FGB, one of the leading banks in the UAE and LIC International, a JV company of LIC of India, announced their plans to introduce the first co- branded credit card of its kind for their customers in the United Arab Emirates. This is the first time that a leading insurance company has entered into a strategic alliance with a leading local bank to create a unified payment solution that is associated with a unique loyalty offering for its customers.
Insurance payments, persistency and ad hoc surcharge levied by many insurance companies on premium payments through cards have been a key concern among many policyholders in the UAE. Through this programme, the bank will provide a payment solution to these issues in addition to developing a loyalty platform for their common customers with unique benefits.
Girish Advani, Executive Vice President and Head of Mass Market, Consumer Banking Group, said: “This relationship represents more than a tie-up that produces unique services for customers in the region. It is about partnering with one of the most trusted brands globally and working together to offer significant value added services, protection and saving products along with a best-in-class loyalty platform to all UAE residents and joint customers.”
Rajesh Kandwal, Chief Executive Officer and Managing Director of LIC International said: “This cooperation will offer value added services to customers from two customer-focused organizations. In the coming weeks residents will see that FGB and LIC International are both continuing to work towards ‘Insuring Lives. Ensuring Happiness’. Our customers should look forward to receiving a range of important features and benefits with their co-branded credit card.”
Ever since their partnership begun in January 2013, both parties have aimed to deliver financial security, protection and peace of mind to UAE residents through providing innovative joint-solutions. Their cooperation has led to record sales worth USD 75 million (AED 272 million) for ‘Jeevan Aastha 3’ and to obtaining total premium worth USD 100 million (AED 367 million) in 8 weeks for LIC’s new insurance product ‘Jeevan Nivesh’. Customers have also benefited from a recent joint interactive Consumer Awareness Campaign on the importance of financial planning.
LIC (International) was established in Bahrain in 1989 by LIC of India to cater for the needs of residents in the GCC and elsewhere. LIC of India has over 350 million policyholders worldwide and is rated as India’s most trusted brand by The Brand Trust Report 2013.