The exclusive long-term agreement with Bank Muscat is the widest-reaching bancassurance distribution partnership ever in GCC, building on AIG’s unrivalled global expertise and its strong and established bancassurance capabilities.
ME NewsWire/ Busines Wire
Dubai, United Arab Emirates - Sunday, April 13th 2014
Bank Muscat, the flagship financial services provider in the Sultanate of Oman, and American International Group, Inc (NYSE: AIG) today announced that they have entered into a 10-year strategic bancassurance agreement under which AIG will become the exclusive provider of non-life insurance products to Bank Muscat customers in Oman.
Bank Muscat is the leading bank in Oman and one of the leading bancassurance providers in the Middle East. The bank’s million plus customers and extensive distribution network of 138 branches throughout Oman offer the opportunity for significant insurance penetration within the country.
AIG, one of the world’s largest insurers, is a major bancassurance provider with a number of key bank relationships around the globe. AIG’s strong commitment and investment in the partnership with Bank Muscat will benefit the bank’s customers with world-class insurance coverage and service through new and inventive distribution channels.
AbdulRazak Ali Issa, Chief Executive, said: “As the flagship bank in Oman, we are very pleased to collaborate with AIG as part of this bancassurance relationship, which will allow us to continue to enhance the value that we offer to our customers through a dynamic channel. 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.”
Peter Hancock, Chief Executive Officer of AIG Property Casualty, said: “Our strategic partnership with Bank Muscat highlights our commitment to deliver value-added insurance solutions to the bank’s customers – and more broadly, to the advancing insurance market in Oman – as part our leading consumer proposition there, particularly for accident and health products. We look forward to working with Bank Muscat over the span of the relationship, with a goal to significantly invest in the development of new insurance products and distribution channels for the benefit of their core customers.”
In the initial phase of the partnership, the range of insurance products available to Bank Muscat’s individual and family customers will include motor coverage, as well as a series of premium products under the bank’s Hayatuna insurance plans. These products include family protection, critical illness, hospital cash, domestic helper and home contents protection. Additional products will be launched as the partnership evolves.
Bank Muscat customers will be able to purchase insurance policies within the network of the bank’s branches. Other innovative point-of-sale channels offering purchasing convenience for the bank’s customers will be introduced over time.
For the bank’s current Hayatuna policyholders, the relationship between Bank Muscat and AIG will maximise the continuity of service on which they rely; current policy benefits and premiums will not be affected as a result of AIG’s designation as Bank Muscat’s non-life insurance partner. For clarifications about the AIG Hayatuna affiliation, the AIG Hayatuna helpline can be contacted on 800 78 707 or via e-mail at Customercare.Oman@aig.com.
About Bank Muscat
Ranked among the top 500 banks worldwide, Bank Muscat enjoys an unrivalled position in Oman as well as the region, a clear recognition focusing on the global best practices pursued by the bank. As the flagship bank in Oman, Bank Muscat is in a strong position with 37 per cent market share of assets. The bank enjoys investment grade credit ratings and is rated ‘A1’ by Moody’s and ‘A-’ by Standard & Poor’s. The bank’s biggest footprint and presence across the Sultanate and world class products and services are helping to make the vital differentiation, with the focus on its ‘Let’s Do More’ vision.
Additional information about Bank Muscat can be found at: www.bankmuscat.com
About AIG
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc., a leading international insurance organization serving customers in more than 130 countries. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at: www.aig.com | YouTube:www.youtube.com/aig | Twitter: @aiginsurance | LinkedIn: www.linkedin.com/company/aig
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Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50838968&lang=en
Photo Caption:
Image 1: AIG and Bank Muscat executives at AIG headquarters (from left to right): Phil Ashkuri (AIG), Daniel Doherty (AIG), Peter Hancock (CEO, AIG PC), Amjad Al Lawati (Bank Muscat, Head of Products and Services), Sreenath Manghat (Bank Muscat, Head Bancassurance) and Neel Bhardwaj (AIG). (Photo: Business Wire)
Contacts
For Bank Muscat:
Media
Issa Al Masoudi, +968 2476 7722
issaah@bankmuscat.com
For AIG:
Media
Marie Ali, +44 (0) 20 7651 6396
marie.ali@aig.com
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