Allianz Indonesia and Bank BTPN Continues Bancassurance Synergy to Provide Protection to More Indonesian People
Jakarta, March 4, 2024 - PT Asuransi Allianz Life Indonesia (Allianz Life) and PT Bank BTPN Tbk (Bank BTPN) announced the extension of their bancassurance cooperation to continue providing the necessary protection for customers. Previously, Allianz Life and Bank BTPN have been collaborating since 2013, where Allianz Life has provided various life insurance products for Bank BTPN customers.
"The strategic synergy between Allianz Life and Bank BTPN, which has been established for more than 10 years to provide bancassurance products, is a commitment from us to protect customers through insurance solutions that suit their needs. Through our successful collaboration thus far, we aim to continue safeguarding the future of customers and families, as well as contributing to the business growth for both parties," said Alexander Grenz, Country Manager & CEO of Allianz Life Indonesia.
"The ongoing collaboration between Bank BTPN and Allianz Life, is one of the manifestations of Bank BTPN's commitment to continuously complement a variety of complete financial products and services according to our customers' financial needs. We hope that the continuation of such synergy between Bank BTPN and Allianz Life in the future can continue to provide insurance protection solutions that meet the needs of Bank BTPN customers and provide more meaningful long-term benefits for the customers," said Henoch Munandar, CEO of Bank BTPN.
As the bancassurance cooperation between Allianz Life and Bank BTPN progresses, Allianz continues to develop a range of life insurance products aimed at meeting various protection needs of Bank BTPN customers. Starting from different segments of Bank BTPN customers, Allianz consistently provides unit-linked life insurance and traditional life insurance products as product choices according to needs.
The unit-linked life insurance products available to Bank BTPN customers are Guardia Optima, Guardia Prima, Guardia Maxima, and Guardia Ultima which combines protection benefits against life risks and optimal investment to help customers achieve planned financial goals with their families.
With the increasing demand for traditional insurance products in the last 2 years, Allianz has launched various traditional life insurance products. The life insurance products offered to Bank BTPN customers are Guardia Legacy and Guardia Pasti, traditional life insurance for customers who prioritise protection for themselves and their families with guaranteed heritage benefits that can be used to realise dreams and plans in the future, as well as Guardia PINTAR, traditional life insurance with coverage values that can be utilised for future children's education fund planning purposes.
Until now, Allianz Life has protected thousands of Bank BTPN customers and has paid more than Rp132 billion in claims since the establishment of this bancassurance cooperation.
Based on the AAJI Quarterly Report IV of 2023, Allianz Life Indonesia recorded an 8 percent growth in Annualized Premium Equivalent or APE1 for the Bancassurance distribution channel amidst an industry decline of 7 percent, with the partnership with Bank BTPN playing a crucial role in this growth. Additionally, Allianz Life Indonesia continues to maintain financial health, one of the indicators of which can be seen from the Risk-Based Capital (RBC) ratio.
1 APE = 100% of annualized regular premiums (including annually renewed group term insurance/Group Yearly Renewable Term) + 10% single premiums.
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