RSA Middle East, a leading provider of general insurance services in the region, has entered into a 5-year distribution agreement with Emirates NBD, a leading banking group in the Middle East, North Africa and Turkey (MENAT) region, to provide world-class general insurance solutions.
As part of the long-term partnership, Emirates NBD will distribute RSA’s general insurance products, including motor, home, travel and third-party benefits, on preferred basis to its customers and staff in the UAE.
The agreement was signed by Martin Rueegg, the CEO of RSA Middle East and UAE and Suvo Sarkar, Senior Executive Vice President and Group Head of Retail Banking and Wealth Management at Emirates NBD.
The strategic partnership will help increase insurance penetration in the region by providing customers with accessible general insurance solutions. Strengthened by Emirates NBD’s strong presence, network and brand reputation, combined with RSA’s 70-years of expertise in the region, the agreement reflects Emirates NBD and RSA’s strategy of delivering a robust General Insurance model across the UAE.
Emirates NBD’s customers will benefit from the combined capabilities of the bank’s deep understanding of customer journeys, sophisticated data analytics and digital prowess; and RSA’s global and best-in-class technical insurance expertise and know-how in customizing high-quality, tailored solutions. The partnership will also focus on customer education and building awareness on the importance of insurance and its living benefits in everyday life.
Martin Rueegg, CEO of RSA Middle East, said, “As we continue to live with the global pandemic, it showed that insurance can really help our customers alleviate some of their stresses and uncertainties. We are excited to join forces with Emirates NBD, who share the same purpose of putting real customer needs at the forefront of all decision making, to launch meaningful solutions to their staff and customers that can help them get back on their feet when it is needed. We look forward to this fruitful long-term partnership.”
Suvo Sarkar, Senior Executive Vice President and Group Head of Retail Banking and Wealth Management at Emirates NBD, said: “We are pleased to be entering into a strategic partnership with RSA, a leading insurer in the market, to serve the general insurance needs of our customers. As a leading UAE bank, Emirates NBD is deeply committed to customers’ financial wellbeing, and we firmly believe that this partnership will enable us to better serve our customers’ insurance needs.”
Over the last few years, both partners have jointly invested in developing the right products for their customers and further integrated both the physical and digital channels to enable customers to transact seamlessly across multiple touchpoints.
About RSA Middle East B.S.C. (c)
RSA Middle East is a leading provider of property and casualty insurance in the Middle East. It offers solutions for both commercial and retail clients, across a range of product lines, including motor, property, medical, SME as well as tailored solutions for large corporates. It has operated in the region for over 60 years, bringing best-in-class international solutions and expertise to the Middle East. RSA Middle East is a joint venture formed by RSA Insurance Group plc, with majority shareholding, and regional shareholders in the Middle East. It has operations in Bahrain, UAE, Oman and the Kingdom of Saudi Arabia. It operates as local publicly listed companies in Oman, under Al Ahlia Insurance Company, and in Saudi Arabia, under Al Alamiya For Cooperative Insurance Company.
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Turkey) region with a presence in 13 countries, serving over 14 million customers. As at 31st December 2021, total assets were AED 687 Billion, (equivalent to approx. USD 187 Billion). The Group has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 900 branches and 4,079 ATMs / SDMs.
Emirates NBD Group serves customers, businesses, governments and institutions with a range of financial products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations.
The Group is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Group also operates E20., a digital business bank for entrepreneurs and SMEs and Liv., the lifestyle digital bank for millennials. Emirates NBD is an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial literacy and the inclusion of people with disabilities. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.
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