Friends Provident International opens new office in Dubai

Friends Provident International opens new office in Dubai
Friends Provident International (FPI), the dynamic protection, pensions and investments provider, announces today the opening of its new Middle East office in the Burj Dubai Business Hub, the central business district of Dubai.
A key element of the new office will be the introduction of FPI’s Regional Development Centre – the first of its kind in the region. The centre will offer specialised financial training aimed at providing support for the company’s key distributors, including insurance brokers, financial advisers and banks, throughout the Gulf Cooperation Council (GCC) region. The centre will focus on developing and training advisers and FPI’s sales and administrative teams.
The new offices in Dubai supports the company’s strategic aim of growing business in the region and positioning itself as a leading provider of quality products backed up by innovative use of technology.
Matt Waterfield, general Manager (Middle East) for Friends Provident International, said:
“The Middle East is a key focus for FPI’s international business. The economy in the GCC is booming.  This economic growth has increased the need for insurance products in the region.”
Central to FPI’s growth strategy in the Middle East will be the identification and development of new distribution channels. The Middle East ‘vision’ for FPI is to transform from a Western intermediary centric model into a leading provider in the region, with multi-channel distribution.
Waterfield commented:
“Under one per cent of the adult population in the GCC have life insurance, this is much lower than take up rates in more established markets such as Europe. People in the Middle East require access to high quality, affordable products that have been specifically adapted for the region.”
“FPI has the product knowledge and experience to be a key player in the Middle East.”
In the Middle East, FPI has seen its business grow over 40 per cent per year since 2007.  The boom in the mortgage market, as well as an increase in regular savings plans have helped this growth as more expats relocate to Dubai.
In 2007, FPI secured its UAE licence, allowing the company to market to intermediaries and distributors from the Dubai Airport Free Zone; this is their first office outside of the Airport Free Zone.
For further information advisers should contact their FPI regional sales manager or visit www.fpinternational.com.