Dubai, UAE - Zurich Global Life, Middle East & Africa (Zurich) and Simplylife from Abu Dhabi Commercial Bank (ADCB) have signed a five-year strategic cooperation to market and distribute protection products through Simplylife's distribution network in the UAE.
Simplylife is a sub brand of ADCB launched two years ago and has established itself as a consumer finance brand focusing on providing simple, fast and accessible financial solutions with a primary focus on the mass market segment.
Zurich and Simplylife have identified a significant gap of life insurance and personal protection penetration in the mass market, which will be catered to by offering Zurich's products to Simplylife's customers. Zurich's protection products will enhance the existing product offerings available to Simplylife customers and provide additional value to its core banking product offering.
Sundar Parthasarathy, Head of New Business at ADCB Bank, stated: "We have recently added Bancassurance to our range of products in order to cater to the latent demand of insurance and protection products for the mass market segment. A suite of products will be launched through an exclusive and first-of-its-kind cooperation with Zurich and will be run through our Simplylife channels, a distribution model, which allows for higher engagement with our customers. This cooperation will further reinforce Simplylife's strategy to offer products that are simple and flexible and add considerable value to our customers. With this cooperation, Simplylife will be able to offer best-in-class insurance solutions aligned with the protection needs of our customers."
Zurich Global Life MEA CEO, Walter Jopp, said: "Zurich is a bancassurance expert in the Middle East, offering our products to customers through strategic cooperation with major retail banks. We are delighted to formalise our relationship with Simplylife from ADCB by signing this agreement - the start of a productive and long lasting alliance. Zurich has been providing life insurance in the Middle East for almost 30 years and we look forward to sharing our experience and expertise with Simplylife's retail bank team. Simplylife has a great customer-centric focus and the alliance will allow us to add value to our customers' financial needs."
A survey conducted by Zurich in 2014 showed almost two-thirds (64 per cent) of UAE residents do not have a life insurance policy that would protect their family's financial future in the event of the death of the primary salary earner. What is most concerning about this survey is that 60 per cent of residents with children do not have life insurance.
This strategic alliance brings protection products closer to the mass market, which is currently under-penetrated in terms of protection.
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About Simplylife
Launched in April 2014, Simplylife from ADCB has focused on the mass market consumer finance business. It offers Personal loan, car loan, credit card and Bancassurance and continues to add to its suite of products. Simplylife which is a sub-brand of ADCB focuses on providing its customers simple, fast and accessible financial solutions for their life's important moments.
About Zurich International Life:
Zurich International Life Limited is fully authorised under the Isle of Man Insurance Act 2008 and is regulated by the Isle of Man Financial Services Authority, which ensures that the company has sound and professional management and that provision has been made to protect plan holders. Zurich International Life Limited is a part of Zurich Insurance Group.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of general insurance and life insurance products and services. Zurich's customers include individuals, small businesses, and mid-sized and large companies, including multinational corporations, in more than 170 countries. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
For further information, please contact:
Heike Dransmann
Head of Communications, Middle East & Africa
Zurich Insurance Company Ltd.
Direct: +971 4 425 2352
Mobile: +971 56 401 0596
Email: heike.dransmann@zurich.com
© Press Release 2016
