AXA Affin Life Insurance has revealed plans to become the leading bancassurance player in the Malaysian market over the next five to eight years, in terms of new business premiums, The Edge Daily has reported.
In addition, the publication cited the group’s CEO, Vincent Kwo, as saying that the company was also aiming to become a top-five player in the financial protection and wealth management sector in the country.
To help the group reach these targets, the company will adopt a regional bancassurance model, expected to be launched in September 2007. According to Mr Kwo, the model has already proved successful and the company expects its bancassurance business to contribute 30% of total new business premiums this year, reported The Star.
We will implement this model in Malaysia with local adaptations to fit into our local regulations and guidelines. It will support the Government’s aim of achieving a cost-effective alternative channel for the distribution of life insurance products to complement banking products, Mr Kwo said at a press briefing, as cited in The Star.
According to The Edge Daily, Mr Kwo also revealed that the company would seek additional alternative distribution channels by the end of 2007.