Kuala Lumpur, Malaysia, July 11, 2014 --(PR.com
)-- Jens Reisch, Chief Executive Officer of Allianz Malaysia, has come a long way with 27 years of experience, starting off as a Manager in the Training Department at Allianz during the 1980s to handling special assignments in the Allianz Development Program from 1990-1993. He has brought Allianz to a new era under his valuable leadership.
With almost a decade's experience of strategizing, managing, formulating and executing plans in the insurance industry, Jens Reisch will be speaking on "Deriving Value from Exclusive Bancassurance Partnerships" at the 3rd Annual Bancassurance Forum held on 24-25 September 2014 at the Royale Chulan, Kuala Lumpur.
In a recent interview with Fleming Gulf, Mr. Reisch shared his thoughts behind Allianz's rise to becoming one of the largest and fastest growing life insurance providers in the market and how he foresees bancassurance in a progressive market like Asia. He also presented his views on the bancassurance model coming from one of the fastest growing life insurance providers in the market-Allianz. As for the many renowned and reputable organizations in the insurance industry, securing an building an effective partnership with banks plays a huge role for Insurance companies as they would want the best for their customers. Lamenting on the importance, Jens commented "It is important for any insurance companies to offer distribution. One of the many forms on how this could be summoned is by venturing into partnership creating business targets and values. For example: Allianz acquisition with CIMB on the general insurance sector and HSBC for the life and health insurance. These institutions share common values in building a long term sustainable success. For Allianz it is important to build long-term and sustaining partnerships, where each party brings in its expertise and strength. It is important that both partners share the same values and principles. Another important aspect is that partnerships and co-operations support Allianz as a brand and its values. Ultimately , this partnerships becomes beneficial to its customers in terms of products and services offered," he said.
As a CEO , Non Executive Director and Country Head of Allianz Malaysia, there is more to this role than assumption. Reisch is also a member of the management committee of LIAM (Life Insurance Association Malaysia), and Head of Industrial Promotion Committe (IPC) LIAM.
Reisch has been guiding the planning, implementation and management of the company's role in terms of branding, creating superior value to its products and overseeing the positioning of Allianz in the industry.
In a progressive market like Asia, there is a certain need where insurance becomes a demand when consumers began to realize that with the escalating cost of living, there has to be a backup plan in terms of savings and in terms of daily living. "As Asia is a fast booming market, it is also a fast emerging market with low penetration. In comparison with Europe, 95% of consumers has insurance. Social media acts as e medium and fast interactive tool. Today, social media is impactful in the changing generation of the workforce. Digital tools like mobile phone helps tremendously in ways to connect with customers in a fast and easy way," he said.
As bancassurance began to penetrate the Asian market, Reisch states "Many a times, we hear about reasons such as 'insurance product are too complicated' and 'sales processes being too complicated or lengthy'. The key value and success driver for bancassurance is to provide attractive and tailored products in an easy way to customers of banks. It is also important for banks to complement their wealth management strategy and offerings to their customers. It allows them to enhance their overall value proposition as a financial institution while exlusively targeting the market."
As Bancassurance started off in Europe and has slowly led to a diagonal change where the success now is more forseen the Asian region, Reisch said "It is here to stay and further grow. Over the years regulators have recognised this and have created own regulations in many countries. It is of most importance to give choices to consumers,not only concerning products, but also where and from whom they want to buy. As for Malaysia I wish to see bancassurance puts a stronger focus on regular premiums and also on protection and retirement needs, while transformation will take place with greater digitization."
At the 3rd Annual APAC Bancassurance Forum, Jens Reisch will be joined by CEOs, Vice Presidents and Heads of Bancassurance from AIA Singapore, Etiqa, Malaysia, Hong Leong Assurance, Malaysia, Bank Muamalat, Malaysia, Bajaj Allianz Life Insurance, India, United Overseas Bank, Singapore, AXA Asia, Hong Kong and many more. Key topics to be addressed will include Financial Products Distribution, Exclusive Bancassurance Partnerships, Emerging Market for Bancassurance, Customer Segmentation, Product Development in different environment, Creating a sustainable Bancassurance environment, Achieving Sustainable Growth through Bancatakaful and the critical success factors of Bancatakaful business in Malaysia, etc.
This conference is supported by International Insurance Society, Malaysian Takaful Association, and Asian Bankers Association and is organized by Fleming Gulf Conferences. Hitts Technologies and FWU Group are the sponsors for the event. Leading member banks like RHB Bank and Bank Simpanan Nasional, Malaysia, and insurance companies like AIA, Malaysia, Takaful Malaysia, Tokio Marine, Malaysia will also be participating at the event.