Nexus Group Urges Businesses Not to Delay Providing Cover to Workforce;
New Law Set to Drive Employee Demand for Additional Benefits
DUBAI, United Arab Emirates : The GCC's largest independent insurance broker has hailed Dubai Government's recently announced scheme for employers to provide compulsory health insurance for every worker in Dubai.
Nexus Group noted that the new Health Insurance Law, which will come into effect in 2014 and is set to be rolled out in phases up until 2016, will not only spark businesses with no cover into action, but also prompt some employers to bolster their existing benefits packages.
“This is a hugely encouraging and progressive move by Dubai's Government, and will provide workers across the Emirate with a vital safety-net,” said Duncan Crerar, Head of Employee Benefits, Nexus Group.
“People are an organisations' most valuable asset, so the new law is all about protecting employee well-being and ensuring they can contribute to sustainable, long-term business success.”
Crerar added that companies already planning to implement or renew health insurance offerings should not delay to see how the new legislation plays out.
“If you have the capacity to offer health insurance to your workforce now, you should continue as before,” he said.
“Seek professional advice and get the plans in place. Protecting your workers has countless benefits - not least making them more secure, productive and loyal.”
Over time, Crerar predicted that the new legislation could influence businesses in Dubai to ramp up and diversify their other key benefit offerings.
“Dubai is a hugely competitive job market, and health insurance has always been top of a job seeker's wish-list. Once this legislation is rolled out, the onus will be on employees to take their benefit packages to the next level,” he explained.
Last month, Nexus Group announced that its 2013 employee benefits sales had grown 28% compared to 2012.
“With an extensive health insurance record in the region, Nexus is ideally placed to guide employers in what is set to be an evolving and game-changing process,” added Crerar.
“Invariably, it will be the businesses that treat the new legislation as an opportunity rather than an obstacle that will see the biggest rewards.”
Nexus Group's reputation in the region is largely built on a long history of attracting and retaining some of the most talented consultants in the industry. This is supported by arguably the Middle East and North Africa (MENA) region's most rigorous and extensive consultant training programme.
Over the past year, the company's training and education efforts have taken on another dimension through a series of seminars and road-shows aimed at informing clients on issues such as exit planning, planning for their children's education, wealth creation and employee benefits.
The company has also recently launched nexuscompare.com, the UAE's most efficient, comprehensive and transparent insurance comparisons portal, which allows users to instantly compare and purchase cover.
About Nexus Group of Companies
Nexus Group is the Largest Independent Financial Advisors in the region offering a complete range of insurance, savings and investment products to both Corporate and Individual clients.
As qualified professionals, Nexus is a company you can trust. And as an independent organisation, free from ties to a particular product provider, it can meet those needs with carefully selected solutions from the world's foremost Financial Services & Insurance Companies.
Nexus has around 400 qualified professional consultants and is supported by a cadre of 100 dedicated and qualified support staff in the Middle East region offering a broad range of licensed products from regulated providers.
The Company was founded in 2006 by Mahmoud Nodjoumi, Owner and Chairman, through a management buy-out of the distribution arm of Zurich International Life which had been established in the region since 1989.
With more than two decades' experience in the GCC (Gulf Cooperation Council), Nexus operations are located in Dubai, Abu Dhabi, Qatar, Lebanon, Kuwait and the Kingdom of Bahrain to underpin a professional and quality level of service to clients.
We are regulated for the provision of Life Insurance, Savings Plans, Corporate Pensions Group Medical and Life programs as well as various classes of Personal lines and Commercial Insurance also including Employee Benefits.