FWD inks major bancassurance deal in Malaysia
FWD inks major bancassurance deal in Malaysia | Insurance Business Asia
Insurance News
FWD inks major bancassurance deal in Malaysia
Efforts are further supported by 120 investment and wealth advisors
Insurance News
By
Kenneth Araullo
FWD Insurance has entered into a distribution agreement with Bank Simpanan Nasional (BSN) under which FWD Insurance will become the exclusive provider of life insurance products and protection solutions to BSN customers.
The partnership aims to provide Malaysians with unparalleled access to protection solutions. It will leverage BSN’s extensive network to distribute affordable and relevant insurance products. These efforts are further supported by 120 investment and wealth advisors and 2,400 Ejen Bank BSN (EB BSN) agents nationwide.
BSN, a government-owned development financial institution (DFI), plays a crucial role in promoting financial inclusion across Malaysia. With a history as the nation’s first and longest-running bank, BSN operates 387 branches and serves 9 million customers. The bank focuses on fostering savings and investment among all Malaysians.
This collaboration marks FWD Insurance as the sole conventional life insurance partner of BSN. The agreement, effective from January 2024, was formalized by BSN’s chief executive, En. Jay Khairil Jeremy Abdullah, and FWD Insurance’s chief executive officer, Aman Chowla.
Chowla stated that the company is committed to changing the way people perceive insurance. The partnership with BSN is seen as a significant step towards making insurance more accessible to Malaysians.
“We are very focused on enhancing the suite of products offered to BSN customers and will continue to deliver innovative and digitally-enabled protection solutions to them. Together with BSN’s strong brand presence and extensive network in Malaysia, we will be able to extend our reach and serve a much larger community of Malaysians to fulfil their protection needs,” Chowla said.
Khairil said that the partnership is built on trust and collaboration, aiming to empower customers and enhance the value offered to them.
“Through this partnership, we provide a diverse array of protection and long-term savings solutions, designed to meet the evolving needs of our valued customers, in line with our vision of ‘No Malaysian Left Behind,” Khairil said.
Malaysia, the fourth-largest life insurance market by premium in Southeast Asia, presents significant opportunities due to its attractive macroeconomic fundamentals and favourable demographics.
FWD Group first entered the Malaysian market in 2019 with family takaful products through FWD Takaful Berhad. The group’s investment in the business formerly known as Gibraltar BSN, completed on April 3, 2023, further solidified its presence in the Malaysian life insurance market.
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