MetLife and Emirates NBD celebrate launch of partnership to offer insurance products to banks one million plus customers

MetLife and Emirates NBD celebrate launch of partnership to offer insurance products to bank's one million plus customers

2 Min | 13 October 2014
MetLife, one of the region's leading insurance companies and a global provider of insurance

13 October 2014 (Dubai, United Arab Emirates): MetLife, one of the region's leading insurance companies and a global provider of insurance, annuities and employee benefit programs, and Emirates NBD, a leading bank in the region, have celebrated the launch of their strategic partnership to provide comprehensive life insurance solutions to the bank's more than one million customers in the UAE.

The partnership will offer a comprehensive range of products to help customers save towards their goals such as children's education, marriage or retirement as well as ensure the family is protected against unforeseen events. The tie-up will also offer life insurance solutions to help businesses address their and their employees' protection needs.

The long-term partnership was launched at a special presentation ceremony that took place recently at the Ritz-Carlton Dubai International Financial Centre, hosted by senior executives from both companies.

Speaking at the launch ceremony, Julio Garcia-Villalon – Regional Head, Middle East - MetLife, commented: "MetLife is honored to launch this partnership agreement with Emirates NBD, and we have the firm commitment to work together with a view to setting new standards across the bancassurance industry in terms of customer experience as well as best in class products and services to Emirates NBD customers."

Theo Alexandrescu, General Manager – Gulf – MetLife, added: "We believe the added value of a strong Bancassurance portfolio will benefit the bank by broadening its comprehensive portfolio of products whilst adding significant value to existing banking customer relationships. We aim to continue our momentum by offering Emirates NBD's customers access to innovative and affordable solutions that meet the unique savings and protection needs of individuals, families and businesses of all sizes."

Suvo Sarkar, General Manager – Retail Banking & Wealth Management, Emirates NBD, said: "Through this partnership, we have built a platform that will unlock new opportunities for both our organizations. It is a source of great pride that over the coming months and years, the best-in-class products designed by MetLife will be enjoyed by an additional one million plus customers of Emirates NBD. Our strong legacy as a leading bank in the region, combined with MetLife's global leadership and local expertise in the life insurance industry, will undoubtedly provide a strong foundation for a successful partnership."

The new bancassurance partnership agreement will extend MetLife's entire portfolio of innovative insurance products, including personal and corporate life insurance policies, to Emirates NBD customers. The agreement covers the marketing and distribution of MetLife products by the bank to its customers in the UAE, providing world-class savings and protection solutions to the bank's one million plus customers in the UAE.

Bancassurance is a young and fast growing area of the regional financial services sector. The UAE's life insurance sector is still relatively small and significantly under-insured by global standards and so offers attractive opportunities to grow personal and corporate life insurance premiums, in the rapidly evolving sector and fast growing economy.

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