EGYPT – Global insurer AXA Egypt and Commercial International Bank (CIB), Egypt’s leading private sector bank, have entered into a five-year bancassurance partnership in a move to help the bank further expand its customer base by providing various insurance coverages through all CIB branches.
Launched in Egypt in 2015, AXA Egypt operates with a one-stop-shop strategy to provide customers with full suite of products including General, Life & Savings, Life protection, Health and Micro-insurance plans. AXA Egypt offers protection to over 1 million customers nationwide.
AXA Egypt has entered into a strategic partnership with Commercial International Bank that will see the insurer offer general insurance products in 139 CIB branches during the first phase and ultimately expanding into all CIB branches by the end of 2023.
The recent collaboration further builds on the longstanding partnership between CIB and AXA Egypt, the Commercial International Bank earlier signed an exclusive 10-year bancassurance agreement with AXA Life Insurance to offer life, savings, and health insurance products to CIB customers.
AXA Egypt will offer a range of its insurance products to CIB customers including general insurance plans such as car, property, and accident insurance allowing clients to choose between Safe Home for home protection and Safe Business for workplace protection.
The collaboration also includes commercial and production assets protection, Auto Go and Auto Highline car insurance plans along with an additional agreement to invest in digital technology and work on improving innovative solutions.
In addition, the bancassurance agreement will allow retail banking customers and customers of small- and medium-sized companies to benefit from the best insurance solutions including life and non-life insurance products through 139 CIB branches.
The partnership between AXA Egypt and CIB is built on the strengths and common values of both institutions which converged to serve joint customers and provide all the financial services that customers may need in one place thus making it easier for them to manage their financial affairs.
In addition, the partnership will allow AXA Egypt to benefit from CIB’s leading position and wide presence in the Egyptian market hence enabling both institutions to provide the best banking and insurance solutions to customers across Egypt.
Managing Director of AXA Life Insurance Egypt Ayman Kandil said that the partnership falls in line with AXA Egypt’s strategy to always provide comprehensive insurance coverages that meet customers’ needs and assure that their lives are protected, healthier and full of opportunities.
“We are proud of our bancassurance agreement with CIB and are confident that it will help the bank further expand its customer base by providing various insurance coverages through all CIB branches, enabling the bank’s customers to obtain insurance for everything they care about in one visit,” he added.