Abu Dhabi-based Daman records 84% growth in profits in three years. Includes a 14 percent increase in overall earned instalments compared to 2020; also managed an 18 percent reduction in operational expenses despite an 80 percent increase in paid claims.
In a statement, and without releasing exact value in dirhams, Daman said that its success in quickly overcoming the impact of the Covid-19 pandemic had a big impact on its results, with a 14 percent increase in overall earned instalments compared to 2020, in addition to a sevenfold increase in share profits over the past five years compared to the preceding five years.
As much as 77 percent of expenditure flowed back into the national economy, one of the highest rates in Abu Dhabi on the ICV (In-country Value) metric – underlining Daman’s efforts in supporting local competencies and the national economy and consolidating its pivotal role in the UAE’s health sector.
Such results make Daman one of the most financially stable and profitable health insurance companies in the region today, according to ratings and reports issued by institutions that evaluate the financial performance of companies.
Khaled bin Shaiban Almehairi, Chairman of Daman, commented: “The achievements by Daman are the result of the special support we received from the Abu Dhabi Government as part of ADQ; which together with years of planning, development, innovation, unified efforts, and cooperation among all teams at the company.
“In the past few years, the company has managed to play an influential role in providing integrated health solutions and a diverse group of smart digital services by employing the latest technologies and global best practices, and by constantly investing in its national human resources.”
Daman’s efficiency of operations over the past three years is best shown by the fact that it has managed to cut operating costs by 18 percent despite an 80 percent increase in the value of paid claims. The company attributed this exceptional performance to the success of its digital and technological strategy, which resulted in a number of creative ways of processing and paying bills, and facilitating operations in general – particularly the use of robotics and automation technologies.
A prominent example of Daman’s excellence in operational and technological efficiency was its response to the challenges imposed by the Covid-19 pandemic when it managed to put in place a comprehensive work continuation plan. This allowed 1,300 employees to provide an almost full range of services remotely and effectively, including two call centres (one for clients and one for medical facilities support), around the clock without impacting the management of client patients in its network, which is the largest in the UAE with nearly 3,000 medical facilities.
Daman has also managed to achieve a 33 percent increase in Emiratisation rates at all career levels over the past three years, reaching an overall Emiratisation rate of 28 percent.
Daman’s Emiratisation rates are considered high in relation to the sector when taking into account the specialised expertise required to work in the insurance industry, particularly health insurance which requires medical experts. The steady increase at all job levels proves the success of its policies and its endeavours in enabling national talent to acquire the necessary expertise in this growing industry.
As a socially responsible national company, Daman has organised and sponsored more than 240 health and community events over the past three years. The company has also won more than 15 excellence awards in several fields – from various international and local forums – in the same period.
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