Uni.Asia Life to bank on BSN network

KUALA LUMPUR: Uni.Asia Life Assurance Bhd will be tapping into Bank Simpanan Nasional Bhd’s (BSN) customer base of 8 million in Malaysia.

Uni.Asia Life has been rebranded Gibraltar BSN Life Bhd after it was acquired in a 30%:70% takeover by BSN and Prudential Financial Inc’s (PFI) subsidiary The Prudential Insurance Company of America (PICA) on Jan 2. PICA and BSN paid a total of RM518mil for the acquisition.

Gibraltar BSN, which has a customer base of 300,000 in Malaysia, will be distributing its products via three main channels – Bancassurance, PosAssurance as well as its 800-man strong agency network.

Earlier last month, Gibraltar BSN launched a “Don’t Worry” protection and savings insurance policy series through its network of insurance specialists in 20 BSN branches to gauge market response.

“Our aim is to simplify purchasing of life insurance so that customers in BSN branches can choose from three clear product choices and buy the policy in just 20 minutes,” Gibraltar BSN chief executive officer Vincent Kwo said after a press conference.

“We are working on a product for critical illness and will launch it soon,” Kwo said. He did not elaborate on the plan.