A MILE­STONE IN AXA AF­FIN LIFE TIE-UP WITH ICBC

Insurance - - COMPANY CORNER -

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.

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