The agreement paves the way for the Bank to offer customers a complete suite of life and non-life insurance products from Medgulf Allianz Takaful through its extended branch network within the Kingdom.
This service, offered under the Bank’s recently formed bancassurance umbrella, will be available to both Bahrainis and expatriates. The agreement was signed by the Bank’s Chief Executive Officer Jamal Al-Hazeem and Dr. Abdullah Mansury, the General Manager of Medgulf Allianz Takaful at a ceremony held at the Capital Club that was attended by senior officials from both institutions.
“We are confident that the alliance with Medgulf Allianz Takaful will help us achieve our vision of providing our customers with a comprehensive range of products from a leading insurer. A result of our new product development strategy within the retail segment, we are working towards ensuring that our products match and exceed our customers’ financial needs and expectations,” Jamal Al-Hazeem, said.
“We believe that offering retail services like bancassurance amongst others, help in enhancing our product offering and makes our Bank a stronger choice for customers within Bahrain. We will continue to invest in our business recognizing the need for excellent customer service, a wide range of customer centric products and a strong network to support future growth,” he added.
“We are very proud to have formed this partnership with BMI Bank here in Bahrain and to be able to offer our products to BMI Bank customers. BMI Bank enjoys a large and growing customer base which is a potential and ideal target segment for our insurance products. We hope to tap into this segment with the support of the efficient sales support offered by the Bank,” Dr. Abdullah Mansury the General Manager of Medgulf Allianz Takaful said.
“BMI Bank customers will now get access to Medgulf Allianz Takaful’s state-of-the-art shari’ah compliant products and services through BMI Bank branches.”
As part of the agreement, qualified and experienced professionals from Medgulf Allianz Takaful will promote both life and non-life insurance products within BMI Bank’s network of branches. The products on offer include Super Child Education Plan, Super Protection Plan, Super Savings Plan, Super Investment Plan, Super Term Cover Plan, Super Accident and Sickness Cover, Super Home Cover, Super Contents Cover, Super Travel Cover and Super Auto Cover.
Bancassurance is a term used to describe the partnership or relationship between a Bank and an insurance company whereby the insurance company uses the Bank’s various customer channels in order to sell insurance products.