Abu Dhabi, United Arab Emirates – Hala Insurance, the UAE-based insurtech platform built by Addenda Labs LTD and backed by Mubadala, today signed an exclusive strategic agreement with regional industry leader, Emirates Insurance Company (EIC), as part of a major initiative that aims to revolutionize the automobile insurance industry.
Through this partnership, EIC will become the first insurance company in the UAE to partner with a startup to catalyze its transformation into a fully digitized platform to meet the changing needs of its customers. In addition to improved operational efficiencies, EIC customers will now enjoy greater transparency and easier access to purchasing and renewing their auto insurance policy from the comfort of their home or office. their office.
Jason Light, Managing Director of Emirates Insurance Company, said: “As we move into an increasingly digital world, it has become clear to us that our customers want to be able to buy their insurance online. We are committed to continuously developing our products and services to meet these requirements. We saw Hala Insurance as the perfect partner to help us achieve this vision because of their impressive track record, as well as the energy, enthusiasm and strong technical skills they brought to the table. As one of the leading auto insurers in the UAE, we saw this exclusive partnership as a great way to strengthen our online presence.”
By implementing artificial intelligence and machine learning technologies into its existing platform, Hala Insurance has enabled over 50,000 customers in the last year to receive car insurance quotes in seconds. best suited to their needs. It is also the first insurtech company in the region to facilitate the instant issuance of car insurance policies, while providing additional support services, such as accident claims filing and assistance. road in one click.
Walid Daniel Dib, Managing Director of Hala Insurance, said, “From day one, our mission has been to bring greater transparency and accessibility to the insurance industry through the integration of technology. With our consumer-focused platform, that means eliminating the need to buy auto insurance, by first understanding customers’ wants and needs, then creating a fast, affordable, and hassle-free experience. hassle. We are proud to now be working with one of the most established insurance companies in the UAE to be able to bring this offer to a wider customer base, as we support EIC on its digital transformation journey.
In August 2021, Hala raised a $5 million funding round led by Entrance Capital, with participation from Mubadala Investment Company, EQ2 Ventures, Global Founders Capital, 500 Startups and Hambro Perks Oryx Fund. The seed capital was used to fuel the company’s growth by diversifying its product offering to include home insurance policies and entering into strategic partnerships with industry leaders.
About Hala Insurance
Launched in November 2020, Hala Insurance is a platform built by Addenda Labs LTD, a private tech startup based at Hub71 and licensed by Abu Dhabi Global Market.
The company aims to create an insurance technology stack focused on harnessing the potential of AI, big data and machine learning to deliver the easiest, fastest and most efficient auto insurance solutions. profitable to its customers.
For more information and to stay up to date with the latest announcements, please visit: www.joinhala.com
About Emirates Insurance Company
Emirates Insurance Company (EIC) is one of the leading automobile insurers in the United Arab Emirates and a listed company on the Abu Dhabi Stock Exchange (ADX), with A- credit ratings from S&P Global Ratings and AM Best. In 2020, EIC underwrote a Gross Written Premium (GWP) of AED 1.1 billion.
For media inquiries, please contact:
Jason Light – President and CEO
Email: [email protected]