Banking on innovation: Emirates NBD enters insurance sector
Leading UAE bank Emirates NBD has announced its entrance into the insurance sector following a strategic alliance with New York-based insurance giant MetLife.
Recently named 'Bank of the Year - Middle East 2020' for the third consecutive year by The Banker, Emiates NBD's entry into the insurance sector comes off the back of what has been a profitable and innovative year for the Bank despite the disruptions caused by the pandemic.
Not only did the Bank deliver a net profit of AED7 billion in 2020, but it further innovated with new digital products and services. Carrying on its success and innovation into 2021, Emiates NBD is now set to offer its extensive wealth, retail and SME customer base across the UAE a comprehensive range of protection and saving solutions courtesy of this new long-term partnership with MetLife, among the largest global providers of insurance.
Solutions on offer will cover life, accident and health insurance, including high protection covers and whole-of-life protection plans, and plans are further available for SME customers to cover business-related liabilities and to provide key person insurance coverage.
Giving UAE customers what they want and need
The partnership and subsequent product launch follows MetLife customer research which revealed that 60% of UAE residents are under-insured and have inadequate coverage against emergencies such as accidents and critical illnesses, and that a growing number are looking to buy a new insurance plan in the near future.
“As people become increasingly aware of the importance of financial preparedness, we are pleased to provide our customers, in collaboration with MetLife, easy access to best-in-class insurance products and solutions that are integral to their long-term financial planning," comments Suvo Sarkar, Senior Executive VP and Head of Retail Banking and Wealth Managemnet, Emirates NBD.
Dimitris Mazarakis, General Manager – MetLife Gulf, adds: “These are demanding times for our customers as they confront unprecedented challenges brought by the current situation. We are proud to partner with an organisation that shares our vision, values, and priorities.”
The plans on offer, including high protection covers with options to insure against critical illness and disability and whole-of-life protection plans, will offer customers enhanced flexibility in payment options and coverage terms, transparent charging schedules and a 30-day free look period during which customers can return the plan with no commitments.
Banking on innovation
Named 'Bank of the Year – UAE 2020’ for the sixth year and ‘Bank of the Year – Middle East 2020’ for the third time by The Banker, which recognised the Bank’s efforts in responding to the global pandemic and its innovate approach to digital banking, Emiates NBD provides support to more than 103,000 customers in the UAE, and provides assistance to many customers in the other geographies in which the Bank operates.
In the fourth quarter of 2020, Emirates NBD unveiled businessONLINE, offering corporate clients a seamless, secure and agile single-window to support all their banking needs, and further launched E20. Digital Business Bank which simplifies banking for start-ups, entrepreneurs and SMEs.