Bank Muscat hosts AIG President, reviews bancassurance partnership

27/04/2015 16:40 AST

Bank Muscat today hosted Peter Hancock, President and Chief Executive Officer of American International Group (AIG), for a high-level review meeting of a 10-year strategic bancassurance agreement under which AIG is the exclusive provider of non-life insurance products to Bank Muscat customers in Oman.

Bank Muscat and AIG expressed satisfaction and optimism on the encouraging response to the customised bancassurance products developed by AIG for Bank Muscat customers. 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.

AbdulRazak Ali Issa, Chief Executive, said: “Bank Muscat is proud to host Peter Hancock and review the progress of the partnership agreement signed by the two institutions a year ago. The bancassurance collaboration with AIG has helped Bank Muscat to enhance the value proposition to customers through this dynamic channel. The partnership serves as an excellent opportunity to provide a superior experience to the bank’s customer base, with a focus to meet their evolving insurance requirements over the long term.”

AIG, one of the world’s largest insurers, is a major bancassurance provider with key relationships with leading banks around the globe. AIG’s strong commitment and investment in the partnership with Bank Muscat has benefited customers with world-class insurance coverage and service through innovative distribution channels.

Peter Hancock said: “I am delighted to be making my first visit to Oman. Our exciting partnership with Bank Muscat, one of AIG's most important worldwide, demonstrates our strong commitment to bringing a full range of innovative insurance products to Omani businesses and citizens. By providing opportunity for talent in our industry, we are pleased to be contributing to growing the local insurance industry. And by helping Bank Muscat's customers and our own to protect themselves more effectively against risk, we think we have a positive role to play in advancing Oman's long term prosperity.”

The value-added AIG bancassurance products for Bank Muscat’s individual and family customers include motor insurance, accident and health products. The series of premium bancassurance products are targeted at family protection, home contents protection and coverage for critical illness.

AbdulRazak Ali Issa added: “The unique partnership agreement with AIG has resulted in bespoke bancassurance products for customers. The Oman insurance market which recorded 15 per cent average growth in the last five years is projected to grow at a rate of 18 per cent in the next five years. With global insurance partners like AIG, Bank Muscat is in a position to offer unique insurance products catering to all customer needs. The bank’s largest distribution footprint and the global knowhow of AIG add significant value for the partnership. We look forward to a fruitful and rewarding partnership with bright prospects for the future.”

CPI Financial