Zurich Malaysia inks 15-year bancassurance deal with Alliance Bank

Zurich Malaysia inks 15-year bancassurance deal with Alliance Bank | Insurance Business

Zurich Malaysia inks 15-year bancassurance deal with Alliance Bank

Zurich Insurance has signed exclusive 15-year bancassurance and banctakaful distribution deals with Alliance Bank Malaysia Bhd and its subsidiary, Alliance Islamic Bank Bhd.

Beginning May 01, products from Zurich General Insurance Malaysia and Zurich General Takaful Malaysia will be offered throughout Alliance Bank’s 81 branches, its sales force of over 860 professionals, as well as its digital channels. The product line-up will be rolled out gradually, starting with fire coverage for individuals and commercial property owners, followed by SME and personal insurance and takaful products.

“Expanding our distribution channels is one of the ways for us to reach customers quicker, at their convenience, to offer them assurance against risks,” said David Fike, CEO of Zurich General Insurance and executive director of Zurich General Takaful. “Our pursuit of delivering differentiated customer experience through innovative products, hassle-free and value-added services has led us to partner with Alliance Bank for bancassurance and bancatakaful. We look forward to a long and fruitful partnership with the well-established banking group to provide customers with holistic solutions that meet both their personal and business financial needs.”

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According to a statement by the two firms, the partnership underscores their continued commitment to deliver protection solutions that help Malaysians obtain the right coverage at the right time to protect the things they love. A key focus of the partnership will also be on developing enhanced digital propositions that are fast and simple for customers.

“Our partnership with Zurich Malaysia will help to strengthen Alliance Bank’s capability to provide a comprehensive suite of solutions for customers – businesses and individuals alike,” said Alliance Bank CEO Joel Kornreich. “The offering of general insurance and general takaful solutions allows us to cater to our customers' specific needs, and is consistent with the bank’s vision of building alliances to improve lives.”