Benefits for Expats is a highly customized, membership-based benefits program for
UAE based expats, especially the low-income segment.
We aim at providing all our members with a unique combination of an exclusive money-saving discounts program and free comprehensive Life Insurance (Income Protection), Critical Illness, and Disability Insurance benefits (income replacement) at the most affordable price point.
It's a known fact that the mass market or the low-income expat segment is the least paid in the Middle East (ME). While these individuals work hard in the background to make our lives easier and fuller, they can rarely access any special privileges that can help them save their hard-earned money or avail of any protection benefits.
Employers currently provide the most basic employee benefits such as Workman Compensation (restricted to provide death cover during working hours only), mandatory In-Patient Medical coverage (limited to medical emergencies), and (rarely seen) Group Life cover for this segment. However, these limited benefits leave a considerable gap between the actual needs of the expat workers, forcing them to fend for themselves for all emergencies. For example, a simple root canal treatment (out-patient) would cost anything between AED 700 to AED 1500, which the employee must pay from his pocket. The cost of treatment acts as a deterrent to undergoing the procedure, resulting in unnecessary complications later.
Our market research conducted across multiple labour camps shows a widespread sense that their working conditions are sub-optimal. As a result, various groups of 20-30 workers generally contribute AED 15 to 20 per month towards an emergency fund to support a member in case of any financial eventuality. However, basis their limited resources, the maximum amount is capped at AED 2,000 only.
Another noticeable insight obtained from the market research shows that most businesses tend not to target the wallet share across this segment or offer any special discounts to attract their business. But, on the other hand, numerous Loyalty Programs are being offered across the board for the wealthy or well-to-do expats, e.g., banks have partnered with providers such as 'Entertainer', Carrefour offers 'Share', Landmark offers 'Shukran'.
Benefits for Expats is our way of creating a unique benefits program for them. They can save money by availing special discounts and offers across a wide range of businesses such as healthcare, shopping, dining, wellness, etc.! Moreover, when they become our members, they also start getting our embedded protection benefits which can help protect their future income in the event of any eventuality.
The low-income segment comprises approximately 4.5 million expat workers in the UAE alone, falling within the fixed salary range of AED 1,100 to AED 10,000. This number further swells up to over 10 million across UAE, Bahrain, Oman, Qatar and Kuwait. We aspire to test our value proposition in the UAE and gradually expand our footprint across ME, followed by going global.
We are committed to building a low-cost, all-digital financial services eco-system for this segment wherein our members will be able to transact all-things-finance under one umbrella. The new services under consideration are sharing essential tips on financial literacy, micro-savings, remittance, medical for dependants in the home country, etc. Thus, we intend to drive economic well-being across all strata of life and ensure the availability of adequate financial continuity for our members.
Via our efforts, we are also attempting to improve the quality of living for this segment, and at the same time, help the country increase its meagre insurance penetration levels.