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Partnering with CTBC, Zurich Life upbeat to see bancassurance increase
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CTBC director Inayat Hisyam (left), Zurich Topas Life president director Peter Huber (second from left), CTBC president director Joseph Shih (second from right) and Zurich Topas Life director and chief distribution officer Kumaran Chinan (right) announce their bancassurance partnership in Jakarta on Oct. 25. (JP/Winny Tang)
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urich Topas Life, a subsidiary of Zurich Insurance Group, is looking to see its bancassurance business contribute 40 percent of its total premium in 2017, an increase from the current 35 percent.
To reach the target, Zurich Topas Life made a deal with Bank CTBC Indonesia to launch two new life insurance products targeting small and medium-sized enterprises (SMEs).
“CTBC is our fourth bank partner. We have been collaborating with Bank Mayapada, Bank Tabungan Negara and Bank Mayora,” Zurich Topas Life director and chief distribution officer Kumaran Chinan said in Jakarta on Tuesday.
Bancassurance is a partnership between an insurance company and a bank to sell insurance products using the bank’s client base and outlets.
“We plan to collaborate with two or three additional banks next year, but we can’t disclose the names before getting approval from the Financial Services Authority,” Kumaran said.
CTBC director Inayat Hisyam said it decided to partner with Zurich Topas Life to support SMEs. Access to financial services is still a major problem in Indonesia with only 22 percent of the 57.8 million SMEs having access to it.
“From the banks' point of view, with life insurance from Zurich Topas Life, customers will feel comfortable and secure when their installments are ongoing,” he said. (win/ags)
