Malaysia: Zurich Malaysia and Alliance seal 15-year bancassurance & bancatakaful deals
Source: Middle East Insurance Review | Jun 2019
Zurich Malaysia has inked an exclusive 15-year bancassurance and bancatakaful agreements with Alliance Bank Malaysia and its subsidiary Alliance Islamic Bank to offer its general insurance and general takaful products across the bank’s distribution network in the country.
Effective 1 May, Zurich Malaysia’s general insurance and general takaful products will be offered throughout Alliance Bank’s 81 branches, its sales force of over 860 professionals, as well as its digital channels. This will be carried out progressively, starting with protection against fire damage for individuals and commercial property owners, followed by SME and personal insurance, and takaful plans that would meet the needs of the bank’s customers.
The partnership is in line with Zurich Malaysia’s aspiration to scale its businesses through diverse distribution channels, said Mr David Fike, CEO of Zurich General Insurance and executive director of Zurich General Takaful.
He added, “Expanding our distribution channels is one of the ways for us to reach customers quicker, at their convenience, to offer them assurance against risks. Our pursuit of delivering differentiated customer experience through innovative products, hassle-free and value-added services has led us to partner with Alliance Bank for bancassurance and bancatakaful. We look forward to a long and fruitful partnership with the well-established banking group to provide customers with holistic solutions that meet both their personal and business financial needs.”
Alliance Bank’s Group CEO Mr Joel Kornreich said, “Our partnership with Zurich Malaysia will help to strengthen Alliance Bank’s capability to provide a comprehensive suite of solutions for customers – businesses and individuals alike. The offering of general insurance and general takaful solutions allows us to cater to our customers’ specific needs, and is consistent with the bank’s vision of ‘Building Alliances to Improve Lives’.”
The partnership underscores Alliance Bank and Zurich Malaysia’s continued commitment to deliver protection solutions that help Malaysians obtain the right coverage at the right time to protect the things they love. A key focus of the partnership will also be on developing enhanced digital propositions that are fast and simple for customers. M