Allianz Life Malaysia | Reaching for excellence through empowering people

March 4 2025

In an increasingly digital world, Allianz Life Malaysia Insurance Berhad’s ethos is success requires interpersonal connection. The human factor is key to delivering meaningful solutions that make a difference in the lives of our customers, as well as in empowering our employees and nurturing those amongst them to become the leaders of tomorrow.

It should come as no secret that our philosophy is that customers are at the heart of all we do. For example, in 2024, Allianz Life and Allianz General Insurance Company (Malaysia) Berhad introduced the One Allianz campaign, which rewarded customers with exclusive benefits for any purchase of eligible products during a set period.

Through the campaign, our parent company, Allianz Malaysia Berhad (AMB), provides first rate plans and service for customers that have entrusted them with all their protection needs.

In the same year, Allianz Life also introduced the Complimentary Multi-Claim Critical Illness (CI) Coverage campaign. It provides customers with a vital safety net not just for their first CI diagnosis, but also for future diagnoses. Such enhanced coverage reflects our ongoing commitment to delivering innovative insurance solutions prioritising clients’ long-term well-being.

Building alliances across financial services

Allianz Life has joined forces with HSBC Bank Malaysia Berhad. Our bancassurance partnership provides customers with robust solutions for long-term wealth preservation and financial security.

Specifically, the Banca channel has provided our customers with various investment opportunities in an array of asset classes, including newly introduced multi assets, global equities, income paying accumulation, among others through underlying funds of investment-linked plans.

In the first quarter of 2024, our Banca business launched new funds such as the Allianz Life World Healthscience Fund and the Allianz Life ESG-Integrated Multi-Asset Fund. Building on that momentum, in the fourth quarter of last year, Allianz Life Income and Growth Fund and the Allianz Life Global Unconstrained Equity Fund were introduced.

Burgeoning employee benefits business

Also encouraging is our employee benefits (EB) business: it recorded growth in all intermediary channels in 2024, including brokers, agents and financial advisors, despite challenges such as intense pricing competition and rising medical costs.

Last year, Allianz Life’s EB business focused on managing claims costs and preventing steep loss ratio increases through data-driven monitoring, stricter claims controls, optimised panel management and close collaboration with corporate human resources teams to educate employees on cost-saving strategies.

Additionally, the EB business promoted value-added health services available on MyAllianz that helped contain costs, including partnerships with health vendors, promoting telemedicine to clients with outpatient clinical coverage, capitalising on their accessibility and convenience, as well as offering an International Second Medical Opinion to provide additional perspectives on diagnoses and treatment plans.

What we do for our people

The Group’s perennial goal is to invest in people by offering comprehensive learning and developmental opportunities, while concurrently fostering inclusive and supportive workplaces. As for the proof: AMB was certified as a ‘Great Place to Work’ in 2024, with 86% of employees concurring. Such an accreditation supports AMB in its journey to create outstanding, high performing work environments with a positive, nurturing, people-centric culture.

Beyond how we treat our staff, Allianz Life also cares about its agents. We embarked on a transformation journey in November 2023 called “Kingmaker.” The aim was to revamp our agency force via training and upskilling, so that they could better provide superb, customised service to clients.

The Kingmaker project also sought to improve agents’ digital and service experiences by introducing virtual consultations for claims in AZ360, enhancement on customer consent in MyAllianz, and enhancing financial policy servicing processes to support business growth.

Our agency force was assigned for the Allianz Pinnacle Excellence Programme with INSEAD Asia Campus, Allianz MDRT Programme with Sandro Forte and the Professional Estate Planning Adviser Programme with the Malaysian Financial Planning Council, among others.

The need for protection is perpetual

Allianz Life seeks to narrow the protection gap that remains so pervasive socially by introducing flexible, affordable insurance solutions ensuring that financial security is within reach for more Malaysians. Doing so requires customised products, improving communication tools and better client education.

For our Muslim customers, Allianz Life has also introduced Allianz Kasih4All – a new life insurance product capturing the essence of the Rahmah Insurance. The Rahmah Insurance Initiative is part of the Malaysian Government and Allianz Malaysia’s efforts to provide a basic protection plan against major risks in life such as death, accidents, floods and other unexpected events at an affordable price.

Allianz Kasih4All is also part of the i-Mula50 programme, an initiative of the Life Insurance Association Malaysia which offers subsidies for each policy purchased. It encourages first-time buyers, particularly working youths and those raising young families to obtain life insurance protection earlier in their lives.

The road down yonder

Looking ahead, Allianz Life will continue to empower people and secure the customers’ futures through new, innovative products and initiatives. Anything less would mean we are not striving for greatness.

In recognition of International Women’s Day (#IWD2025) on Saturday, March 5, Allianz Life has introduced #SHEsecures. It entails a transformative programme designed to empower female insurance agents through skills development, leadership training and a strong support network.

Yet, beyond merely supporting active agents, #SHEsecures also welcomes women re-entering the workforce, particularly first-time agents exploring opportunities in the life insurance industry.

For small and medium enterprises, Allianz Life has launched Allianz EliteChoice, a competitive and comprehensive insurance plan offering affordable but thorough benefits.

Allianz Life has also unveiled a next-generation ILP Allianz AssuredLink with the HealthAssured rider, designed to offer Malaysians enhanced medical protection and greater financial security. Critically, it emphasizes Allianz Life’s commitment to making quality healthcare more accessible, affordable, and comprehensive for all Malaysians.

Again, it all comes back to people: by continuing to invest in them – be they our customers, agents, employees and communities within our nation – we uphold our promise to pursue greatness and shape a brighter shared future for all.

 
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