Gibraltar BSN Sets New Target - New Straits Times30 Apr 2014
GIBRALTAR BSN Life Bhd, formerly known as Uni.Asia Life Assurance Bhd, aims to sell at least 1,144 insurance specialists by more than fivefold to 104 by year-end, capitalising on the untapped semi-urban and rural segments.
Its cheif executive office (CEO) Vincent Kwo Shih Kang said the mid-sized insurance firm, which has a local market share of slightly less than two per cent, is banking on the two less explored markets while leveraging on Bank Simpanan Nasional Bhd's (BSN) eight million customers nationwide.
Gibraltar BSN Life Bhd, which also caters to the urban market, is 70 per cent owned by United States-based Prudential Financial Inc (PFI) with the remaining 30 per cent owned by BSN. This follows an acquisition exercise by the two parties for Uni.Asia Life Assurance in January this year at a reported value of RM518 million.
Kwo said the target is also in line with the government's Economic Transformation Programme, which aims to increase life insurance penetration to 75 per cent by 2020, from about 54 per cent currently.
"We have set a target of 11 insurance policies for one insurance specialist. However, based on our pilot programme launched in February, we have exceeded the target where one insurance specialist managed to sell 20 policies.
"We now have 20 insurance specialists at 20 BSN branches and are also training another 25", he said, here, yesterday.
Commenting on the partnership, BSN CEO Datuk Adinan Maning said Gibraltar BSN Life will enhance BSN's range of offerings and ability to reach larger consumer base beyond bank branches.