The Star Malaysia Friday July 2, 2010
KUALA LUMPUR: Tokio Marine Life Insurance Malaysia Bhd aims to chalk up RM890mil in new business premiums within three years of signing an exclusive bancassurance distribution agreement with RHB Bank Bhd yesterday.
Its chief executive officer Kenneth Wong said the agreement offered an opportunity to widen its customer base, secure an additional distribution channel and explore various business options, such as co-branding credit cards, direct marketing and telemarketing in the longer term.
"We're expecting to gain RM270mil in the first year. We have forecast to rake in RM300mil and RM320mil in the second and third years respectively."
The first product to be launched through the joint venture was a capital protected single-premium participating endowment plan, Guaranteed Income Endowment Plus, he said after the signing ceremony.
Wong said the plan was expected to attract 3,000 new customers and boast a fund size of RM100mil within a one-month subscription period.
Under the agreement, Tokio Marine would pay an exclusivity fee of RM100mil to RHB Bank, which will be committed to a 10-year exclusive bancassurance relationship with the former, RHB told Bursa Malaysia.
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