A MILESTONE IN AXA AFFIN LIFE TIE-UP WITH ICBC
Source: Business Times, 26 September 2013 A bancassurance agreement was signed between AXA Affin Life Insurance Bhd (AXA Affin Life) and Industrial and Commercial Bank of China Malaysia ( ICBC Malaysia) to distribute the former's life insurance products to ICBC customers in the country. According to AXA Affin Life Chief Executive Officer Loke Kah Meng, the collaboration will allow AXA to bring its experience in global insurance, product development and risk management into this new alliance in the country. Loke explained that a unique and market leading bancassurance sales model has been developed to provide ICBC customers with comprehensive needsbased insurance advice in a market traditionally built around low margin product push which provides little value to the customer. According to ICBC Malaysia, the collaboration with AXA Affin Life also allows ICBC Malaysia to enhance its product development of wealth management in the consumer banking sector. The collaboration will enable ICBC Malaysia to move forward in financial industry sectors. With the deepening relations between China and Asean through the parent company, ICBC Malaysia actively provides high quality financial banking services for various customers.