AXA Affin to beef up agency force, tie up with banks

  • Business
  • Friday, 14 Mar 2008

Victor Kam

KUALA LUMPUR: AXA Affin Life Insurance Bhd will strengthen its agency force and plans to work with banks to distribute its bancassurance products. 

The insurer would focus on both methods as its products had been approved and were ready for launch, chief executive officer Victor Kwo. 

By August this year, it will roll out life insurance products through Affin Bank's 82 branches. 

“We are trying to negotiate with some banks to distribute bancassurance products as AXA has proven success in bancassurance, especially in Indonesia and the Philippines. 

“We have a unique proposition for our bancassurance,” Kwo told reporters after a media briefing on AXA Retirement Scope 2008 yesterday. 

However, he declined say how many banks that AXA Affin was talking to or when the talks would be concluded. 

On its agency force, Kwo said the company would have six branch offices soon. It now has offices in Kuala Lumpur and Johor Baru. The new branches will be opened in Penang, Petaling Jaya, Sibu and Kuching in the next one or two months. 

On another note, Kwo said a survey on retirement showed Malaysians were still very optimistic although preparation for retirement started later compared with respondents in mature markets. 

About half the working group had begun preparing for retirement but started late at around 41 years old, thus having not enough time to build their retirement funds. 

About half the retirees felt that their retirement income was insufficient but 62% of the working people were optimistic that they would have enough. 

Retired Malaysians saved an average RM478 while working Malaysians saved RM704 a month. These amounts, however, are quite low compared with those in the United States, Singapore, Japan and Australia. 

The survey was conducted in 26 countries and involved about 18,000 respondents from two groups – working individuals aged 26 and above and retirees aged 75 and below. 

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