The Life Insurance Department
HOD: Shylaja Premnath
We’ve seen considerable growth in terms of life business acquired over the last three years and with the way the market is looking, 2015 should be looking up.
A survey conducted by Zurich International pegs the penetration of Life Insurance Policies in the UAE at a low 32%, the survey additionally found that out of the prospects that have life insurance, sixty six percent of them have a claim amount equating to only two years of their annual salary, industry benchmarks suggest ten to fifteen years.
What concerns us about these numbers is that more and more expatriate breadwinners in families are at risk of uprooting their family’s life without this cover.
The UAE however seems to be more receptive to Insurance than other GCC Markets, with the UAE producing close to $7.2 Billion in premiums (2013) which was 45% of the revenue generated in the GCC Market.
We’ve been working closely with associates and our marketing team to do our part in raising awareness of the need for life insurance in UAE based households; our growth numbers reflect the fact that awareness as well as proclivity to invest has been on the rise.
We are now averaging around 1400 to 1500 life policies per annum.
2014 saw the introduction of METLIFE into our channel of Providers with Whole of Life & Term Products on offer.
To meet up with the market requirements of increasing Real estate & mortgage requests, FPIL introduced Decreasing Term options to their product chain, equally followed by Zurich Life that launched in December.
Our life department works like a well-oiled unit; with high stakes and pressures we’ve ensured each team member has clearly defined role that aids the entire process.
Carenne Roque: After joining the team in 2012, an ex-Aviva employee, Carenne has extensive experience with processing and servicing new business – winning the ‘Best Employee award’ in Continental in the year 2013.
Jay Quintana: Jay has been with Continental for 4 years, if you shadowed him in the office you would see him taking care of all cheques, liaison and coordination with our financial advisory
Geeta Murlidharan: Joined Continental in 2013 initially to take over Indian Investments & service clients. It’s also her responsibility to ensure that every document received for new business, is in good order, compliance & Investment approved and is sent out on time, every time.
Ritika Meerchandani : Continental has been Ritika’s first job, “I enjoy working here because I get to learn so much as a fresher! I handle all applications, cheques and documents before they are sent for updation.
I am still waiting on your event pictures. (I will need insight of what you guys did there and how you enjoyed yourself)
In 2013 - Eid holidays, Life & Investment dept went for a short trip to Kerala to be at home, relax & enjoy the scenic beauty of the place. It was the most memorable event and unleashing our talent of singing, drinking & dance. We visited the famous waterfall, kovalam beach, temples, elephant training centre & ride in the boat house. If only, we had extra days we could have explored into the forests, mountains etc..It was full ,highly, energy packed 5 days of non-stop fun.