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BankMuscat’s Bancassurance ties up with National
Life & General Insurance Company to provide a
unique suite of insurance products
Muscat, 24 November, 2007: BankMuscat’s 'bancassurance
division', has entered into a strategic tie up
with National Life & General Insurance Company
(NL & GIC) to offer a comprehensive suite of
life and non life products to its customers.
BankMuscat, were the first to start
“bancassurance” operations in the Sultanate in
2003 and over the years its operations have
grown from strength to strength further
enhancing major business lines in the Bank’s
product portfolio.
BankMuscat & National Life officials after the
signing ceremony
Speaking about the tie-up with NL & GIC,
AbdulRazak Ali Issa, Chief Executive BankMuscat,
said,
“Since the inception of our bancassurance
business, NL & GIC has been partnering with us
on their life insurance products. NL & GIC is
the largest life insurance company in Oman,
which is now expanding its relationship with
BankMuscat into non life insurance products as
well. We find them at the forefront of designing
and introducing new, value-added products to the
retail customer. Both the institutions share the
same passion for excellence and growth. We see a
strong synergy and fit between the two
organisations on bancassurance.”
Further building on this alliance, they also
announced the introduction of a unique customer
friendly Motor Insurance Plan which has been put
together by the alliance between BankMuscat and
NL & GIC. This motor insurance provides
customers with a choice of two schemes: The
standard comprehensive insurance ‘Classic’ and
the wider motor insurance ‘Platinum’. The motor
insurance provides a suite of benefits inclusive
of easy documentation, hassle free claim
service, insurance cover at competitive rates,
easy product availability through a nationwide
network of BankMuscat branches and a free
national life club card.
Abdul Razak Ali Issa further added,
“This package has been designed with our
customer in mind. This partnership is a win-win
situation for the customer. Our customers will
have access to a complete range of superior,
value–added banking and insurance solutions
delivered to them at the location of their
choice and through the channel of their choice.
BankMuscat will be the single point provider
that will cater to all the insurance needs of
its customers, this further ensures that all
BankMuscat customers get the best not only in
features but also in pricing of the products.”
Speaking on this alliance Mr. S Venkatachalam,
General Manager, NL & GIC, said,
“We look forward to this tie up as well, as
we will benefit from the wide reach of
BankMuscat, it’s superior delivery system
through a range of delivery channels and from
access to the customers of Oman’s largest bank.”
The bancassurance division has drawn out an
aggressive business plan and a number of new
product lines and segments are expected to be
introduced in the following year. The medical
and hospitalisation segment shall be addressed
through some exciting medical insurance
products. Apart from this, the bancassurance
division will also introduce smart savings
related to life insurance products.
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