By Modupe Gbadeyanka
It was a great day for RAK Insurance, which was named the ‘2018 UAE Medical Insurance Company of the Year Award’ at the 2018 Frost & Sullivan Middle East Best Practices Awards Banquet held on May 14, 2018 at Atlantis, The Palm in Dubai.
Ras Al Khaimah National Insurance Company (RAK Insurance) has more than four decades of experience in medical insurance with numerous offerings catering to both individuals and corporates.
RAK Insurance offers the largest medical insurance offering to group clients with more than 250 products. It has a diverse portfolio for individual clients with the option to choose from 14 medical insurance packages.
The company’s innovative medical insurance provision services that include online and mobile applications, together with its strong technology partnerships have ensured its growth even in a slow market.
It also invests heavily in educating end consumers on the benefits and ease of subscribing to medical insurance. RAK Insurance’s expertise in risk assessment and insurance consulting has further strengthened its position in the UAE market as the leader in Medical Insurance.
Commenting on the development, CEO of RAK Insurance, Andrew Smith, stated that, “We would like to thank Frost & Sullivan for honouring RAK Insurance with this award. 2017 was a challenging year for the medical insurance sector in the UAE with increasing competition, a changing regulatory landscape and pressure on pricing.
“I am delighted with our achievements to date and I would like to also congratulate my team for their continuing contribution to the success of RAK Insurance. Our focus for 2018 will continue to keep our clients at the centre of our business.
“We shall further develop our digital capability to enhance our client proposition and broaden our medical offering to the UAE Insurance Market.”
Extending congratulations to RAK Insurance on winning the award, Mr Sandeep Sinha, Vice President, Transformational Health Practice, Frost & Sullivan said “2017 has been a successful year for RAK Insurance during which its year-on-year revenue growth rate has been over 13% in the UAE medical insurance market while enhancing its member services.
“The company has a deep and diversified experience in the insurance industry, which it has inculcated to widely develop the medical insurance sector in the UAE.
“RAK Insurance offers the largest number of medical insurance products in the UAE, which together with its well trained workforce, digital application solutions and strategic partnerships are the key factors contributing to its leadership position in the region.
“RAK Insurance’s integrity, information technology knowledge and process transparency has set the standard for medical insurance providers in the Emirates.”
Frost & Sullivan Awards recognise companies across regional and global markets for outstanding achievement and performance, superior leadership, technological innovation, customer service, strategic product development, etc.
The methodology for short-listing Award winners is by an eminent Jury that deliberates on structured data and research backed presentation / recommendation by our Senior Industry Experts.
Frost & Sullivan Industry Experts track markets and companies by holding detailed interactions with industry experts, market participants, end users, other stakeholders / value chain players and extensive research of proprietary data, to compile the Jury Evaluation Matrix. Evaluation by the Jury ultimately results in the final Awardee, from amongst the nominees.
