The Jakarta Post
Life insurer Zurich Topas Life, a part of Switzerland's Zurich Insurance Group Ltd., announced on Thursday its bancassurance partnership with Chinese commercial lender Bank of China, as it eyes Indonesia’s expatriate community.
"Both Bank of China and Zurich have similar customer segments given our status as international companies," Zurich president director Peter Huber told a media briefing in Jakarta.
The insurer targets the community's members who have particular insurance needs because of their specific working and living circumstances and time frames.
Huber expressed hope the partnership would help boost the already steep growth of his firm's bancassurance distribution channel.
The new premium recorded from the channel soared by 133 percent last year and contributed 37 percent of the insurer's total premiums.
Huber, however, refused to go into detail on the total amount.
Zurich booked Rp 223.3 billion (US$16.7 million) of premium revenue as of September last year.
It projects to see 125 percent growth of its new bancassurance premium this year.
"I think this announcement is a very good beginning of a successful cooperation," Bank of China assistant country manager Du Qiqi said.
Currently, the partnership is waiting for approval from the Financial Services Authority (OJK), which the companies hope give the green light soon. (bbn)
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