As announced in the Summer edition of GEB News, GEB’s partner Egyptian Life Takaful GIG, member of Gulf Insurance Group (GIG), this year launched a group life and medical product for small to medium sized enterprises (SMEs). This launch came in response to an identified gap in the local market for affordable solutions for smaller companies.
We caught up with the company’s Managing Director Rimah Asaad just recently to find out how the product has been received so far in the local market.
“As of 1st October we’ve launched to market fully after a soft launch phase, during which we received very positive feedback and sold a number of cases.
“Group medical and life was out of reach for SMEs previously because traditional underwriting leads to high costs where there are less than 200 employees.
“We pre-package solutions instead of pricing on a case-by-case basis. We look at the experience of the whole portfolio so that SMEs are afforded the same leverage as that enjoyed by large companies,” explains Rimah.
“Multinational solutions represent the preferred option in Egypt so partnering with GEB affords us a strategic position in the market. Together, we’ve established a good presence with a strong number of in-force accounts and a solid pipeline.”