Misr Life Insurance, a subsidiary of Misr Insurance Holding Company (MIHC), and Nasser Social Bank (NSB) signed a bancassurance agreement to promote the company’s products through the NSB’s branches.
Basel El Hini, MIHC’s chairperson and managing director said that the company is working to develop insurance products for customers, through developing products’ promotional mechanisms at the current stage, to keep pace with global and technological developments in the insurance industry.
In addition, the group is working on expanding its new marketing channels, most notably banking insurance, which has become a major supporter of life insurance’s boom, as a result of the bank’s geographical availability, he added.
El Hini noted that the partnership with NSB is an important step to provide the bank’s customers with the required insurance policies, besides expanding the company’s customer base from all the various insurance programmes, such as protection and savings as well as retirement.
The new partnership is part of the MisrLife Insurance strategy to meet the needs of current and prospective customers, aiming to expand channels to help them manage their savings, according to Ahmed Abdel-Aziz, chairperson and managing director at Misr Life Insurance.
He pointed out that the company seeks to take advantage of the bank’s geographical availability to be able to market a number of its products and increase its presence in the banking sector.
On his part, Sherif Mohamed Farouk, deputy chairperson and NSB’s managing director said, “the cooperation between the two entities comes through providing the company’s products to all NSB’s customers through its branches.”