AXA is expanding its range of bancassurance solutions in Oman by signing an agreement with Bank Muscat.
This move comes a few years after both parties signed a 10-year strategic collaboration offering life insurance, medical, and investment and savings to Bank Muscat’s customers.
The new deal will see AXA adding motor, home, yacht, art and SME insurance solutions to the portfolio of services currently available to the bank’s customers.
“We are very proud to strengthen our relations with Bank Muscat and offer new enhanced products to its customers,” said Mr Jonathan Jane, General Manager for Bahrain, Oman and Qatar at AXA. “At AXA, we have always focused on delivering our stated purpose of empowering people to live better lives, and we believe that through this collaboration, customers will enjoy peace of mind by having all the services they need under one roof.”
Bank Muscat customers will be able to purchase the new insurance solutions through AXA’s insurance advisors based in the network of the bank’s 30 branches spread across Oman and through a team of dedicated account executives for quality service.
Mr Abdullah Tamman Al Mashani, DGM – Institutional Sales and Product Development at Bank Muscat, said: “Bank Muscat is proud to reinforce its partnership with AXA and widen the range of innovative insurance products covering all major segments and life situations. The unique products are in response to the genuine requirement for comprehensive insurance plans in Oman. As the Sultanate’s flagship bank which accords priority to the needs of customers, the focus is to provide innovative services and products at competitive rates and in a transparent manner.”
Insurance penetration in Oman is estimated at 1.5%, which is much lower than neighbouring GCC countries. However, the market is steadily growing after the recent announcement of compulsory healthcare insurance in the Sultanate.
“The insurance market in Oman is rapidly evolving, and we are happy to play a pivotal role in its progression,” said Mr Jane. “We are always looking for ways to improve the customer journey. Together with our global expertise and technical capabilities, combined with Bank Muscat’s strong regional presence and financial offerings, we will be able to create a unique platform for growth.” M