From 1 May, Alliance Bank Malaysia and its subsidiary Alliance Islamic Bank will offer Zurich Malaysia's general insurance and general takaful products for individuals and SMEs via an exclusive 15-year bancassurance and bancatakaful agreement with Zurich General Insurance Malaysia and Zurich General Takaful Malaysia.

Alliance Bank will distribute the products through its bank branches, sales force and digital channels.

For Zurich, the partnership helps to scale its businesses through diverse distribution channels. A major focus of the partnership is said to be on developing enhanced digital propositions that are fast and simple for customers.  

Commenting on the partnership, Zurich General Insurance CEO and Zurich General Takaful executive director David Fike said, “Expanding our distribution channels is one of the ways for us to reach customers quicker at their convenience to offer them assurance against risks.”

Meanwhile, Alliance Bank group CEO Joel Kornreich said, “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.”

As part of the agreement, Alliance Bank will first start by offering protection against fire damage for individuals and commercial property owners followed by SME and personal insurance as well as takaful plans.

According to industry reports from the General Insurance Association of Malaysia and Malaysian Takaful Association, the fire and motor insurance sectors are projected to grow further in 2019. In 2018, higher premiums and contributions from these two sectors led to the Malaysian general insurance industry registering growth of 1.5% and the general takaful industry recording 8.9% growth.