerate product sales, service and delivery through paperless processing and ultimately has greatly improved operational efficiencies by reducing costs of using and maintaining enterprise devices.   
 
In addition, Takaful Emarat has integrated Artificial Intelligence (AI) solutions across its lines of business to enhance fraud detection in medical claims, in addition to adopting blockchain Pilot Projects to identify fraud in Life insurance underwriting.  Added to this, Takaful Emarat has also introduced its own intelligent chat bot (‘tbo’) to enhance customer journeys. At the heart of tbo is one of the most sophisticated interactive chat bot systems on the planet. With tbo, Takaful Emarat has a 24/7 customer support system that never sleeps and always delivers.
 
From a new product perspective, the company has also introduced a new enhanced individual medical plan “Personal Health +”. Under this new plan, starting from just AED 6,000 – 7,000 per year, an individual can receive healthcare coverage up to AED 1 million.   
 
The Company remains strategically well positioned to deliver long term growth.


Posted by : Dubai PR Network Editorial Team
Viewed 9156 times
PR Category : Banking & Investments
Posted on : Wednesday, November 14, 2018  4:47:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : You Better Watch Out: Online and Offline Threats Endanger Pa...
Next Story : Refinitiv Partners with Union of Arab Banks to Create Strate...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Tonda 1950 Stone-set range' [10913-Views]
Parmigiani Fleurier Kalpagraphe Chronometre Titanium [9766-Views]
Colourful Anniversary Limited anniversary edition now available in new colors [8162-Views]
Toric Hémisphères Rétrograde Slate The traveller's watch featuring a new guilloché dial [6893-Views]
Special edition 2019 Ford Expedition ‘Turath' arrives in Al Tayer Motors and Premier Motor... [6576-Views]
Aston Martin Valkyrie Wows Crowds on Public Debut at Silverstone [6429-Views]
Sports Collection - Autumn Winter 2019 [6094-Views]
Salvatore Ferragamo Timepieces – Summer 2019 Collection [6033-Views]
Happy Eid with Corum Golden Bridge Round 39 [5771-Views]
Picnic Indoors This Summer with Marks & Spencer [5417-Views]
The inauguration of codeshare flights between Kuwait and Istanbul-Sabiha Gökçen Airpo... [5203-Views]
Kitchen Hacks: 8 Clever Ways to Smart Storing [5197-Views]
Tissot Heritage 1973 The racing legacy [5130-Views]
Ralph Lauren at The Championships, Wimbledon – Wednesday 10th July [5081-Views]
Schneider Electric's Biggest Engineer-to-Order Factory in Asia Utilizes IIoT Technology an... [5008-Views]
The Perfect Shave Kit for your Summer Travels [5008-Views]
Ralph Lauren at The Championships, Wimbledon – Sunday 14th July [4569-Views]
Summer Skin Rituals with SUKIN [4422-Views]
Peugeot announces sizzling summer offers [4227-Views]
Union Coop Reports 20% Growth in Net Profit for the First half of 2019 [4069-Views]
Ride Into the New School Year with the Coolest Gear [4008-Views]
IHG signs world's largest voco with Maad International in Saudi Arabia [3953-Views]
Summer-ready BABY-G G-Lide BAX-100 makes splash this hot season [3520-Views]
FW 2019 Amazone' [3483-Views]
Robotics and Automation to the Fore at Materials Handling Middle East [3392-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories