UAE-based HAYAH Insurance today (6 February) launched a strategic initiative to welcome independent financial advisers (IFAs) into its network in what it described as a "bold move to shake up the UAE’s insurance, pensions, and savings industry for the benefit of consumers". 

Building on its expertise in digital services, designed for transparency and ease of use, HAYAH will now partner with select IFAs to give customers the choice of accessing its products through digital channels and via human advisers.

By partnering with IFAs, HAYAH said it aimed to extend access to its digital solutions, simplifying processes and enhancing efficiency for customers in stark contrast to the paperwork-heavy approaches prevalent in the region.

Mohamed Seghir, CEO of HAYAH Insurance, said: "Our partnership with IFAs will mark a significant milestone in HAYAH's journey. We're harnessing digital innovation to transform the savings experience in the UAE, ensuring that financial planning is accessible, transparent, and aligned with our customers' evolving needs.

"By integrating IFAs into our digital ecosystem, we're not only enhancing the customer experience but also empowering financial advisers with tools that streamline processes and focus on their customers’ needs, enabling the development of a culture of informed and effective financial planning."

Research shows that expatriates in the UAE, who make up the bulk of the country’s population, are not saving enough for their future. A significant proportion of the expat community saves less than 5% of their monthly income, with only a small fraction prioritizing retirement planning. Moreover, the volume of outbound remittances, worth some $43bn in 2021, indicates that many are missing out on the Gulf’s many investment opportunities.