Al Hilal Life: Best Life Insurance Provider Middle East 2021
Al Hilal Life offers hope and security to thousands of people in the Middle East, providing life and medical insurance services through offices in Bahrain and Kuwait. The company set the wheels in motion for a digitalization campaign in 2020, just in time when the pandemic sent the businesses racing to bolster their online capabilities. Al Hilal Life launched new products and is enabling online purchase options in 2022 along with various other innovative changes to simplify the customer onboarding process and enrich the overall experience. It has fully embraced the digital transformation and aims to strengthen its online presence, particularly as branch foot traffic declines. It will soon launch some digital products that are new to these markets. The digital platform will allow easier access to Al Hilal’s many takaful savings and protection plans as well as corporate insurance coverage. According to research, the global takaful insurance market is projected to grow from $24.8bn in 2020 to $97.2bn by 2030. Takaful members contribute to a pool system from which claims are paid. Unlike most other insurance types, which can be considered a form of gambling according to Islamic law, takaful is shariah compliant and free from uncertainty. For businesses, it offers group life and medical insurance, as well as coverage against the loss of key personnel or the outstanding debt of deceased borrowers. Al Hilal Life achieved slight growth in 2020, and 2021 profits are higher than the previous year. The CFI.co jury presents repeat winner Al Hilal Life with the 2021 award for Best Life Insurance Provider (Middle East).
