Insurance provider Zurich Middle East has unveiled an app for investors in the DIFC Employee Workplace Savings (Dews) scheme.
The firm said that the unpredictability and uncertainty brought by the covid-19 pandemic has highlighted the need for flexibility in the employee savings space.
As a result, employers can be “financial challenged” when they need to pay out end-of-service benefits to their employees when they leave the company.
To develop the ‘Zurich for Dews’ app in the UAE, the insurance company teamed up with global technology provider Smart.
It will allow members to access and manage their workplace savings accounts digitally, with greater focus on user-friendliness.
‘First of its kind’
Reena Vivek, senior executive officer at Zurich Workplace Solutions Middle East, said: “When we launched the Dews plan, we had made a commitment to continually enhance our service offering such that employers and members find the day-to-day interactions easy, intuitive and hassle-free.
“We want to take away some of the barriers that detract people from making regular savings, and help our members prepare for a secure financial future. The Zurich for Dews app is the next step in that journey towards financial freedom.”
Will Wynne, group managing director at Smart, added: “This partnership really illustrates what’s now possible in retirement technology and we are immensely proud of the end result.
“It’s the first of its kind and was created to provide a smooth and simple customer journey, while simultaneously bringing long term savings into the 21st century.”
The Dews plan ensures that employer contributions are held on a trust, with Equiom as the master trustee, and benefits are fully paid out at termination of employment without impacting a company’s cash flow.
