Tuesday, December 12, 2017

Zurich, Chinese bank tie up on bancassurance

Zurich Topas Life, a part of Zurich Insurance Group, has agreed to partner with Chinese commercial lender Bank of China in exploring opportunities in the field of bancassurance services, particularly targeting Indonesia’s expatriate community.

Peter Huber, president director of Zurich, told a media briefing that Bank of China and Zurich share similar customer segments considering that they are both global players.

In venturing into the field, the insurer hopes to target a community’s members who have particular insurance needs because of their specific working and living circumstances and timeframes.

Huber was optimistic that the new partnership will even help bolster his firm’s bancassurance channel, which is already enjoying steep growth.

Most recent data showed that the new premium recorded from the channel soared by 133% last year and contributed 37% of the insurer’s total premiums. As of September 2016, Zurich logged Rp 223.3 billion (US$16.7 million) in premium revenue.

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