KUALA LUMPUR: AXA Affin Life Insurance Bhd (AXA Affin Life) and Industrial and Commercial Bank of China Malaysia (ICBC Malaysia) signed a bancassurance agreement on August 15 to distribute the former's life insurance products to ICBC customers in the country.
The collaboration marked another milestone for both entities, following the establishment of ICBC-AXA Life, a life insurance joint-venture between ICBC, AXA and Minmetals in China back in July last year.
This is the second collaboration between AXA and ICBC, both leaders in their respective industries.
AXA and ICBC have both received global recognition by credible organisations, including Inter-brand Best Global Brands 2012 and Forbes Global 2000's world's largest corporation 2013, respectively.
"The collaboration of ICBC Malaysia and AXA Affin Life will further strengthen the relationship of both entities for better cooperation," said AXA Affin Life chief executive officer Loke Kah Meng.
"It will also allow AXA to bring its experience in global insurance, product development and risk management into this new alliance in the country," he added.
Since the formal launch of the joint venture between ICBC and AXA, the two groups have multiplied contacts and exchanges.
Loke said a unique and market leading bancassurance sales model has been developed to provide ICBC customers with comprehensive needs-based insurance advice in a market traditionally built around low margin product push which provides little value to the customer.
AXA Affin Life is a joint venture between Affin Holdings Bhd and AXA Group, a global financial protection leader, based in Paris.
Leveraging on AXA Group's strength as a financial protection expert and Affin Holdings' local knowledge and diversified network, AXA Affin Life is focused on helping individuals manage risk and achieve their financial goals.
It strives to build close and lasting relationships with its customers, offering them care, support and advice with the highest standard of professional ethics.
Meanwhile, ICBC Malaysia said the collaboration with AXA Affin Life signifies another milestone for both entities.
It also allows ICBC Malaysia to enhance its product development of wealth management in the consumer banking sector.
The collaboration will also enable ICBC Malaysia to move forward in financial industry sectors.
"With the deepening relations between China and Asean through the parent company, ICBC Malaysia actively provides high quality financial banking services for various customers," it added.
ICBC Malaysia, which is a wholly-owned company of ICBC Ltd, operates from its head office in Kuala Lumpur, and four other branches in Kuala Lumpur, Kuching, Puchong and Johor Baru.
ICBC Malaysia received the approval for its establishment by Bank Negara Malaysia on January 28 2010. It was the first new foreign bank licence offered by Bank Negara since 1999.
ICBC has a full banking licence, both in wholesale and retail. The bank said with deepening relations between China and Asean, ICBC Malaysia is committed to provide high quality financial banking services to its customers.