During 2020, Noor Takaful went through an unprecedented transformation to prepare itself for a post-Covid world. An award-winning insurance company, Noor Takaful has won the prestigious Insurance Brand of The Year 2021 award, conferred by Global Banking and Finance Review), as well as the Best Takaful Company 2021 and Most Innovative Takaful Company 2021, both awarded by World Business Outlook.
The acquisition of Noor Takaful by Dar Al Takaful was completed in July 2020 during the lockdown, and an ambitious integration programme was begun to scale up every business line, modernise the product portfolio, improve services and extract synergies.
The timing of these initiatives proved to be foresightful, and the strategy has borne fruit - with business volumes doubling, and customer satisfaction levels increasing month-on-month.
In the first half of 2021 alone, motor insurance customers more than doubled to over 60,000 vehicles, from a range of distribution channels, especially from tech-savvy brokers and aggregators. As service turnarounds have become faster, customer complaints at Noor Takaful are at an all-time low and insurance renewals are significantly higher (an important indicator of customer satisfaction). The recently launched broker/ intermediary portal has made the end-to-end compare-and-buy experience simple.
Protection plans for the SME sector has been a particular area of focus, for general insurance (fire, workmen’s compensation, contractors all risk, marine, etc). Post-Covid, SMEs now have deeper understanding of risk management, requiring Noor Takaful to improve product features and speed up claims settlements. Its improved claims processes and quick settlements have helped the brand keep its clients’ cash flowing. The claim payments are backed by reputed A-rated reinsurance companies, to ensure adequate risk management.
As a licensed medical insurer in the UAE, in addition to the Participating Insurer license granted by the Dubai Health Authority, Noor Takaful is uniquely qualified to deliver the mandatory healthcare requirements for blue-collar workers in Dubai, and the more demanding and sophisticated requirements of senior management across the UAE.
The recent launch of the International Private Medical Insurance product has targeted senior executives and business persons, at a more convenient price point, by optimising (and even enhancing) the basic protection, and offering a more customisable product.
The Central Bank of the UAE, as the regulator of the insurance sector, has played a key role in driving step-changes in compliance/ reporting, transparency and customer happiness standards. The life insurance business, in particular, is undergoing several changes to meet new regulatory standards.
In line with its vision – Protection and Peace of Mind - Noor Takaful’s strategy is to increase flexible technology-led product features and distribution, improve speed of settlements and exceed customer expectations.