Alliance Bank Malaysia and its subsidiary Alliance Islamic Bank today inked an exclusive 15-year bancassurance and bancatakaful agreements with Zurich General Insurance Malaysia and Zurich General Takaful Malaysia. The strategic tie-up offers Zurich's general insurance and general takaful products across the Bank's distribution network.
The agreement will see the Bank strengthen its position in providing end-to-end financing solutions for both individuals and small and medium enterprise (SME) community, according to the company statement. A key focus of the partnership will also be on developing enhanced digital propositions that are fast and simple for customers.
Effective 1 May 2019, 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 Alliance Bank’s customers.
Alliance Bank’s Group Chief Executive Officer 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 allow us to cater to our customers' specific needs, and is consistent with the Bank’s vision of ‘Building Alliances to Improve Lives’.”
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Mr David Fike, Chief Executive Officer of Zurich General Insurance and Executive Director of Zurich General Takaful said the partnership is in line with Zurich Malaysia’s aspiration to scale its businesses through diverse distribution channels. He said, “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.”
According to the General Insurance Association of Malaysia and Malaysian Takaful Association, the general insurance industry registered a growth of 1.5% in 2018, while the general takaful industry recorded a decent 8.9% growth on the back of higher premiums and contributions from its two largest classes, Motor and Fire. These sectors are projected to grow further in 2019.
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(Main picture (L to R): Zuhairi Ismail, Chief Executive Officer of Zurich General Takaful; David Fike, Chief Executive Officer of Zurich General Insurance and Executive Director of Zurich General Takaful; Joel Kornreich, Group Chief Executive Officer of Alliance Bank; and Rizal Il-Ehzan Fadil Azim, Chief Executive Officer of Alliance Islamic Bank)
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