Business News

Published: Tuesday May 14, 2013 MYT 12:00:00 AM
Updated: Tuesday August 27, 2013 MYT 10:19:19 AM

Allianz aims for RM150mil in new premiums

KUALA LUMPUR: Allianz Life Insurance (M) Bhd is optimistic of chalking up RM150mil in new business premiums with the launch of two new riders for its PowerLink product this year. Last year, the group recorded between RM110mil and RM120mil in new business premiums.

Allianz Malaysia Bhd and Allianz Life chief executive director Jens Reisch said: “We are still in an expansion stage of our business and we will continue to introduce new innovative products to outgrow the market.”

He targeted the gross written premiums to increase between 10% and 15% from RM1.31bil recorded last year.

“We are hoping to do better than the life insurance market growth,” he told reporters after the launch of Enhanced Medicover (medical) and PrimeCare (health), which are riders for its PowerLink product.

“Our company’s objective is to provide comprehensive protection plans for Malaysians by focusing on the protection pillar in 2013,” Reisch said.

Up to December 2012, the group has sold 50,000 policies from PowerLink product only, making it the best selling product for the group.

Reisch was aiming up to 70,000 customers this year for its PowerLink product, with target market being those aged between 20 and 45 years.

According to the chief marketing officer Chin Tze How, the group aimed to introduce a retirement plan product by September this year.

On another note, Reisch said Allianz has been promoting protection for years, realising the need amongst customers.

“Based on the growing demand, these new riders were developed,” he said.

The Enhanced Medicover is a medical rider covering a person up to RM5mil during a person’s lifetime with an extension coverage up to 91 years old.

“It provides comprehensive coverage for medical needs ranging from reimbursement for pre and post-hospitalisation treatments to home nursing care and ambulance fees,” Reisch said.

Meanwhile, the PrimeCare rider provides benefit payout depending on the different stages of critical illness, covering more than 100 critical illnesses.

“This rider aims to make people aware on the importance of early detection and treatment to weather the impact of the illness on their lifestyle and it also provides recovery benefits for cancer and diabietes,” Reisch said.

According to a statement, Allianz Life currently holds the sixth position in the life insurance segment, with a 6.1% market share.

Tags / Keywords: Business, Business News, allianz, RM150mil, new riders

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