Alliance Bank, Zurich Malaysia ink bancassurance and bancatakaful agreement

In its annual report released yesterday, the bank said its SME banking segment

KUALA LUMPUR: Alliance Bank Malaysia Bhd and its unit, Alliance Islamic Bank Bhd, have inked a 15-year bancassurance and bancatakaful agreement with Zurich General Insurance Malaysia Bhd and Zurich General Takaful Malaysia Bhd which will see a partnership value of RM200 million.

The agreement will see the bank strengthen its position in providing end-to-end financing solutions for both individuals and the small and medium enterprise (SME) community.

Alliance Bank’s Group chief executive officer (CEO) Joel Kornreich said the partnership with Zurich Malaysia will help strengthen Alliance Bank’s capability to provide a comprehensive suite of solutions for customers - businesses and individuals alike.  

“The offering of general insurance and general takaful solutions allows us to cater to our customers’ specific needs, greater accessibility, as well as when and where needed,” he told reporters at the signing ceremony here today.

He said both parties would integrate each others’ technology capabilities as technology is an enabler of convenience for people to reach them and for the bank to reach out to the public.

Zurich General Insurance CEO and Zurich General Takaful executive director David Fike said the bancainsurance and takaful collaboration was the first in Malaysia for the company.  

He said the general insurance gap penetration in Malaysia was 1.23 per cent of the country and Zurich Malaysia would aspire to ensure insurance needs are adequate by providing accessibility and affordability.

The partnership, commencing in May 2019, underscores Alliance Bank and Zurich Malaysia’s continued deliver protection solutions that can help Malaysians obtain the right coverage.  A key focus of the partnership will also be on developing enhanced digital propositions that are fast and simple for customers. - Bernama