Two out of three companies in the United Arab Emirates have improved the medical insurance coverage of their employees since the start of the pandemic

Dubai, United Arab Emirates – Now that organizations in the United Arab Emirates have successfully navigated the uncertainty of 2020, and with government initiatives such as the Digital 1,000 Startups program and mega-events such as the With EXPO 2020 reinvigorating the economy, companies are shifting their focus from cost reduction, to strategies that allow them to attract and retain the brightest talent. One of the key things has been improving employee benefits programs, as the pandemic has shone a light on the importance of health and wellness.

This is highlighted in a new report from Bayzat, the UAE’s leading employee benefits platform, which found that over the past 12 months, two-thirds (67%) of UAE companies increased the how much they spend on premiums per employee to provide better coverage. Bayzat data went further to point out that the average increase in spending for these organizations is an impressive 31.4%.

Among companies that improved their workforce coverage, more than half (56%) switched to better vendors, while the remaining 44% either stuck with their incumbent vendors or moved laterally to equivalent vendors. by opting for plans with a greater number of advantages. This translates into improvements such as their employees’ access to a wider network of clinics and hospitals, improved maternity coverage, alternative medicine treatments, higher annual limits, and dental and optical coverage.

Another positive development highlighted in the Bayzat report is that nearly two-thirds (65%) of Dubai-based companies now offer medical insurance coverage for the dependents of their employees. This is despite the fact that coverage for dependents is not made compulsory by local regulations.

The value of employee satisfaction is underscored by a recent report from Accenture which found that companies that provide a great employee experience outperform the S&P 500 by up to 122 percentage points.[1]. “With remote working greatly expanding employees’ job prospects, it is now up to organizations to make themselves as attractive as possible to existing staff and potential recruits. The commendable legislation in Dubai and Abu Dhabi, which required that insurance be provided to all employees means companies that truly prioritize benefits need to differentiate themselves by offering more comprehensive policies,” explained Ahmad Bayaa, COO of Bayzat.

This need to go beyond basic coverage is underscored by the findings of the Bayzat study which found that currently, of the set of claims that are rejected, policy exclusion is the main reason for the vast majority (54%), followed by “pay and claim”. not being allowed to come in far behind (17%). “Our data shows that dental, specialist, gynecology and obstetrics are the top three among UAE employee insurance claims. If companies can meet these needs, they can create a compelling health and benefits package for their employees,” added Ahmad Bayaa.

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About Bayzat:

Bayzat, the UAE’s leading employee benefits platform, helps companies deliver a better employee experience by automating and improving their insurance, payroll, and HR administration. To date, Bayzat helps deliver world-class employee experiences to over 60,000 employees. Visit www.bayzat.com to learn how to take your business to the next level.

Media Contact:
Vernon Saldanha
Procre8 (for Bayzat)
Tel: +971 52 288 0850
Email: [email protected]

[1] https://financialservicesblog.accenture.com/five-reasons-why-its-time-to-reshape-your-employee-experience

© Press Release 2021

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