KUALA LUMPUR: Allianz Malaysia Bhd aims to sign up 500,000 registered Persons with Disabilities (PWDs) in the country with its newly-launched three insurance products.The products -- Allianz Ability Life, Allianz Care Individual and Allianz Individual Personal Accident -- are basically a life insurance and two general insurance options.
Its chief executive officer, Zakri Khir, said the products had seen a good take-up rate since its soft launch last week.
"Allianz came out with such products because there are very few policies out there for the disabled to buy, thus the group had decided to develop insurance solutions for this community," he told reporters on Monday.
The first product, Allianz Ability Life, is a yearly renewable life insurance plan. It comes with affordable premium rates, from as low as RM50 for sum assured of RM25,000 and RM70 for sum assured of RM50,000. It is opened to PWDs between 16 and 70 years old.
The other two products, Allianz Care Individual and Allianz Individual Personal Accident, which are existing products, are now extended to PWDs.
Allianz said these products would be distributed through 17,000 agents as well as alternative distribution, via various non-governmental organisations (NGOs).
"We would like to develop another medium of distribution via various NGOs that support the people.
"However, it will need some time as they need to be trained to sell the products," said Zakri, adding that hopefully, some NGOs would have the courage to become the agents later.
Meanwhile, asked on the outlook, Allianz Life Insurance Malaysia Bhd chief executive officer, Rangam Bir, said the group was "cautiously optimistic" on both general and life insurance for this year.
"It is going to be a very challenging year for Allianz with economic ambivalence, but the company will continue to grow in terms of plans and expectations," he said.
Allianz Malaysia, a subsidiary of Allianz SE, has two insurance units -- Allianz General Insurance and Allianz Life Insurance.
Allianz General Insurance Co (M) Bhd, the general insurance subsidiary of the group continues to lead the way as the leading conventional general insurer in the country with a market share of about 12.4%.
Allianz Life Insurance Malaysia, the fifth-largest player in the life insurance sector, has a market share of 7.2% as at September 2014. - Bernama