GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share
  • 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 : GoDubai Editorial Team
Viewed 6734 times
Posted on : Wednesday, November 14, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : You Better Watch Out: Online and Offline Threats Endanger Payment Card Data
Next Story : Refinitiv Partners with Union of Arab Banks to Create Strategic Networking Platform
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Nothing says ‘I love you' quite like MKS Jewellery Valentine's Day Top Picks
Delightful Duo Of Elegant Timepieces Make For A Special Valentine Day's Gift
Great offers this February on Glambeaute.com
Mesmerizing Gift Sets and Perfume for Her
Classic Smoky Eyes with Essence
Introducing Supergirl Make-Up
Valentine's Day Gifting Guide
The Rado HyperChrome Ultra Light
Chronoswiss Shows Off Twin Limited Edition Flying Grand Regulators
Le Meridien Al Aqah Beach Resort Rolls out Fabulous Deals for February
The Valentine watch collection by Coach
Innovative, Adventurous and Accurate. It's what pilots need in a timepiece. And ...
GUESS Launches JEANS SS19 Collection for Women
GUESS Launches Kids Collection
212 VIP Extra Limited Edition
NuFACE launches in Bloomingdales and Harvey Nichols!
Emirates Post commemorates silver jubilee of Emirates Center for Strategic Studi...
Billy is 40 years old..
Deadline extended to register for first ever Dubai Corporate Sports Championship
Lenovo announces Lenovo Truscale™ Infrastructure Services – a consumption-based,...
The Fall 2019 Michael Kors Collection Runway Show
Chrono 4 Grande Taille Limited Edition - another classy reiteration of an iconic...
Dubai's first building biologist receives global recognition
Turkish Airlines introduces its new The LEGO® Movie 2 Inflight Safety Video, bef...
Pirelli gives New Ice Zero 2 Studded Tyres Their Debut on Ice in Sweden at the W...
Exclusive position in the front row of the grid: The BMW M850i xDrive Coupe Firs...
Is the runway ready for HONOR View20 Moschino edition - the season's most covete...
Caroline Wozniacki chasing more success at Dubai Duty Free tennis championships
UAE supermarket chain Al Maya group to launch products from Woolworths Australia
Robinsons to launch its new luxury lighting department – the latest addition to ...
Valentines Day Gift Guide from Anker
Create a Valentine's meal to remember with LG
Airbus and Emirates reach agreement on A380 fleet, sign new widebody orders
GSK sets to improve antibiotic adherence in the UAE with a new patient-friendly ...
Dubai Cares and UNICEF announce the Dubai Declaration on Early Childhood Develop...
Jaguar Land Rover expands Ingenium family with straight six-cylinder petrol engine
Greece partners with VFS Global to launch Visa Application Centres in the Kingdo...
Abu Dhabi University and Knowledge Group to participate in IDEX 2019
Wellness Saturdays with H Retreats
Okadoc helps UAE patients find a doctor and book an appointment online instantly
10 things you didn't know about Space Grill
39 days shopping extravaganza brought grand success to 13 participating malls
Zayed University inaugurates largest Bloomberg Finance Lab in the Middle East
Customs World develops RIISE: first of its kind leading-edge Customs platform
6.5 million worth of prizes won by jewellery shoppers this Dubai Shopping Festival
Aster doctors rescue 25-day old baby from rare flesh-eating infection
HH Sheikh Saeed Bin Hamdan Al Maktoum Cup First Ever 30 Goal Handicap Exhibition...
The Retail Summit officially opens
Aetna supports Dubai Cares' Walk for Education with sponsorship
WCU: Commodity markets roll over as macroeconomic concerns weigh