Who are we?
Benefits for Expats is the First Insurance
company based in the UAE
What do we do?
With specialization in the dispensations of pre-underwritten OTC Insurance products, we offer fully digitized infrastructure solutions for Reinsurers, Insurers and Intermediaries.
The pandemic has forced businesses to critically relook at their respective value propositions and reinvent themselves in more ways than one. We at Benefits for Expats understand that the change has not been easy; the entire insurance industry has been left grappling with more challenges than ever before, which segment to go after, what products to manufacture, digitization and related go-to-market strategies, which distribution channels to invest into, and how should underwriting evolve in this sudden digital environment, legacy system enhancements, plummeting volumes, driving efficiencies and lowering the cost of conducting business, and most importantly, identifying what their customer looks like.
We have been able to identify an untapped client segment and develop an end-to-end digital solution which allows the entire supply chain to address most of the above challenges in a highly efficient and cost-effective manner.
The target Segment: The low-income mass-market segment. This segment offers a new client base volume upwards of 65-70% in any country. Unfortunately, while this segment attributes to a considerable percentage of the country’s population, there are no products, no distribution channels, and no IT solutions to enable insurers and intermediaries to start focusing on the same. Bearing this in mind, we have developed a one-of-its-kind end-to-end digital system for OTC (Over the Counter) products. The system has multiple modules as below.
Reinsurance Module: This module allows reinsurers to design, price and deploy endless variations of an OTC Group Life, Life Insurance, Critical Illness, Disability and Terminal Illness products and then assign the same digitally to respective insurers.
Insurer Module: This module allows the Insurer to effectively deploy a multi-channel go-to-market distribution strategy (FOS, Banks, Brokers, Affinity Partners, telesales and web channels) without dependence on its legacy system.
Sales Module: This module allows the distribution partner, or for that matter, every front-line sales representative, to monitor their own business, track premium payments, commissions and lapsations and proactively drive higher persistency levels.
The system provides accounting, claims, audit, commissions, and sales functionalities across all modules and user hierarchies.
We operate on a subscription-based revenue model, which entails zero initial investment by our reinsurance or insurance partners.
What’s in it for the Reinsurer?
The system allows the Reinsurer the flexibility to design endless variations of products. Upon signing the same with an Insurer, offer both the product and the digital solution in a box, reducing the sales-initialization time considerably. All this comes to the reinsurer without the addition of any new cost, which in turn, helps in driving down the cost to end consumers.
What’s in it for the Insurer?
The insurer dramatically reduces the go-to-market duration, allowing for highly aggressive sales play across multiple distribution channels.
What’s in it for the Distribution?
With the introduction of low-cost, OTC life insurance products that can be sold digitally, our distribution partners can tap into their existing client bases and build new, recurring revenue streams. In addition to this, a multi-product client relationship allows for more engaged clients and drives loyalty across various lines of business. Clients keep coming back for all their insurance needs.
What’s in it for the end Consumer?
For the first time in the country’s history, consumers have direct and independent access to affordable income protection and income replacement products.
What’s in it for the Country?
With the digitisation of such products, the country can look forward to a sharp increase in the insurance penetration and the protection levels of its residents. In some ways, we are enabling the privatization of social benefits for this segment. We are well aligned with the Governments vision to create equality for all its residents and to provide adequate financial protection for everyone.