Dubai: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, and MetLife, one of the world’s largest life insurance companies have announced a strategic partnership to provide insurance products and solutions to the bank’s extensive wealth, retail and SME customer base across the United Arab Emirates.
The new long-term partnership will make available a comprehensive range of customizable protection and savings solutions for customers, covering life, accident and health insurance. Customers will be able to access a range of term plans that provide high protection covers along with options to insure against critical illness and disability. Customers can also purchase whole-of-life protection plans that permit plan contributions to be made for a limited number of years and provide lifelong coverage, as well as for savings solutions. Plans are available for SME customers as well to cover business related liabilities and to provide key person insurance coverage.
MetLife’s customer research shows that 60% of UAE residents are under-insured and have inadequate coverage against emergencies such as accidents and critical illnesses, and a growing number are looking to buy a new insurance plan in the near future.
The plans will provide customers with enhanced flexibility in payment options and coverage terms, transparent charging schedules as well as a 30-day free look period during which customers can return the plan with no commitments or charges. Emirates NBD customers can make a request to their Emirates NBD relationship manager, branch officer or through the bank’s website, based on which a MetLife insurance specialist will connect with the applicant to discuss requirements and suggest suitable solutions.
Suvo Sarkar, Senior Executive Vice President and Head of Retail Banking and Wealth Management, Emirates NBD commented, “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. Being a leading bank offering customer focused financial solutions, we remain committed to helping our customers meet their protection and savings needs in the best way.”
Commenting on the partnership, Dimitris Mazarakis, General Manager – MetLife Gulf, said, “These are demanding times for our customers as they confront unprecedented challenges brought by the current situation. We are proud to partner with an organization that shares our vision, values, and priorities. Our shared commitment to putting the customer first through driving customer-centricity, innovation, and digital transformation is what sets us apart in the market.”
About Emirates NBD:
Emirates NBD (DFM: Emirates NBD) is a leading Banking Group in the MENAT region. As at 31st December 2020, total assets were AED 698 Billion, (equivalent to approx. USD 190 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Bank expanding its presence to 13 countries, servicing over 14 million customers. The Bank is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands.
The Bank has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Bank announced the creation of E20., a digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named ‘UAE’s Best Bank’ in 2020 for a fifth consecutive year by Euromoney. In addition, Emirates NBD received the ‘Excellence in Leadership in the Middle East’ award, introduced this year in light of the Covid-19 impact, as a recognition of its efforts in responding to the Covid-19 crisis. The Bank is ranked 87th in The Banker’s list of the World’s Top 1,000 Banks. Emirates NBD was 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. In addition, Emirates NBD has been assessed as the ‘Strongest Bank in the UAE’ and ‘Fifth Strongest Bank in the Middle East’ by The Asian Banker 500 Largest and Strongest Banks Rankings.
The Bank has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 915 branches and 4,029 ATMs / SDMs. The Bank has a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand for 2019. Emirates NBD is a major player in the UAE corporate segment and has strong Islamic banking, investment banking, private banking, asset management, global markets & treasury and brokerage operations.
Emirates NBD is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. The Bank is recognised for the pioneering efforts in employee volunteering and corporate social responsibility by IMPACT2030, the corporate volunteering arm of the United Nations. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in more than 40 markets and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.