PRESSR: Daman expands beyond health insurance to offer new customer services

• GEB Trust manages expatriate employees’ end of service benefits  and offers a personal savings plan for employees

Abu Dhabi, UAE: The National Health Insurance Company – Daman, part of PureHealth, the largest integrated healthcare platform in the Middle East, has announced the launch of its first non-health insurance product, The Daman Gratuity and Employee Benefits (GEB) Trust. Companies can now manage their end of service (EOS) liability for expatriate employees in the UAE and offer employees separate personal savings plan through the new service.

Through the new online platform, employers can fund their EOS liability via a purpose-built trust instead of managing it through business operating cashflows, which is typically the current model. With the Daman GEB Trust, the employee’s EOS benefits are held in a ringfenced account providing enhanced peace of mind and protection.

Employers can also offer a separate personal savings plan as part of the Daman GEB Trust, giving employees the option to allocate a portion of their salary to the Trust and enabling them to manage their personal savings with a choice of investments provided from global asset managers through simple online access. The Daman GEB Trust delivers a more appealing employee package, helping businesses to attract and retain talent in an increasingly competitive market.

Khaled Ateeq Aldhaheri, Chief Executive Officer of the National Health Insurance Company – Daman, commented: “As we look to diversify our product portfolio, the Daman GEB Trust is an exciting first step beyond the health insurance market for us, as well as the culmination of a 15-month journey to develop the product, which fills a growing gap in the market. We are delighted to be partnering with renowned global financial services group Praxis and look forward to leveraging their existing expertise to administer the trusts.”

James Barber-Lomax, Group Head of Pensions & Employer Solutions of Praxis, said: “Partnering with Daman on the launch of the Daman GEB Trust marks a significant development for Praxis, and we are excited to be bringing this pioneering product to the region, which will enable businesses to provide best-in-class structured sponsored benefit plans to their employees through an accessible and highly personalised gateway.

Dan Toft, Senior Executive Officer of Praxis UAE, said: “Over the past ten years, we have gained substantial experience in the provision of employer solutions to clients in the UAE, and we are committed to combining our expertise in this area with cutting-edge digitalisation to deliver future proofed market-leading services. Working with a company of Daman’s pedigree is a fantastic opportunity for us to demonstrate our commitment to this market.”

There are over six million expatriate workers in the UAE, with almost all of them being employed in the private sector and therefore eligible for EOS benefits from their employers. Globally, the trend is moving towards defined contribution schemes and mandatory provision by external providers.

About National Health Insurance Company – Daman

The National Health Insurance Company – Daman is the UAE’s leading health insurer providing comprehensive health insurance solutions to 2.8 million members in the UAE.

Daman is part of PureHealth, the UAE’s largest integrated healthcare platform with an ecosystem that challenges lifespans and reimagines health spans. With 28+ hospitals, 100+ clinics, multiple diagnostic centres, insurance solutions, pharmacies, health tech, procurement, investments and more.

Daman, a pioneer in health care insurance, drives innovation through a combination of state-of-the-art technology and healthcare-related expertise offered by a highly skilled and knowledgeable workforce. Members benefit from added value through unique offerings such as the disease management programmes. Daman provides a 24/7 customer call centre and medical services authorisation team who are in direct contact with Daman’s network of over 3,000 medical facilities. The company also provides a diverse range of digital services that are unmatched in the UAE.

Daman has set high standards in the health insurance industry and has been awarded a number of internationally recognised awards and quality-focused certifications in a relatively short span of time.

MEDIA CONTACTS

Asma Fawaz, Four Agency Worldwide

Email: Daman@four.agency

Safaa Alkatheeri, The National Health Insurance Company – Daman

Email: safaa.alkatheeri@damanhealth.ae

© Press Release 2024

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