Indonesia: Allianz and Maybank in 10-year bancassurance deal
Source: Asia Insurance Review | Oct 2016
Allianz and Maybank have entered into a 10-year bancassurance agreement in Indonesia. The partnership will deliver comprehensive life and health insurance solutions to more than 4 million Maybank customers.
As part of the partnership launch, Allianz and Maybank jointly developed three products which are immediately available: a Shariah-compliant unit-linked life insurance product; a protection-cum investment life product; and a single-premium investment product. More products will gradually be added to the pipeline.
In addition, Allianz will look to introduce its proprietary digital sales platforms for Maybank clients, to drive stronger customer engagement. This will be augmented by a team of more than 150 dedicated insurance advisers to serve the needs of Maybank clients in their retail branches.
“This partnership demonstrates Allianz’s continued focus on growing in the Asia region, of which Indonesia is a key priority,” said Mr George Sartorel, Regional CEO, Asia Pacific, Allianz.
The price of the deal was not disclosed and the insurer declined to comment.