Zurich and Simplylife said they aimed to exploit a perceived gap in the mass market for life insurance and personal protection products.
“Zurich's protection products will enhance the existing product offerings available to Simplylife customers and provide additional value to its core banking product offering,” the two companies said in a statement.
New distribution model
Sundar Parthasarathy, head of new business, ADCB Bank said: “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,” he said.
Simplylife is a sub brand of ADCB launched two years ago and has established itself in the consumer finance market by providing simple, fast and accessible financial solutions for the mass market segment.
Walter Jopp, chief executive of Zurich Global Life MEA said: “Zurich is a bancassurance expert in the Middle East, offering our products to customers through strategic cooperations 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.”
A survey conducted by Zurich in 2014 showed that almost two-thirds (64%) of residents in the UAE did 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.