A first-of-its-kind life insurance scheme launched in the remittance industry

Provides a cover of AED 15k, for every transaction done through Xpress Money

Dubai May 20, 2013 -Xpress Money, the world's most dependable money transfer brand, today launched the industry's first free lifeinsurance cover scheme for its GCC remitters in partnership with Union Insurance, one of the leading insurance firms in the region.Designed specifically to suit the blue collared population, this monthly renewable free life insurance scheme, is available to any person remitting money through Xpress Money.

This pioneering insurance scheme will provide a life insurance protection of AED 15kincluding AED 5K of repatriation expenses of the mortal remains - something that notmany insurance companies cover. The life insurance benefit will automatically be available to any person remitting money through Xpress Money for a period of one month, from the day the customer makes a transaction. A remitter can therefore avail of this life insurance scheme free of cost for as long as he/ she wishes by simply remitting money on a monthly basis through Xpress Money, irrespective of the amount transacted.

Mr. Sudhesh Giriyan, Vice President and Business Head, Xpress Money, said: "Majority of the expats residing and working in the GCC, belong to the blue-collared class; these migrants are generally not covered by any insurance firm because of their hazardous working conditions at construction sites, factories etc. We therefore launched this free life insurance scheme with an objective to reach out to these migrants and give them an opportunity too, to insure themselves. This life insurance scheme is a critical value additionto our services that yet again reinstates our commitment, of bringing a humane touch to the business we are in.We are glad to be joining hands with Union Insurance;andtogether creating a new milestone in the remittance sphere".

Commenting on the launch, Mr. Pushpak Damania, RVP- Business Development, MENA AFPAK, Xpress Money said, "We are confident that this is a pioneering initiative that no remittance player has offered so far. Being one of the biggest global remittance brands in the region, we are happy to be partnering with Union Insurance - a leading insurance brand in the region. The launch of this product will truly benefit many blue collared workers at large as well as give Xpress Money and Union Insurance an edge over our competitors with the innovativeness of the product. We look forward to further expansion to other countries and regions over the next few months".

"We are proud to enter into a strategic partnership with one of the world's leading money transfer brands," said Mr. UsmanKhadmi, President of Union Insurance Company. "This first of its kind life insurance program in the remittance industry is a clear demonstration of how we understand the unique requirements of our clients and address them by utilizing our expertise, technical skills and efficient operations. Together with Xpress Money, it is now possible to offer innovative, superior-value insurance coverage to all of their customers."

The life insurance scheme cover will be offered to remitters in the following countries,sending money to these respective countries:

 

Over the next few months Xpress Money plans to offer this service to a wider range of customers and will add more corridors to the existing list, based on the response that the service receives from the target audience.

-Ends-

About Xpress Money:
Xpress Money is a global money transfer brand with a thriving presence in more than 150 countries in 5 continents across 170,000 agent locations across the world. Working towards the goal of Bringing Home Closer to millions of migrants residing away from their homes, Xpress Money has come to be known as the most dependable international money transfer brand. Xpress Money provides its customers a simple, fast & safe way to transfer money anywhere in the world through innovative technology, superior customer service and its extensive worldwide network. For more information, visit www.xpressmoney.com

About Union Insurance
Established in 1998 and listed on the Abu Dhabi Securities Exchange, Union Insurance Company has a paid up capital of over AED 330 million. The company provides a wide range of individual and commercial insurance products to clients in the UAE and Middle East region.

Media contacts:

SanghamitraSajil,
Adfactors PR FZ LLC,
Mobile: +971 55 3656382;
Tel: + 971 4 4264632

Gunjan Sinha,
Xpress Money,
Tel: +971 2 6521407,
email: gunjan.sinha@xpressmoney.com

Alisha Fernandes,
Xpress Money,
Tel: + 971 2 6521317,
email: alisha.fernandes@xpressmoney.com

© Press Release 2013