Muscat: Bank Muscat, 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 of Bank Muscat, and Julio Garcia Villalon, Regional Head, Middle East & Africa (MEA) of MetLife, signed the agreement at a ceremony held at the bank’s head office, attended by senior officials from both organisations.
“Bank Muscat is proud to sign the agreement with MetLife and widen the range of bespoke bancassurance products for customers. We value the support received from strong partners such as 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 per cent till 2021,” Issa said.
“The premium growth in Oman is likely to be driven largely by macro factors such as population growth, infrastructure development and revival of business activity. This partnership serves to provide a superior experience to our customers, with a focus on helping them meet their evolving insurance needs over the long term,” he added.
“MetLife is proud to be the 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 the unique financial protection needs of individuals and families in Oman,” Theodor Alexandrescu, General Manager, MetLife Gulf, said.
The products include coverage for critical illness, family protection and travel. Bank Muscat customers can now buy these insurance solutions through dedicated advisors in branches and through the call centre.
“As the Sultanate’s flagship bank, the focus of the partnership with MetLife is to offer comprehensive insurance products meeting customer needs. The bank’s unique and largest distribution footprint and the global knowhow of MetLife add significant value to the partnership,” said Abdullah Tamman Al Mashani, DGM – Institutional Sales and Product Development.
The bank’s customers can access the myMetLife online platform to check their policies, view their benefits, make online payments and live a healthier life with a personalised health-tracking tool and wellness updates.
MetLife has 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.