PRESS RELEASE

Union Insurance and Xpress Money join hands to offer Free Life Insurance Cover to GCC Remitters


A first-of-its-kind life insurance scheme launched in the remittance industry

Provides a cover of AED 15k, for every transaction done through Xpress Money

 

Dubai May 20, 2013 – Union Insurance, one of the leading insurance firms in the region, today launched the industry's first free life insurance cover scheme for GCC remitters in partnership with Xpress Money, the world's most dependable money transfer brand. Designed specifically to suit the blue collared population, this monthly renewable free life insurance scheme, is available to any person remitting money through Xpress Money.

 

This pioneering insurance scheme will provide a life insurance protection of AED 15k including AED 5K of repatriation expenses of the mortal remains – something that not many insurance companies cover. The life insurance benefit will automatically be available to any person remitting money through Xpress Money for a period of one month, from the day the customer makes a transaction. A remitter can therefore avail of this life insurance scheme free of cost for as long as he/ she wishes by simply remitting money on a monthly basis through Xpress Money, irrespective of the amount transacted.

 

"We are proud to enter into a strategic partnership with one of the world's leading money transfer brands," said Usman Khadmi, President - Union Insurance Company. "This first of its kind life insurance program in the remittance industry is a clear demonstration of how we understand the unique requirements of our clients and address them by utilizing our expertise, technical skills and efficient operations. Together with Xpress Money, it is now possible to offer innovative, superior-value insurance coverage to all of their customers."

 

Mr. Sudhesh Giriyan, Vice President and Business Head, Xpress Money, said: "Majority of the expats residing and working in the GCC, belong to the blue-collared class; these migrants are generally not covered by any insurance firm because of their hazardous working conditions at construction sites, factories etc. We therefore launched this free life insurance scheme with an objective to reach out to these migrants and give them an opportunity too, to insure themselves. This life insurance scheme is a critical value addition to our services that yet again reinstates our commitment, of bringing a humane touch to the business we are in. We are glad to be joining hands with Union Insurance; and together creating a new milestone in the remittance sphere."

 

Commenting on the launch, Mr. Pushpak Damania, RVP- Business Development, MENA AFPAK, Xpress Money said, "We are confident that this is a pioneering initiative that no remittance player has offered so far. Being one of the biggest global remittance brands in the region, we are happy to be partnering with Union Insurance - a leading insurance brand in the region. The launch of this product will truly benefit many blue collared workers at large as well as give Xpress Money and Union Insurance an edge over our competitors with the innovativeness of the product. We look forward to further expansion to other countries and regions over the next few months".

 

The life insurance scheme cover will be offered to remitters in the following countries, sending money to these respective countries:

 

Send Country (Remitter Send Country (Remitter
UAE India
Kingdom of Saudi Arabia India, Pakistan, Bangladesh & Indonesia
Oman India & Ethiopia
Qatar India, Indonesia & Ethiopia
Kuwait India, Pakistan, Egypt & Ethiopia
Bahrain India & Ethiopia

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