CAIRO: Allianz Egypt, the leading insurer in the Egyptian market and an affiliate of Sanlam Allianz Africa, signed with Emirates NBD- Egypt a cooperation agreement with renewing its strategic partnership with the company for five years, solidifying their strategic bancassurance partnership. This renewal marks a significant milestone as it coincides with over 20 years of successful collaboration between Emirates NBD -Egypt and Allianz Egypt, with their partnership commencing in 2003.
The agreement aims to provide comprehensive life and property insurance products and services through the bank's branch network to different customer segments. It also aims to develop the service mechanism provided by the company to meet all the needs of the bank's customers under one roof.
The signing ceremony was witnessed by the top executives of the two sides - Allianz Egypt’s Chairman and CEO, Ayman Hegazy, Managing Director of Allianz Life Insurance Company, Charles Tawdros, and Emirates NBD’s CEO and Managing Director Amr ElShafei and the bank’s Head of Retail Banking and Wealth Management Mustafa Ramzy, in addition to senior management representatives and senior executives from both parties.
“Throughout a 20-year-partnership with Emirates NBD, Allianz Egypt has managed to thoroughly understand the needs of the Egyptian society given the variables of the financial service market,” Hegazy stated. Hence, Allianz Egypt has been offering innovative insurance services that fulfill such requirements. At Allianz Egypt, we are eager to explore further horizons in the future to meet the insurance demands of the clients of Emirates NBD in an unprecedented manner,” Hegazy added.
According to Hegazy, the partnership with Emirates NBD is based on mutual understanding that conforms to Allianz strategy of offering novel solutions that are likely to build Egypt’s insurance sector toward a more sustainable future.
Shafei expressed similar sentiments. “Through our strategic partnership with Allianz, Emirates NBD-Egypt has been offering integrated insurance programs that meet the different requirements of our clients, enriching the value of our services. We have a shared vision with Allianz, as we aim to offer solutions that enable our clients to plan and invest in a wide array of products provided by Allianz.”
“The utilization of such products and services enhances the clients’ capabilities to maximize the benefits of long-term investment opportunities,” El-Shafei added.
On his part, Tawdros stated: “At Allianz Egypt, we take pride in our strategic collaboration with Emirates NBD through promoting our insurance services in the bank’s 67 branches. We support financial inclusion through providing insurance services for about 35,000 clients belonging to different age groups and social segments. our clients have acquired almost 49000 policies,” Tawadros explained.
“Allianz Egypt has put forward different insurance packages for around 100,000 of Emirates NBD’s credit card holders including roadside assistance, digital wallets, and medical consultations.” he added.
Ramzy completely agrees. ““At Emirates NBD-Egypt, we are proud of our success in integrating banking and insurance services through pioneering bancassurance services as our strategy relies on making the most of our expertise in the two sectors. This way we can offer financial services, designed especially to fulfill the increasing demands of our clients.” he said.
Allianz Egypt is keen on forging agreements with major banks that operate in the country as part of its strategy of boosting its presence among a wide client base as well as increasing its market share.
About Allianz Egypt:
Allianz Group has formed a strategic alliance with South African company "Sanlam," the largest non-banking financial services company in Africa, in 2023. This alliance is part of the Group's strategy to expand in the African market, aiming to increase growth and maximize the value of the insurance services and solutions provided to its customers in order to meet all their needs.
Allianz is a multinational German insurance operating since 1890. With more than 86 million customers in over 70 countries, it has established itself as one of the world’s strongest financial communities. Allianz Egypt, comprising of “Allianz Life Assurance Company – Egypt” and “Allianz Insurance Company – Egypt”, have a long and successful track record in the Egyptian Insurance market, providing comprehensive and integrated insurance services to business partners and individuals who require the best of local know-how based on extensive international expertise and experience.