Walaa signed an agreement with the Arab National Bank to conduct Bancassurance business, allowing the bank to provide various insurance services directly through the bank’s various channels. The agreement was signed by the CEO of Walaa Insurance, Mr. Johnson Varughese, and MD & CEO of Arab National Bank, Dr. Robert Eid..
Mr. Johnson stated that the partnership with ANB will allow the Company to offer various insurance products and solutions to the customers of Arab National Bank. The bank, in turn, would be able to offer its customers, both corporate and retail, solutions to meet their financial, savings, and risk management aspirations at one single source. He further added that under the new Bancassurance model, Saudi Central Bank, subject to certain conditions, allowed the employees of the Bank, who have a better understanding of the customer needs, to offer appropriate insurance products to the customers. This will help develop the Protection & Savings market and support the initiative of the government to increase household savings in Saudi Arabia. Dr. Robert said: “We are pleased to be the first bank in the Kingdom to conclude an agreement to practice Bancassurance business, whereby various insurance programs are provided, as well as advanced banking solutions, which contribute to enriching customers’ experience and keeping pace with their financial and insurance needs at the same time. ”Dr. Robert” added that this step comes in the context of the government’s drive to upgrade the insurance sector, as it constitutes - along with the banking sector - one of the most important tributaries of the Saudi economy, and is an important factor in the national transformation process and the Kingdom's 2030 vision. It is worth mentioning that this agreement comes within the rules governing Bancassurance issued earlier this year with the aim of expanding the distribution and marketing of insurance products through banks and facilitating customers to obtain all their financial needs from one place.