United Arab Bank and Zurich sign 5-year exclusive general insurance distribution agreement
SHARJAH– United Arab Bank (‘UAB’), the fastest growing bank in the Middle East, has signed an exclusive 5-year agreement with global insurer Zurich to market and distribute its general insurance products to its customers in the United Arab Emirates.
UAB is offering Zurich’s market-leading Motor, Home, Life and Travel insurance cover, with further specialist insurance propositions, including Personal Accident, to follow shortly.
In line with UAB’s commitment to offer convenience with a range of solutions that complement its banking solutions, Zurich’s insurance products will be extended to UAB customers throughout its expanding network of branches across the UAE. UAB’s Relationship Managers will be able to instantly provide quotes and issue policies on-the-spot through an online application. In addition, UAB’s customers will also be provided with a dedicated toll-free number to request quotes, purchase insurance cover and process claims directly with Zurich’s contact center.
The agreement will help to improve access and distribution of insurance products across the UAE. Other than mandatory cover, such as motor and health insurance, the subscription rate of insurance in the UAE remains very low. A recent survey carried out by Zurich and YouGov found that only 6% of UAE residents have home contents insurance, compared to 76% in the United Kingdom.
At the signing of the agreement, Paul Trowbridge, Chief Executive Officer of United Arab Bank said: “Besides motor and health insurance, residents in the UAE often underrate the importance of having proper coverage to mitigate risks associated with home, travel and personal accident. As part of our customer-centric approach and focus on offering convenience to our customers, we are pleased to extend a range of insurance solutions provided by Zurich, a market leader in insurance products. By adding value and extending our suite of offerings to products that complement our banking solutions, we strive to be a one-stop-shop for all of our customers’ banking and financial planning needs.”
Brian Reilly, CEO of Zurich’s General Insurance business in the Middle East, commented: “We look forward to developing first-class general insurance propositions for UAB’s customers that are easy-to-understand, provide comprehensive cover and are delivered in an efficient manner, to ensure that customers have peace of mind in the knowledge that they and their most precious possessions are protected.”
UAB recently launched life insurance products by Zurich to its Sadara Privileged Banking customers as part of a comprehensive wealth management solution, which also includes a will-writing service amongst its offering. With this agreement, all UAB customers can now avail of life insurance products by Zurich.