MUSCAT, 25 April 2018
Bank Muscat, the flagship financial services provider in the Sultanate, and MetLife, one of the world's leading financial services companies, signed a 10-year agreement to offer a bouquet of innovative insurance solutions to the bank's customers. Abdul Razak Ali Issa, Chief Executive, and Julio Garcia Villalon – Regional Head – Middle East & Africa, signed the agreement at a ceremony held at the bank's head office, attended by senior officials from Bank Muscat and MetLife.
Abdul Razak Ali Issa said: “Bank Muscat is proud to sign the unique partnership agreement with MetLife and widen the scope of partnership to offer a wide range of bespoke bancassurance products for customers. We deeply value the support received from strong partners like MetLife, which we believe will enhance our reputation as one of the leading banks in the region. The insurance market in Oman is projected to grow at the fastest annualised average pace of 12.1% in the period till 2021. The premium growth in Oman is likely to be driven largely by macro factors like population growth, infrastructure developments and revival of business activity. This partnership serves as an excellent opportunity to provide a superior experience to our customer base, with a focus to help them meet their evolving insurance needs over the long term.
Theodor Alexandrescu, General Manager, MetLife Gulf, said: “MetLife is proud to be a partner of choice in distributing accident and health insurance for Bank Muscat in Oman. While the partnership unlocks new opportunities for both our organisations, MetLife aims to continue its momentum by offering Bank Muscat's customers access to innovative and affordable solutions that meet unique financial protection needs of individuals and families in Oman."
The bespoke bancassurance products include coverage for critical illness, family protection and travel. With the new agreement, Bank Muscat customers can now buy these insurance solutions through dedicated advisors in branches and through the Call Centre.
Abdullah Tamman Al Mashani, DGM – Institutional Sales and Product Development, said: “As the Sultanate's flagship bank which accords priority to the needs of customers, the focus of the partnership with MetLife is to offer comprehensive insurance products meeting customer needs. The unique products are in response to the genuine requirement for comprehensive insurance plans in Oman. The bank's unique and largest distribution footprint and the global knowhow of MetLife add significant value for the partnership.
The bank's customers can access myMetLife online platform where they can manage their policies, view their benefits, make online payments and live a healthier life with a personalised health-tracking tool and wellness updates.
MetlLife is one of the largest financial services and insurance companies in the world, with 65 years of experience in the Gulf region and a strong presence in the Sultanate since 1971. MetLife will be offering pre-underwritten accident and health insurance plans through direct marketing initiatives and bancassurance platforms.