Daman extends beyond health insurance to offer new services to the client

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

Abu Dhabi, United Arab Emirates: 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-medical insurance product, The Daman Free and Employee Benefits (GEB). Businesses can now manage their End of Service Liability (EOS) for expatriate employees in the UAE and offer employees a separate personal savings plan through the new service.

Through the new online platform, entrepreneurs can fund their EOS liability through a purpose-built trust rather than managing it through business operating cash flows, which is typically the current model. With the Daman GEB Trust, employee EOS benefits are held in a capped account providing greater peace of mind and protection.

Employers can also offer a separate personal savings plan as part of the Daman GEB Trust, which gives employees the option to allocate a portion of their salary to the Trust and allows them to manage their personal savings with a choice of investments provided by global asset managers through simple online access. Daman GEB Trust offers a more attractive employee package, helping companies attract and retain talent in an increasingly competitive market.

Khaled Ateeq Aldhaheri, CEO of 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 partner with the renowned global financial services group Praxis and look forward to leveraging their existing expertise in administering trusts.

James Barber-Lomax, Group Head of Pensions and Employer Solutions at Praxis, said: Partnering with Daman on the launch of the Daman GEB Trust is an important development for Praxis, and we are delighted to bring this product pioneer in the region, which will enable companies to offer best-in-class structured sponsored benefit plans to their employees through an accessible and highly personalized gateway.

Dan Toft, Senior Executive Director of Praxis UAE, said: Over the past ten years, we have gained substantial experience in providing enterprise solutions to clients in the UAE, and we are committed to combining our expertise in this area with the cutting edge. digitization to provide future-proof market-leading services. Working with a Damans pedigree company is a fantastic opportunity for us to demonstrate our commitment to this market.

There are more than six million expatriate workers in the UAE, almost all of whom work in the private sector and are therefore eligible for EOS benefits from their employers. Globally, the trend is towards defined contribution regimes and compulsory provision by external providers.

About Daman National Health Insurance Company

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 more than 28 hospitals, more than 100 clinics, multiple diagnostic centers, insurance solutions, pharmacies, health technology, shopping, investments and more.

Daman, a pioneer in health insurance, drives innovation through a combination of state-of-the-art technology and healthcare expertise delivered by a highly skilled and knowledgeable workforce. Members benefit from added value through unique offerings such as disease management programs. Daman offers a 24-hour customer call center and medical services authorization team that are in direct contact with Damans network of over 3,000 medical facilities. The company also offers a wide range of digital services unmatched in the UAE.

Daman has set high standards in the health insurance industry and has received a number of internationally recognized awards and quality-focused certifications in a relatively short period 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