Allianz Life partners OSK Trustees to offer estate planning
KUALA LUMPUR: Allianz Life Insurance Malaysia Bhd has entered into a strategic partnership with OSK Trustees Bhd to offer a holistic financial solution namely in estate planning.
The business collaboration will see Allianz Life agents recommending a life insurance product as well as the estate planning services offered by OSK Trustees.
"This partnership is an enhanced proposition for both Allianz Life and OSK Trustees. While we provide a value added service to our customers, OSK Trustees will also be able to reach out to a larger spectrum of clients. It is certainly a win-win situation for us," Allianz Life chief executive officer Jens Reisch said here yesterday.
While Allianz Life provides the recommendation to its clients, OSK Trustees will provide its expertise to manage the fund for the insurers' customers.
Reisch said estate planning complements the insurers products well and sees it as a solution to its customers.
"We recognise and understand that there are some customers who may have high financial commitments and limited cash flow. In the event of any unforeseen incidences, their family's needs will be managed by a trustee, in this case, OSK Trustees," he added.
OSK will be providing training programmes for Allianz authorised agents on estate planning services so that they will better understand the products.
Meanwhile, director of OSK Trustees Woo Lai Mei said less than 10 per cent of Malaysians had set up private trusts to protect their wealth.
"In turn, we hope that this additional knowledge will assist them in identifying their clients' needs and enable them to better advise clients, both present and potential, on the suitability of setting up either a Private Trust or an insurance trust in line with their financial needs," said Woo.
Allianz Life offers a comprehensive range of life and health insurance and investment-linked products and for the financial year 2011, Allianz Life recorded a gross written premium of RM1.14 billion and is one of the fastest growing life insurers in Malaysia.
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