Bank Muscat, the flagship financial services provider in the Sultanate, and AXA Gulf – one of the largest international insurers in the region – signed a 10-year partnership agreement to offer bancassurance products covering life protection, investment and savings to Bank Muscat customers.
The formal agreement was signed by AbdulRazzak Ali Issa, Chief Executive of Bank Muscat, and Jérôme Droesch, CEO of AXA Gulf, at the bank’s head office attended by senior officials from Bank Muscat and AXA Gulf.
The strategic partnership between Bank Muscat and AXA Gulf marks an important milestone for both companies and a significant step in the local insurance sector.
The alliance combines the regional expertise and footprint of Bank Muscat with the global knowhow and technical capabilities of AXA, to create a unique platform for growth. The agreement is designed to deliver greater value and service to Bank Muscat customers, who are increasingly seeking quality insurance solutions.
In his comments on the agreement, AbdulRazzak Ali Issa said: “Bank Muscat is proud to sign this unique partnership agreement with AXA and widen the scope of partnership offering a wide range of 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 AXA Gulf, Bank Muscat is in a position to offer comprehensive insurance and savings products catering to all customer needs. The bank’s unique and largest distribution footprint and the global knowhow of AXA add significant value for the partnership.”
Jérôme Droesch said: “We are very pleased to partner with Bank Muscat to offer life insurance products. Our collaboration started in December 2013 with a successful partnership to offer health insurance to Bank Muscat customers. This strategic agreement will reinforce our relationship with Bank Muscat, allowing us to expand our life insurance solutions in Oman and at the same time ensure peace of mind, serenity and stability through unique life and savings plans to Bank Muscat customers. With the wide distribution network of Bank Muscat and under their leadership, we are convinced that we can increase risk awareness and promote the benefits of insurance in Oman to ensure each and every customer is well protected. We look forward to working with Bank Muscat and we are sure that this partnership offers a lot of opportunities for investment and growth in Oman leveraging two leading brands in their respective industries.”
Bank Muscat customers will be able to purchase insurance through a phased roll-out in the extensive network of 140 branches of Bank Muscat, with access to AXA Insurance advisors for quality service. AXA will also provide medical insurance for Bank Muscat’s corporate clients, including small and medium enterprises.
In December 2013, Bank Muscat, in partnership with AXA Insurance, launched a first-of-its-kind health insurance product in Oman offering full coverage for treatment ranging from simple medical check-ups to chronic illness for individuals. The unique health insurance plan available in three variants targeted at the blue collar, salaried and affluent segments of society has evoked strong response.