Allianz is hoping the agreement will give access to Maybank’s 4 million customers in Asia.
The insurer said it has jointly developed three life insurance products with Maybank which includes a unit-linked life insurance product compliant with Islamic Shariah law, a single-premium investment product and a life policy which combine protect with investment.
“This partnership demonstrates Allianz’s continued focus on growing in the Asia region, of which Indonesia is a key priority. We’re excited to bring our multi -channel approach, innovative products and digital expertise to serve the protection needs all Maybank customers,” said Allianz’s regional chief executive for Asia Pacific, George Sartorel, in a statement on Tuesday.
Under the collaboration, a team of more than 150 insurance advisers will sell the products to Maybank clients via their retail branches.
Joachim Wessling, chief exectuive of Allianz Life Indonesia said: “This cooperation between two outstanding companies combines our strengths in providing world-class services and solutions, to deliver insurance protection tailored to our customers’ needs. We look forward to working closely with Maybank to secure a safer future for our customers in Indonesia.”
Last week, it emerged that Allianz and France’s Axa are locked in a bidding war to acquire the 15-year distribution rights to sell insurance products through Standard Chartered's channels in Asia.
Meanwhile, Hanwha Life, South Korea's second largest life insurer, is set to pump KRW150bn (£102m, €121m, $134m) into its Indonesian arm in a bid to expand its foothold in the country’s booming insurance sector.