Suneeti AhujA-Kohli

We 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 forev-er. 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 ca-lamities, material ones, here is the list of must-have insurance prod-ucts:

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

Being optimistic helps, but it is good to have a safety cover to protect you and your loved ones from any eventuality

Get a cover to secure your life

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

needs — your spouse, kids or old parents. There might be a number of financial goals at-tached to your earnings every month — savings and investing for children’s education, a spe-cial present for the better half on the next wedding anniver-sary, 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 optimis-tic, it is better to be prepared for the worst and invest in a life in-surance policy. Being a finan-cial hub, Dubai is home to a number of life insurance com-panies. Financial planners ad-vice 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 val-ue, and should be enough to pay for the family, should some-thing 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 pro-tected with a health insurance cover. There are a host of op-tions available in this space as well. You can either opt for an individual cover, or buy a fam-ily floater that protects the en-tire family under a single cover. This is economical and works

well for a family of four.

VeHicLe insurance: Thankfully enough, vehicle in-surance 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 pre-mium. A number of web aggre-gators 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 unfortu-nate event.

ProPerty insurance: Last and the most ignored in-surance 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 in-terest to insure your loved ones dreams and good health.

—suneeti@khaleejtimes.com

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

Life is full of unexpected events and even the most care-ful planner may be taken by sur-prise with news they had not anticipated. To make sure that you are always prepared for the unforeseen, RAKBANK facili-tates 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-add-ed 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, has-sle-free process. One of the trusted insurance providers that the bank works closely with is the Union Insurance Company (UIC), which provides a compre-hensive 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 en-suring peace of mind at all times.

Applying for insurance pol-icies made easier with RAK-BANK Direct

As a market leader in custom-er service, RAKBANK always

guarantees utmost convenience and simplicity in all its extended products and services, and in-surance is no exception. In 2010, RAKBANK launched a platform on its website where customers can apply for insur-ance products, among others, in a simple, online process via RAKBANK Direct on www.rak-bank.ae. Besides offering cus-tomers insurance products from its branches, the website gives customers the added advantage to review, select, and apply for banking products from the com-fort of sitting behind their com-puters. With a few clicks, cus-tomers can get a personalised quotation before purchasing a new insurance product. RAK-BANK Direct’s host of benefits offered on the website include informative tools and videos plus a Live Chat window to ad-dress queries on the spot.

RAK InsuRAnceunITeD InsuRAnce compAny

unIon InsuRAnce compAny

khaleej times / ADVERTISING SUPPLEMENT WoRLD oF InsuRAnce

RAK iNsuRANce is pleased to announce the appointment of An-drew Smith as its new Chief Ex-ecutive Officer effective January 2013.

Smith is an accomplished se-nior executive with conventional and Islamic insurance experience gained in the UK and across the Middle East. He has worked for publicly listed multi-national or-ganisations and privately-owned businesses, and understands the dynamics involved in achieving the best possible result for the or-ganisation.

He possesses strong and effec-tive leadership skills with an in-depth knowledge of insurance products, distribution networks and operational structuring. Smith has significant knowledge in establishing and running in-surance 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 Di-ploma in Islamic Banking and In-surance from the Institute of Is-lamic Banking and Insurance; Masters Degree in Training De-velopment and Performance Management from Leicester Uni-versity; Financial Planning Cer-tificate from the Chartered Insti-tute 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, strate-gic planning and forecasting, fis-cal management, underwriting,

re-insurance, negotiation, organ-isational development, innova-tion, market penetration, and project, distribution and training development.

As the new CEO, he will be re-sponsible for the entire organisa-tion 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 Ex-change (ADX) and has been a pio-neering 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 rein-surance 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 high-est standards of customer service with products designed to meet the needs of its clients.

RAK Insurance welcomes new CEO on board to continue leading its dedication to highest standards of customer service

Raising the bar

uNiteD iNsuRANce Com-pany PSC is perhaps one of the best-kept secrets of the UAE in-surance industry. It was incor-porated in 1978 and is active through a branch network and brokers in most emirates. How-ever, its approach has always been one of prudent and con-servative growth.

With a team of around 100 employees active in all classes of general and medical insur-ance business, the company firmly believes that “insurance is bought, not sold.” It is the cli-ents’ choice whether they shop on a direct basis or via a pre-ferred intermediary, such as a broker. Hence, United Insur-ance 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 re-vamped. Brokers also have ac-cess 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 avail-able 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 seam-less processing of insurance and registration. Personal cli-ents can also purchase their in-surance directly via the com-pany’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 ex-tended working hours was an-other 2013 initiative making the company more accessible to clients.

“We are currently in dia-logue with various brokers to

understand how we can serve them and their clients better,” said James Portelli, the newly appointed general manager of the company. A chartered in-surance practitioner by profes-sion, James has been in the in-dustry 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 de-mand for insurance growing again at double digit figures. We, as an industry, need to be ready to service this profession-ally. At the end of the day it is all about adding value.”

Andrew Smith

Reinforcing freedom of choicePotential customers have an increasing number of insurance products available via the web portal

We are currently in

dialogue with various brokers to understand how we can serve them and their clients better

Simplified plans specifically for you RAKBANK offers a range of insurance providers to assist in unforeseen circumstances

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