Strategic tie-up offers FWD Insurance Berhad 's life insurance products across Bank Simpanan Nasional's vast distribution network
KUALA LUMPUR, Malaysia, Jan. 25, 2024 /PRNewswire/ -- FWD Insurance Berhad ("FWD Insurance") and Bank Simpanan Nasional ("BSN") have signed a distribution agreement under which FWD Insurance will provide BSN customers with exclusive life insurance products and protection solutions. FWD Insurance is currently the only conventional life insurance partner of BSN.
Signing of bancassurance distribution agreement between FWD Insurance and BSN (From left): En. Mujibburrahman Abd Rashid, Chief Business Officer of BSN; En. Jay Khairil Jeremy Abdullah, Chief Executive of BSN; Mr. Aman Chowla, Chief Executive Officer of FWD Insurance; Ms. Yap Suat Yen, Su-En, Chief Partnership Officer of FWD Insurance.
The agreement, which became effective from January 2024, was signed by En. Jay Khairil Jeremy Abdullah, Chief Executive of BSN and Mr. Aman Chowla, Chief Executive Officer of FWD Insurance and witnessed by En. Mujibburrahman Abd Rashid, Chief Business Officer of BSN and Ms. Yap Suat Yen, Su-En, Chief Partnership Officer of FWD Insurance.
This new agreement targets to provide Malaysians unparalleled access to protection solutions. This involves distributing affordable and relevant insurance products through the bank's extensive nationwide network, complemented by 120 professionally trained investment and wealth advisors, as well as 2,400 Ejen Bank BSN (EB BSN) across the country.
"Our vision of changing the way people feel about insurance guides all the good work that we do for our customers. The signing of this distribution agreement represents the commitment of both FWD Insurance and BSN to make it easier for Malaysians to get the insurance protection they need. 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." said Mr Chowla.
"Our strong partnership with BSN was evidenced by the successful introduction of a new customer-onboarding platform for Qaseh Bakti, our first digital product with BSN launched in 2023 which utilises QR code scanning for customers as an easy way to sign up for a protection plan. To date, almost 50,000 lives are covered by Qaseh Bakti. This success is testament to the collaboration between our two organisations that is constantly innovating to make insurance simple for BSN customers," he added.
Meanwhile, En. Jay Khairil said, "Established on a strong foundation of trust and collaboration, our partnership with FWD Insurance underscores our commitment to forge enduring and meaningful relationships with our customers. Our mission is to empower our customers to lead better lives, and in doing so, we enhance the value we bring 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'.
Malaysia is the fourth largest life insurance market by premium in Southeast Asia, with highly attractive macroeconomic fundamentals and favourable demographics. FWD Group entered the Malaysian life insurance market following the completion of the company's investment, together with other investors, in the business formerly known as Gibraltar BSN, on 3 April 2023. The company first entered the Malaysian market in 2019 as a provider of family takaful products via FWD Takaful Berhad.
FWD Insurance offers a comprehensive range of protection solutions such as simple micro-insurance products for low-income communities, credit life insurance to protect BSN loan customers, as well as face-to-face advisory products.
About FWD Insurance Berhad
FWD Insurance Berhad ("FWD Insurance"), formerly known as Gibraltar BSN Life Berhad, is part of FWD Group, a pan-Asian life insurance business with more than 11 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.
For more information, visit www.fwd.com.my
About Bank Simpanan Nasional
BSN is committed to deliver comprehensive financial services within the reach of all Malaysians. BSN strives to give Malaysians equal opportunities to pursue a better and more promising financial future. To achieve this, the bank leverages its expertise and experience on financial inclusiveness, supported by a comprehensive range of products and services which are delivered through multiple touch points in every corner of the country.
Incorporated in 1974, BSN currently has 7,540 employees, supported by 387 branches, 39 Micro Financing Centres, 574 Automated Teller Machines (ATMs), 148 Cash Deposit Machines (CDMs), 258 Cash Recycler Machine (CRM), 8 Cawangan Bank Bergerak (CBB) – 4 in Sabah, 3 in Sarawak and 1 in Pahang as well as more than 2,400 Ejen Bank BSN (EB BSN) across the country. BSN has over 9 million customers across Malaysia with retail deposits amounting to RM19.97 billion (as of November 2023).
BSN offers a wide range of Conventional and Islamic products including Savings, Financial Asset Management, Micro and Personal Financing and Credit Cards products.
For more information about BSN, visit the website at www.bsn.com.my.
