Allianz Malaysia is open to new strategic partners
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ALLIANZ Malaysia Bhd, whose bancassurance agreement with CIMB Group Holdings Bhd will be terminated upon expiry next year, is open to new opportunities in sourcing for alternative strategic partners.
Chief operations officer Sean Wang said the expiry of the contract would not adversely impact the insurer and it still had some time to potentially look for another partner.
“The contract only expires in 2017, giving us some time to source for alternative strategic partners.
“We are always open to new opportunities with the right partners who share our philosophy of providing value to our customers,” Wang told StarBiz.
He added that the company continued to operate a robust property and casualty portfolio in Malaysia and was committed to strengthening its diverse multi-channel distribution platform in the country, including growing agency model and digital capabilities. Allianz had entered into the bancassurance arrangement with CIMB in 2008 for RM89 million (Bt746.5 million) that will expire in August next year.
In June, CIMB announced that it had entered into a strategic non-life partnership with Sompo Japan Nipponkoa Holdings for Southeast Asia, whereby the former will distribute Sompo’s general insurance products through its regional distribution network.
