The first digital insurer in the Middle East, HAYAH Insurance Company P.J.S.C., has partnered with Lumera to offer the first AI-powered insurance product ever created.
Lumera is an InsurTech firm with headquarters in Stockholm, Sweden, and a focus on the digital transformation of the global life and pensions sector. HAYAH is dedicated to serving the needs of both locals and foreigners. Thus, through this collaboration, HAYAH hopes to develop a cutting-edge, comprehensive insurance platform that will serve as the basis for the company’s product line. The platform will feature digital engagement and a seamless user experience that will allow customers to buy policies with a single click.
Mohamed Seghir, CEO, of HAYAH Insurance Company, said, “We are proud to partner with Lumera to become the world’s first AI-powered life insurer. Our mission is to be a true disrupter in our industry, by providing a fully digital insurance experience that is simple and secure. Lumera combines the leading-edge technology we need for a competitive edge with the insurance expertise required to make it work for us.”
With the help of its new insurance platform, HAYAH will offer a completely online service that includes automated Smart Saver products with external advice services, Employee Secure Saver for group pension schemes with member and employer portals, and life insurance for both individuals and businesses with streamlined onboarding and servicing. By offering cutting-edge, technologically oriented solutions, HAYAH hopes to address local concerns regarding savings and protection gaps.
Andrew Hubbard, Chief Business Development Officer, Lumera UK&I, said, “HAYAH acts as an industry pioneer by adopting key digitalization concepts for insurance, including AI for complex decision support and data warehousing. We look forward to continued close collaboration with HAYAH to further their digital insurance leadership.”