The Expat Cover Insurance Consultancy, which is licensed by the UAE Insurance Authority and the Dubai Health Authority, sits within the Group separately from its existing Securities and Commodities Authority authorised Mondial (Dubai), which gives investment advice.
Sean Kelleher, chairman of Mondial Group, said: “Expat Cover is a strategic first move in the evolution of the way financial and insurance consultants are paid. In essence, independent advice in the UAE is still driven by commissions. This leads financial and insurance consultants open to charges of ‘conflicting interests’ in a world where different products are charged at different commission rates.”
He added: “Paying salaries is a game changer. The focus is all about delivering the best possible service without the grey area of commissions to cloud consultants’ judgment when negotiating on behalf of their clients.”
Katy Hallside, employee benefits manager at Expat Cover, said the key ethic running through the business is to treat clients fairly, with them getting heavily involved in the final decision.
“Paying salaries is a game changer."
“This means that our insurance consultants are salaried and not commission driven. The corollary to this is that charges are totally transparent”, she said.
Training will focus on assessing each client’s personal insurance needs and making several suggested solutions with reasons why each potential solution is recommended, she also said.
Mondial (Dubai) has been practicing financial planning and wealth management in the UAE since 1988 and currently manages in excess of over $1bn for 8,000 clients.
A joint venture with Padmakshi Financial Service in Mumbai, also allows Mondial to provide services in India through Padmakshi Mondial Wealth Management Pvt.