Zurich Topas Life collaborates with Bank of China through Bancassurance channel, aiming towards International Communities
January 31, 2017
- In 2016, the growth of Zurich Topas Life (ZTL) bancassurance channel is 133 percent with 37 percent contribution toward the company’s total premiums
- Zurich Topas Life and Bank of China (BoC) sees opportunity through the needs of international communities for comprehensive protection products in Indonesia
Jakarta, 26 January 2017 – In 2016, PT Zurich Topas Life (ZTL) recorded 133 percent of premium growth from its Bancassurance channel, compared with the same period in 2015. Bancassurance has been one of the main distribution channels for ZTL and has contributed 37 percent toward the company’s total premiums in 2016.
“This achievement is very encouraging, currently we already partnered with four banks and we will continue to strengthen our Bancassurance channel in 2017 by targeting to affluent and above segments.” said Peter Huber , President Director of Zurich Topas Life at the press conference event in Jakarta (26/1). The event was also attended by Bank of China that will be one of ZTL’s bancassurance partners*.
Both ZTL and Bank of China see the potential to provide services for the International Communities, in relation with the needs of having protection and investment products during their stay in Indonesia. “Zurich is one of the companies with an extensive insurance network globally. Zurich currently operates in 170 countries around the world. This at least gives two benefits for customers. First, customers will be familiar with our global brand, thus providing BoC customers with convenience by chosing Zurich as their trusted insurance provider. Secondly, the combination between our experiences around the world and local understanding of the Indonesian market resulted in delivering a various of intelligent protection products that fit the customers needs,” explained Peter.
The international communities market was chosen due to their needs of having insurance products options that suit their living demands in Indonesia. “International communities would usually have relatively short stay periods in Indonesia, yet still need a maximum protection plan. We transform such needs into a selection of products that can be adjusted according to their needs” said Peter. ZTL has several products from traditional insurance products to an innovative endowment product with guaranteed annual cashback and potential investment return.
Bank of China also welcomes the purpose of targeting the International Communities by ZTL. “Most of our customers are entrepreneurs – including wealth management customers. We see that Zurich offers a variety of innovative products that can be adjusted with the needs of Bank of China customers. Additionally, comprehensive products from Zurich Topas Life will also provide customers, particularly international communities, a flexibility of choosing protection products,” said Du Qiqi , Assistant Country Manager of Bank of China. The intention of building the partnership with Bank of China also part of the strategic business plan from Bank of China. “Bancasurrance products offering is one of the ways in providing services to our customers as well as to support our retail banking business,” add Du Qiqi.
In addition to Bancassurance channel, ZTL also supported by the Agency channel with more than 3,500 active agents spread in various major cities in Indonesia, and has started to develop the affinity channel. “We are very open to affinity partnership that will facilitate customers an access to life insurance products that suit their needs,” explained Peter. Through the partnership with several bank partners, ZTL’s Bancassurance channel aims to reach more than 120% premium growth in 2017.
About Zurich Topas Life
Zurich Topas Zurich Life (ZTL) is part of the Zurich Group that has expanded its business in the life insurance industry in Indonesia since November 2010. The ZTL multi-distribution strategy provides customers a variety of options to acquire the insurance products from ZTL while making our presence more meaningful to serve customers from various segments. Supported by Zurich Group with solid financial strength and global experts in insurance, ZTL is committed to be the best life insurance company in Indonesia for customers, employees, shareholders and business partners. PT Zurich Topas Life is a life insurance company that is registered and supervised by the Financial Services Authority (OJK).
About Bank of China Ltd. Jakarta Branch
Bank of China was established in 1912 and is the oldest bank in China. The Banker placed Bank of China as one of the prestigious banks in the world in terms of core capital. Bank of China serves an important role in improving China’s social and economic status through active involvement in financial and international trade activities. Bank of China is also included in the Fortune 500 for 13 consecutive years. Carrying global business strategy “Serving Society, Delivering Excelence”, Bank of China becomes the first China bank which has branches in almost all parts of the world.
Currently, Bank of China provides financial services through its global network of more than 613 branches in 27 countries and regions. In Hong Kong and Macau, Bank of China is one of the banks that print the local currency.
The Bank of China Jakarta branch was originally established in 1938. Following approval from the Chinese and Indonesian governments and the memorandum between China and Bank Indonesia, Bank of China reopened its branches in Jakarta on April 15, 2003. As part of the Bank of China network group, the Bank of China Jakarta branch offers comprehensive banking services for business transactions domestically and internationally. We provide competitive advantages in trading and non-trading services for our customers.