“Tamkeen Insurance” launches a package of microinsurance programs

“Tamkeen Insurance” launches a package of microinsurance programs

“My Education, “My Bills”, “My Family”, and “Funeral Expense Insurance” are the new trademarks for the microinsurance programs launched by “Tamkeen Insurance Company”. These insurance programs stand out with their low premiums and comprehensive coverage that caters to the specific needs and requirements of financially marginalized segments with limited income.

Mr. Mohammad Al-Rimawi, the General Manger of the Company, emphasized the importance of providing such services, which represent a qualitative leap in the solutions and services offered in the Palestinian insurance sector. Mr. Al-Rimawi stressed on the significance of diversifying the insurance services provided to the public, moving away from the prevailing conventional approach that the insurance market currently suffers from.

Additionally, Mr. Al-Rimawi pointed out that microinsurance targets the segments that are not integrated into insurance services and solutions, especially those with limited income, and stands out with its modern and specialized coverage, introducing unique insurance solutions in the Palestinian insurance sector. These include securing the family’s future, insuring income continuity, ensuring educational installments, guaranteeing payment of regular bills, as well as funeral expense insurance. These solutions have low premiums tailored to the targeted segments with limited income, with minimal exceptions.

He added, “Micro-insurance has the potential to increase financial inclusion and expend the base of beneficiaries of insurance services,” noting that this step coincides with the celebration of the company’s fifth anniversary, that is a result of intellectual capital that we are proud of, encompassing minds, experiences, and a good reputation, along with a determination to progress and soar high in the realm of insurance leadership.

 Mr. Simon Shehada, the Assistant General Manager for Technical Affairs, presented the newly introduced insurance programs. Starting with the “My Edu” program, which provides insurance coverage for educational expenses, including university fees, and ensures the continuity of educational installments in the event of the breadwinner’s death. Additionally, there is the “My Bills” program, which ensures the payment of periodic bills incurred by individuals in the event of their death and the family’ loss of income, thus protecting them from the inability to meet their regular obligations. Moreover, there is the “My Family” insurance program, which ensures the continuity of family income and covers funeral expenses. This program allows the insured to have coverage for funeral expenses.

Mr. Shehada also added, “these programs have been carefully studied from a technical perspective, along with an examination of regional and international experiences in introducing and marketing microinsurance services. It is worth noting that these programs stand out with their low premiums and specialized insurance coverage, with the premium for each program not exceeding 200 shekels per year, and a compensation limit up to 20,000 US dollars.”

Mr. Mahmoud Shakshir, the Director of the Marketing Communications Department, also emphasized the company’s commitment to developing and designing high-quality insurance products, expanding insurance benefits and coverage, and enhancing the mechanisms for accessing insurance solutions and services in line with the requirements of digitization and market needs. He mentioned that the launch of these programs was done in coordination with the Palestinian Capital Market Authority, as the regulatory body for the insurance sector, and the Shari’a Supervisory Board within the company to ensure their compliance with the Islamic insurance principles.

Mr. Shakshir added, “a high- intensity marketing campaign coincides with the launch, aiming to raise awareness about the benefits of the new sub-brands and the accompanying insurance coverage.” The first five insurance policies from each program will be granted free of charge to followers who have engaged with the promotional campaign on social media, as an appreciation to our valued partners that we are proud of from the public who contribute to the success of “Tamkeen Insurance,”.