Digital insurance pioneer HAYAH partners with Lumera to co-create their next-generation platform, including AI-powered policy administration.
Stockholm, December 6, 2022 – Lumera, a leading insurtech company dedicated to the digital transformation of the international Life and Pensions industry, has entered an agreement with HAYAH Insurance Company to deliver a next-generation, AI-powered insurance solution. Based in the United Arab Emirates, HAYAH is the Middle East region’s first fully digitalized insurer, specializing in life, medical and savings.
HAYAH is adopting a range of Lumera technologies to build a comprehensive insurance platform which will underpin the company’s entire offering, with digital engagement and a seamless user journey that enables clients to purchase policies with one single click.
This end-to-end solution will extend from the online client experience to supporting HAYAH’s daily operations with advanced policy administration functions, including claims, compliance and reinsurance.
“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,” says Mohamed Seghir, CEO, HAYAH Insurance Company.
HAYAH will leverage its new insurance platform and provide an all-online offering, including an automated Smart Saver product with external advice service, Employee Secure Saver for group pension schemes with member and employer portals, life insurance for individuals as well as business with simplified onboarding and servicing.
Insurance applications are characterized by large volumes of data and complex business rules, which presents highly promising use cases for state-of-the-art AI. Lumera has therefore set out to introduce the world’s first AI-powered policy administration system, with a roadmap which closely matches HAYAH’s business strategy.
“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,” says Andrew Hubbard, Chief Business Development Officer, Lumera UK&I.
For more information, please contact:
Lumera
Mats Lillienberg, Group CEO, Lumera: +46 70 848 81 87, mats.lillienberg@lumera.com
Andrew Hubbard, CBDO, Lumera UK&I: +44 7824 389505, andrew.hubbard@lumera.com
Christine Blinke, CMO, Lumera: +46 73 668 60 08, christine.blinke@lumera.com
HAYAH Insurance Company
All media enquiries to media@hayah.com
About Lumera
Lumera is dedicated to the digital transformation of the international Life and Pensions industry. As insurtech innovators, we are introducing AI-powered automation and business analytics to policy administration. The Prudent Revolution is our mission – bridging technology and partnership to navigate the fastest, safest path through complex change for L&P providers. With a faultless track record from extensive migration projects, Lumera combines our cloud-native policy administration platform with deep domain expertise.
www.lumera.com
Follow Lumera on social media: LinkedIn, Facebook and Twitter.
About HAYAH
HAYAH is the UAE’s digital insurance company, specializing in life, medical and savings and providing a fully digital experience that is simple, secure and time-saving. HAYAH aims to transform the regional insurance landscape by utilizing cutting edge technology to provide truly affordable and accessible solutions. HAYAH Insurance Company P.J.S.C. is registered with the Central Bank of the UAE and listed on the Abu Dhabi stock exchange.
www.hayah.com