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RAK Insurance

RAK Insurance was established in 1974 with a paid-up capital of AED 121 million. With a major shareholder being RAK Bank, they have a very strong financial base.

They aim to offer “Simply Better” insurance solutions within the local market and they have achieved a Standard & Poors rating of BBB+ with a 'stable' outlook.

Our Verdict
A Closer Look
Customer Reviews

RAK Insurance offer the below plans: 

  • Moderate regional SME policies  
  • Moderate regional corporate policies  

The Pros

> Financially stable with RAK Bank being a major shareholder
> A good range of SME policies and flexibility on Corporate policies
> A number of TPA’s to choose from
> Strong providers network within the UAE
> Helpful and experienced team

The Cons

> SME policies are not modular
> In-house TPAs are poor quality and can cause issues for clients
> Weak global network
> Onboarding and documentation can be strenuous
> Recently, there has been instability with changing of plans, TPA’s, re-insurers and partnerships
What are the TPA (Third Party Administrator) options?

NAS, Neuron or Sehteq.

Do RAK Insurance offer a portal or an app?

RAK Insurance offer an app to customers. 

What's the turnaround time for reimbursements?

15 working days. 

What's the turnaround time for pre-approvals?

For out-patients: 15-20 minutes
For in-patients: 24-48 hours

What's the minimum number of employees required for MHD (Medical History Disregarded)?


Good and bad

We have a mix of employees above AED 4,000 and below. The members above are happy with their policy other than a few issues with delays in approvals. The members below are experiencing a lot of issues with the TPA and also the turnaround times of approvals and reimbursements.

Expert Assessment of RAK Insurance

RAK Insurance are a good local insurer option, with their team being very helpful and willing to assist us, although they are sometimes constraint by their internal protocols and processes.

They are a good corporate option as they are a PI meaning they can offer plans to members earning less than AED 4,000. They can also be a good SME option, but they have a limited number of “off the shelf” policies which can sometimes be difficult to perfectly match to a client's specific requirements. Except for the EBP plans, the members don’t experience too many issues with their policies and Third Party Administrators, and the RAK accounts team are also efficient in ensuring all payments are processed in good time.

RAK are not often the most cost-effective option, but they are also never the most expensive. With their flexibility, we are normally able to present a suitable option for our clients.

If you are a business owner or HR professional in the UAE, you’re looking to improve the medical insurance cover for you group, save money on your employee benefits package or reduce your company medical insurance costs, we will review your current plans and related expenses. Please contact us or call us on +971 (0) 4559 4900. 

At AES, we focus on providing long-term solutions, tailored to an individual organisation’s needs, to help you improve overall employee wellness, drive up productivity and engagement, and enable you to manage your corporate medical insurance spend year on year. 

Start looking after your employees' well-being today. 

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