K H A L E E J T I M E S A DV E RT I S I N G S U P P L E M E N T
Get a cover to secure your life needs — your spouse, kids or old parents. There might be a number of financial goals attached to your earnings every month — savings and investing for children’s education, a special present for the better half on the next wedding anniversary, medical expenses of the elderly, saving for retirement and so on. But what if life throws an unpleasant surprise? While it is good to be optimistic, it is better to be prepared for the worst and invest in a life insurance policy. Being a financial hub, Dubai is home to a number of life insurance companies. Financial planners advice buying a term plan, which is a plain vanilla life insurance plan that comes for a set term and doesn’t yield anything in return on maturity of the plan. Before buying a policy always do a comparison, hunt for the ones that give you the best value, and should be enough to pay for the family, should something happen to you.
Being optimistic helps, but it is good to have a safety cover to protect you and your loved ones from any eventuality
Suneeti Ahuja-Kohli
W
e all go an extra mile to see a smile on the faces of our loved ones; ensure that we are able to fulfil each and every wish and keep them hale and hearty forever. But imagine, who will be able to take such good care of them in your absence. Well, even though
we would not like to invoke fear psychosis and build a case for you to buy insurance, a cover that shields your family against all calamities, material ones, here is the list of must-have insurance products: Life insurance: A monthly pay cheque provides for the bread and butter, but also brings along umpteen happiness to the ones that rely on you for their financial
Before buying a policy always do a comparison, hunt for the ones that give you the best value, and should be enough to pay for the family, should something happen to you
Health Insurance: The next most important cover is the health insurance. With the rising medical inflation, it is wise to keep your family protected with a health insurance cover. There are a host of options available in this space as well. You can either opt for an individual cover, or buy a family floater that protects the entire family under a single cover. This is economical and works
well for a family of four. Vehicle insurance: Thankfully enough, vehicle insurance is mandated by law, which necessitates that every one buys it before they drive their prized vehicles. However, this should not be bought in a rush and, as mentioned above, you should do research and compare policies by different companies before diving for one that asks for the lowest premium. A number of web aggregators and brokers, who deal with multiple companies, are the best sources to choose the best policy for you. Even though the law mandates only third party insurance, it is in your and your loved ones interest to buy a comprehensive insurance that takes care of all the passengers, in case there is some unfortunate event. Property Insurance: Last and the most ignored insurance is the property insure. The insurance company takes a stock of all the valuables and other items that are present in the house and insures the house for an estimated amount — leaving you stress free in case something unfortunate happens. So, take some time off and think why it is in your best interest to insure your loved ones dreams and good health. —suneeti@khaleejtimes.com
WORLD OF INSURANCE
khaleej times / ADVERTISING SUPPLEMENT
UNITED Insurance Company
RAK Insurance
Reinforcing freedom of choice Potential customers have an increasing number of insurance products available via the web portal United Insurance Company PSC is perhaps one of the best-kept secrets of the UAE insurance industry. It was incorporated in 1978 and is active through a branch network and brokers in most emirates. However, its approach has always been one of prudent and conservative growth. With a team of around 100 employees active in all classes of general and medical insurance business, the company firmly believes that “insurance is bought, not sold.” It is the clients’ choice whether they shop on a direct basis or via a preferred intermediary, such as a broker. Hence, United Insurance Company is reinforcing
this freedom of choice for the client by increasing the number of insurance products available via the web portal. The Motor Insurance portal for insurance brokers — for comprehensive and third party business — was recently revamped. Brokers also have access to the Marine Insurance and Travel Insurance portals of United Insurance Company. Broker portals for more classes of business aimed primarily for the personal and SME segments of the market will also be launched during this year. A similar service is also available for corporate clients of the company whereby the client can directly issue their motor
and/or marine certificates only via the dedicated portals. Whether it is for direct clients or brokers, the motor insurance portals are connected to the Traffic Department for a seamless processing of insurance and registration. Personal clients can also purchase their insurance directly via the company’s website. On classes of business where the portal is not activated, enquiries for a call back can be submitted. The UIC Call Centre with extended working hours was another 2013 initiative making the company more accessible to clients. “We are currently in dialogue with various brokers to
We are currently in dialogue with various brokers to understand how we can serve them and their clients better understand how we can serve them and their clients better,” said James Portelli, the newly appointed general manager of the company. A chartered insurance practitioner by profession, James has been in the industry for almost 25 years, of which around 15 years were spent in four out of the six GCC countries. “UAE’s economy is again showing buoyant signs and there are a number of initiatives at country level that will see demand for insurance growing again at double digit figures. We, as an industry, need to be ready to service this professionally. At the end of the day it is all about adding value.”
UNIon Insurance Company
Simplified plans specifically for you RAKBANK offers a range of insurance providers to assist in unforeseen circumstances Life is full of unexpected events and even the most careful planner may be taken by surprise with news they had not anticipated. To make sure that you are always prepared for the unforeseen, RAKBANK facilitates the process of purchasing the best insurance policies in travel, life, and medical. Also, because choosing the best car and home to buy is a hassle enough, RAKBANK ensures that scouting for the most value-added motor and property insurance policy is not. RAKBANK simplifies your policy search by tying up with
leading insurance providers to bring to you competitive plans and rates through a quick, hassle-free process. One of the trusted insurance providers that the bank works closely with is the Union Insurance Company (UIC), which provides a comprehensive range of individual and commercial insurance products. UIC provides customers with protection against unforeseen eventualities with innovative covers such as length of loan, job loss, hospitalisation cash, loss of use, critical illness, etc., thus ensuring peace of mind at all times.
UIC provides customers with protection against unforeseen eventualities with innovative covers such as length of loan, job loss, hospitalisation cash, loss of use, critical illness, etc., thus ensuring peace of mind at all time
Applying for insurance policies made easier with RAKBANK Direct As a market leader in customer service, RAKBANK always
guarantees utmost convenience and simplicity in all its extended products and services, and insurance is no exception. In 2010, RAKBANK launched a platform on its website where customers can apply for insurance products, among others, in a simple, online process via RAKBANK Direct on www.rakbank.ae. Besides offering customers insurance products from its branches, the website gives customers the added advantage to review, select, and apply for banking products from the comfort of sitting behind their computers. With a few clicks, customers can get a personalised quotation before purchasing a new insurance product. RAKBANK Direct’s host of benefits offered on the website include informative tools and videos plus a Live Chat window to address queries on the spot.
Raising the bar RAK Insurance welcomes new CEO on board to continue leading its dedication to highest standards of customer service RAK Insurance is pleased to announce the appointment of Andrew Smith as its new Chief Executive Officer effective January 2013. Smith is an accomplished senior executive with conventional and Islamic insurance experience gained in the UK and across the Middle East. He has worked for publicly listed multi-national organisations and privately-owned businesses, and understands the dynamics involved in achieving the best possible result for the organisation. He possesses strong and effective leadership skills with an indepth knowledge of insurance products, distribution networks and operational structuring. Smith has significant knowledge in establishing and running insurance entities in the GCC and Levant region. He has built-up a sizeable financial and technical know-how with a number of years of experience in financial services, insurance and Takaful sectors. Smith holds a Postgraduate Diploma in Islamic Banking and Insurance from the Institute of Islamic Banking and Insurance; Masters Degree in Training Development and Performance Management from Leicester University; Financial Planning Certificate from the Chartered Institute of Insurance and a graduate of Business and Finance from Kingston University; all acquired in the UK. His areas of expertise consist of corporate governance, strategic planning and forecasting, fiscal management, underwriting,
Andrew Smith re-insurance, negotiation, organisational development, innovation, market penetration, and project, distribution and training development. As the new CEO, he will be responsible for the entire organisation of RAK Insurance with its Head Office located in Ras Al Khaimah and with branches in Dubai and Abu Dhabi. RAK Insurance is a public shareholding company listed on the Abu Dhabi Securities Exchange (ADX) and has been a pioneering insurance in the emirate since its establishment in 1974. It has gained a reputation for having excellent technical resources which is further strengthened by some of the world’s leading reinsurance companies; providing its clients optimum protection. RAK Insurance products and services cater to all classes of business which include — Life, Motor, Casualty, Marine, Energy, Medical, Property, Professional Liability, Travel, Financial Risks, Personal Accident, Marine Hull, Aviation, Engineering and Special Risk. Smith, the management team and staff of RAK Insurance are committed to delivering the highest standards of customer service with products designed to meet the needs of its clients.