Zurich, Chinese bank tie up on bancassuranceJanuary 30 2017 by InsuranceAsia News Staff
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.
- June 22
The agreement with Sathapana Bank was signed at a ceremony attended by the finance ministry and central bank.
- June 15
The two institutions have forged a bancassurance partnership, initially covering parts of Europe and Australia.
- June 7
The Indian insurer is planning to partner with a host of banks as it shifts from its traditional stance.
- May 3
Regulators have given the green light for the proposed bancassurance tie-up with Robinsons Bank.