The agreement will enable a consistent client insurance offering across the bank, underpinned by the turnaround of underwriting and claims services through local presence of Munich Re.
RAKBANK has signed a five-year Group Credit Protection agreement with RAK Insurance designed to provide financial protection to their borrowers and credit card holders.
The agreement is backed by Munich Re, one of the world’s leading reinsurers.
Peter England, the CEO of RAKBANK, said, “The bank is delighted to sign this five-year agreement, offering customers a number of services as part of the credit protection programme.”
The group credit solution will provide RAKBANK’s retail banking clients with insurance protection over the next five years and will enable Munich Re to explore new and innovative product development opportunities jointly with RAKBANK and RAK Insurance, said Frank Mayer, the CEO of Munich Re Underwriting Agents.