Strategic tie-up offers Zurich’s general insurance and general takaful products across Alliance Bank’s distribution network.
Kuala Lumpur-based Alliance Bank and its subsidiary Alliance Islamic Bank (AIS) inked an exclusive 15-year bancassurance and bancatakaful agreements with Zurich General Insurance Malaysia and Zurich General Takaful Malaysia. 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, the companies said on Monday.
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.
Further Growth in 2019
This 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.
According to industry reports, the general insurance industry registered a growth of 1.5 percent in 2018, while the general takaful industry recorded a decent 8.9 percent 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.
