AIA Bhd. and Public Bank Launch Empower!
Bacaan 7 min
The flexible protection and investment-linked plan that puts real control in the hands of the customer
Kuala Lumpur, 19 June 2013 – AIA Bhd. and Public Bank Berhad (Public Bank) today unveiled a new series of insurance plans called empower, which offers a combination of protection and investment elements to suit the lifestyle needs of customers at the different life stages.
Designed with flexibility in mind, empower lets customers decide just how much protection and savings they require at their current life stage. How it works is that customers can purchase a basic empower plan and then add on other preferred supplementary benefits to reach a protection and savings level they are comfortable with. At a later stage, they can increase or even remove the optional supplementary benefits according to their changing needs at the particular time.
The empower plan offers five propositions designed to meet the protection and financial needs of customers as they go through the different life stages. empower PROTECT, empower CRITICAL ILLNESS, empower MEDICAL (adults and junior), empower LADY and empower EDU PLAN - each offer protection against death and disability, critical and female-related illnesses as well as loss of family income. They also provide medical and hospitalization benefits as well as savings and investment opportunities, depending on one’s affordability and risk appetite.
Bill Lisle, CEO of AIA Bhd. said, “empower is all about putting the customer in the driver’s seat by giving them the option to pick and choose from a menu so they buy only what they really need and want. We deliver real value this way and the customer is able to make an informed decision.”
Lisle added that AIA Bhd. recognized the growing popularity of products that combine the protection and investment elements as evidenced by the strong growth of the investment-linked insurance segment of the life insurance industry in recent years. The segment recorded growth in new business of 64% year-on-year in 3Q 2012.
The two leading financial brands, via their strategic bancassurance partnership, have in the past offered a range of pre-packaged insurance plans. These bundled solutions will still be made available under empower for those consumers who prefer the simplicity that comes with packaged plans.
Tan Sri Dato’ Sri Tay Ah Lek, Managing Director of Public Bank said, “As consumers become more aware about addressing their protection gaps and insuring for the future, many are opting for plans that are customized to suit their needs. Customers just starting out in life, in particular, are drawn to these products because they can start on a plan that suits their current affordability and add on options in the form of riders as their income rises.”
AIA Bhd. and Public Bank are confident of the growth of the investment-linked business in the bancassurance industry. Over the last five years, the segment has registered a compounded average growth rate of 80%.
“With a strong strategic bank partner like Public Bank, we have every intention to fully leverage on the Bank’s wide and varied clientele and distribution footprint to expand our bancassurance offerings,” added Lisle.
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About AIA Bhd.
AIA Bhd., formerly American International Assurance Bhd., is a leading insurer in Malaysia, where we have been privileged to do business since 1948. We offer a suite of high quality products including Protection, Health, Personal Accident, General Insurance, Employee Benefits, Retirement and Family Takaful options to meet our customers’ protection and financial security needs at every life stage. Through our wide and diverse distribution footprint which comprises a tied agency force of close to 17,000 members, our exclusive bank partner’s branches nationwide as well as corporate sales teams and brokers, we give our customers the choice of deciding how, when and where they connect with us.
Part of the AIA Group, the largest independent publicly listed pan-Asian life insurance group, AIA Bhd. in Malaysia has the financial strength, experience, service centre network as well as a well-trained team of more than 2,000 staff to serve its over 2.6 million customers nationwide. As at end 2012, AIA Bhd.’s total asset worth was RM23 billion, with a paid-up capital of RM242 million.
About AIA
AIA Group Ltd and its subsidiaries (collectively “AIA” or “the Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has operations in 16 markets in AsiaPacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, a 97 per cent subsidiary in Sri Lanka and a 26 per cent joint-venture in India.
The business that is now AIA was first established in Shanghai over 90 years ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of more than US$130 billion as at end February 2013.
AIA meets the savings and protection needs of individuals by offering a range of products and services including retirement savings plans, life insurance and accident and health insurance. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents and employees across Asia-Pacific, AIA serves the holders of more than 25 million individual policies and over 13 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
About Public Bank Berhad
Public Bank Group is a premier bank in Malaysia, with overseas market presence in Hong Kong, Cambodia, Vietnam, Laos, China and Sri Lanka. Public Bank Group offers a comprehensive range of financial products and services covering, amongst others, personal banking, commercial banking, Islamic banking, investment banking, share broking, trustee services, nominee services, sales and management of unit trust funds, bancassurance and general insurance products. With a total of 377 branches and employing over 17,600 people, the Public Bank Group caters to the financial needs of over eight million customers in Malaysia and in other countries in which the Group operates. The Public Bank Group is the third largest banking group in Malaysia with total assets of RM274.62 billion as at the end of 2012 and it is the largest non-government-linked corporation in Malaysia with a market capitalisation of RM57.52 billion as at the end of 2012.
Media Contacts
Darshini M. Nathan
Head, Corporate Communications, AIA Bhd
