Allianz and Maybank agree on bancassurance deal in Indonesia

Three jointly developed life insurance products are now available to the bank’s more than four million customers

Insurance News

By Gabriel Olano

Major Germany-based insurer Allianz and Maybank of Malaysia have entered a 10-year bancassurance deal in Indonesia.
The partnership combines Maybank’s wide distribution network and reach of over four million customers in Indonesia with Allianz’s expertise and top-of-the-line products.
“This partnership demonstrates Allianz’s continued focus on growing in the Asia region, of which Indonesia is a key priority. We’re excited to bring our multi -channel approach, innovative products and digital expertise to serve the protection needs all Maybank customers,” said George Sartorel, Allianz regional CEO for Asia-Pacific, in a statement.
Alongside the launch of the partnership, Allianz and Maybank have released three jointly developed life insurance products, based on the profiles and needs of Maybank’s clients. These are:
  • MyProtection Bijak: A Shariah-compliant unit-linked life insurance product
  • MyProtection Prima: Combines protection and investment in one easy solution
  • MyProtection Investa: Single-premium investment product
More products are set to be launched soon, according to the ever-changing needs of customers. Allianz also plans to implement its proprietary digital sales platforms for Maybank clients, to strengthen customer engagement and satisfaction. A team of over 150 dedicated insurance advisers will be stationed at Maybank branches to assist customers with their concerns.

Related stories:
Reliance General signs bancassurance agreement with co-operative bank
Allianz Malaysia brings its road safety program to Sarawak
South Korea’s Hanwha Life to invest US$132m in Indonesian market

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