Lookinsure, Methaq partner to introduce innovative car insurance solutions

In line with the vision of UAE Innovates 2025, Lookinsure and Methaq Takaful announced a public partnership. This collaboration integrates one of the UAE’s online insurance platforms with Methaq Takaful Insurance Company, a Shariah-compliant innovative car insurance solutions provider.

Focusing on InsurTech innovation, the partnership aims to address the growing demand for tailored insurance products that accommodate the principles of Islamic finance.

The two companies reaffirmed their commitment to providing car insurance in Dubai and all other Emirates.

They aim to innovate and adapt to evolving market demands. The partnership between Lookinsure and Methaq Takaful Takaful allows them to integrate Islamic finance principles into elevated customer experiences.

By embedding Islamic finance principles into their offerings, Lookinsure and Methaq Takaful underscore their dedication to serving Sharia-conscious customers, a vital segment of the UAE's diverse demographic.

Alireza Golzadedh, Commercial and Operations Manager at Lookinsure, spoke about the reasons behind the partnership and their goals:

“Methaq Takaful Insurance Company is one of the leading motor insurance providers in the UAE, and their commitment to their liability is a top priority. Together, we aim to enhance customer experience by offering competitive car insurance options, streamlining digital processes, and driving innovation to improve policy issuance, pricing, and retention. This will be achieved by enabling seamless digital integration, AI-driven pricing models, and enhanced customer experiences.”

The partnership aims to leverage cutting-edge technologies, including artificial intelligence and machine learning, which can significantly enhance risk assessment and pricing accuracy and thus improve overall customer satisfaction. This initiative is particularly critical as the UAE insurance market is witnessing rapid growth, with an estimated market size expected to reach $15 billion by 2025.

The two companies aim to elevate the region's standard of car insurance services by integrating advanced technologies and customer-centric strategies.

As part of their initiative, Lookinsure and Methaq Takaful are dedicated to fostering innovation and ensuring that their offerings evolve in tandem with the dynamic needs of UAE consumers.

This forward-thinking approach reflects their corporate vision and positions them at the forefront of the insurance sector within the region.