Alliance Bank eyes RM200m incremental revenue
KUALA LUMPUR:
Alliance Bank Malaysia Bhd aims to generate RM200 million in incremental revenue following the signing of a 15-year bancassurance and banctakaful partnership with Zurich Malaysia yesterday.
Alliance Bank’s subsidiary, Alliance Islamic Bank Bhd, inked an exclusive agreement with Zurich General Insurance Malaysia Bhd and Zurich General Takaful Malaysia Bhd to strengthen its position in providing end-to-end financing solutions for individuals and small and medium enterprises.
Alliance Bank group chief executive officer (CEO) Joel Kornreich said its partnership with Zurich Malaysia would strengthen the group’s capability to provide comprehensive solutions for customers.
Zurich General Insurance CEO and Zurich General Takaful executive director David Fike said the partnership was in line with Zurich Malaysia’s aspiration to scale up its businesses through diverse distribution channels.
He said the partnership would also help the company address the issue of serving non-insured and under-insured customers and improve the group’s market share.
According to reports, the general insurance industry registered a growth of 1.5 per cent while the general takaful industry recorded a 8.9 per cent growth last year.
Effective May 1, Zurich Malaysia’s general insurance and general takaful products will be offered at Alliance Bank’s 81 branches and through its sales force of more than 860 professionals as well as its digital channels.