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Insurer champions bancassurance model and adds leading brand to its affinity portfolio
Dubai - RSA, a leading provider of insurance services in the region, announced today that it has signed an Insurance Distribution Partnership agreement with FGB, one of the leading banks in the UAE, in it's first-ever deal with the bank. Chris Dooley, CEO - UAE & MD - Bahrain, and David Harris, Director - Distribution at RSA; Girish Advani, Executive Vice President and Head of Personal Banking, and Kunal Aurora, Marketing Manager at FGB, attended the signing ceremony which recently took place at FGB's Sheikh Zayed Road offices in Dubai.
RSA focuses on building select alliances that are deeply integrated and enable the insurance provider to jointly develop the right products for the right customers. It currently boasts long-standing relationships with a host of reputable brands across various sectors, including Emirates NBD, Gargash (Mercedes), Al Nabooda (Porsche), in addition to Emirates Group in the form of employee schemes.
Effective as of June 1st, 2016, this deal with FGB marks the partnership of two leading brands in banking and insurance to provide world-class protection to the bank's customer database. RSA will distribute a range of insurance products across the bank's extensive network of over 20 branches in the UAE. The suite of products include accident insurance, motor, home, and travel insurance; customers will also benefit from uninterrupted access to customer call and service centres committed to catering to their needs in a timely fashion.
Commenting on the partnership with FGB, David Harris said: "The UAE insurance sector still suffers low penetration levels compared to more developed markets. This agreement goes in line with our strategy to push for a more efficient bancassurance model given the growth potential in premiums this platform presents, and as such address the insurance protection gap. By working closely together, we will be able to leverage FGB's sophisticated customer journey experience to raise awareness about the importance of insurance. At RSA, we strongly believe that insurance forms an integral part of the financial services industry as it contributes to effective risk management."
Harris continued: "As Director of Distribution at RSA, my role is to develop and promote our unique value proposition to the wider public in conjunction with select partners who realise the importance of driving further growth in the sector and the associated benefits to end-customers. We are very excited about our partnership with FGB as we see great synergy between the two organisations' leadership. We are also confident that our suite of products will support FGB customers in achieving their financial aspirations. Looking ahead, we will be making relentless efforts to contribute to the UAE's economic growth as well as protect the country's residents and their valuable possessions."
Girish Advani, Head of Personal Banking at FGB, said: "Our customers are at the centre of everything we do and we consistently strive to ensure that they get the most from their banking experience with FGB. This agreement underscores the fact that being an FGB customer guarantees peace of mind and offers the numerous benefits of access to an unparalleled network of partners. Our valued customers can now take advantage of world-class solutions from an insurer with over 300 years of experience and a longstanding presence spanning more than 60 years in this region. Moving forward, a key area of focus for us is to continue empowering customers with knowledge about all of the options available for them to realise and secure their financial goals."
Over the next three years, RSA and FBG will be collaborating to capture and analyse customer demand, working to introduce innovative products that meet clients' evolving needs and requirements.
For more information, please visit: rsagroup.ae/
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About RSA
With a 300 year heritage, RSA is one of the world's leading multinational quoted insurance groups. RSA has major operations in the UK, Scandinavia, Canada, Ireland and the Middle East and has the capability to write business in over 100 countries. Focusing on general insurance, in 2015, its net written premiums were £6.8 billion.
RSA has major operations in the Middle East as part of its emerging markets business. The UAE commercial product portfolio spans a range of insurance solutions for small and mid-market sectors to large and complex risks. The company's personal insurance range is equally comprehensive with seven products including motor, home, travel, golf, yacht, personal accident and medical. For more information, please visit: www.rsadirect.ae
About FGB
As a major leading bank in the UAE, FGB had Shareholder Equity of AED 32.8 Billion as of March 31st, 2016 making it one of the largest equity based banks in the UAE. Established in 1979 and headquartered in Abu Dhabi, the bank offers a full range of financial services to business and consumer sectors through a network of branches across the UAE. Internationally, FGB has branches in Singapore and Qatar, representative offices in India, Hong Kong, United Kingdom, Seoul- Korea and a subsidiary in Libya.
FGB is recognised as a world-class organisation committed to maximising value for shareholders, customers and employees as it focuses on delivering banking products and services that meet client needs and support the UAE's dynamic economy. In line with its commitment to excellence the Bank continues to invest significantly in people and technology to provide superior service standards.
For more information
Visit FGB's corporate website: www.fgb.ae
For further information, please contact:
Vidya Veerapandian
Head - Marketing & Communications, UAE & Bahrain
RSA Insurance
Tel: +971 4 302 9896
Vidya.Veerapandian@ae.rsagroup.com
Nadine Maazrani / Kanishk Mishra
Edelman DABO
Dubai, UAE
Tel: +9714-237-8000
Email: Nadine.mazraani@edelmandabo.com / Kanishk.mishra@edelmandabo.com
© Press Release 2016
