Emirates NBD has announced that its business banking segment has won the Banker Middle East Product Award 2012, for ‘Best SME Insurance Product’.

Organised by CPI Financial, the Banker Middle East Product Awards, recognise banking products and services that are “either exceptionally innovative or have generated excellent financial results and/or transference of market share”.

Ram Raichura, head of products & portfolio management of the business banking division received the award on behalf of the bank.

Vikas Thapar, head, business banking, Emirates NBD, said: “SMEs are a vital part of the UAE economy and contribute significantly to the country’s standing as the most vibrant and dynamic trading hub in the region. The bank is pioneer in supporting and educating SME owners about the need for insuring their business by providing tailor-made insurance products to suit their business needs.”

“As a key requirement for SMEs, insurance is an area which has a lot of potential since the market penetration is still relatively low in the region as a whole,” Raichura said. “With a constantly expanding suite of products and providers across different company sizes and industries, Emirates NBD business banking has been proactively offering insurance solutions to its SME customers since 2010.”

Emirates NBD business banking offers a comprehensive suite of insurance solutions covering both life and non-life cover, ranging from premises/property, public liability, fidelity, capital guaranteed life insurance, group health policies and marine insurance.

In addition, exclusive tie-ups with the major players in the insurance sector also provide clients with numerous options on policies.

“This award acknowledges the success of the business banking team in their efforts to increase awareness among SME owners about safeguarding their businesses against unforeseen events,” said Shekhar Krishnamurthy, head, assets & liabilities, Emirates NBD. “Insurance covers not only risks to property, but also goods in transit, business interruptions, and machinery and electronic equipment breakdown.The relationship managers are also on-hand to provide detailed information on policies and help facilitate the decision-making process.”

The bank won the 2011 award for ‘Best Corporate Account’ and ‘Best Business Banking Promotion.’ – TradeArabia News Service