Maybank has expanded its regional footprint with the launch of Etiqa Life Insurance in Singapore. Following regulatory approvals, it has commenced operations and will sell its life insurance products at Maybank’s 22 branches in Singapore.
The launch of Etiqa comes at the conclusion of Maybank’s 10-year partnership with Prudential Assurance. Under the agreement of 2004, Maybank exclusively offered Prudential’s life insurance products through its sales channels in Singapore.
Etiqa has been providing general insurance solutions in Singapore for the past 50 years as a branch of its Malaysian office. Following the approval by the Singapore Monetary Authority of Singapore on 13 June 2014, it is now a licensed life and general insurance company. This marks the company’s foray into the local life insurance market.
The offering will be marketed through roadshows and various promotions. Advertising + Marketing has reached out to Maybank for more details on its marketing plans.
Etiqa is now the exclusive insurance provider for the Housing and Development Board (HDB) fire insurance scheme.
Datuk Lim Hong Tat, CEO of Maybank Singapore and head of group community financial services said: “Etiqa’s entry into Singapore’s life insurance market will provide consumers with greater choice and will ensure that our customers are served more holistically by all of us in the Maybank Group.”
“This reiterates Maybank’s intent to be the single port of call for consumers’ finance-related needs. We’ve enjoyed a long and successful track record in the bancassurance field and are ready to accelerate our growth and contribution in this space.”
Lim added: “We’re looking to Etiqa to increase Maybank’s market share and presence in Singapore. This is an exciting time for us, and we’re confident that Etiqa’s offerings will be welcomed by consumers as we continue to deepen our relationship with them.”
Maybank Singapore’s bancassurance revenue has been growing at an average annual rate of more than 50% over the last three years, the company said.
“Life insurance will continue to be a cornerstone in a consumer’s financial portfolio,” Sue Chi Kong, CEO of Etiqa Insurance said.
“The life insurance industry achieved a 24% growth for the first quarter of the year1, and continues to make strong headwinds as it remains an area of focus among the public.
Etiqa aims to be a top 10 life insurer in Singapore within the next five years.
Lim said, “We thank Prudential for their support over the past decade and look forward to serving the public through Etiqa.”
Etiqa will launch 12 products and nine riders in Singapore to address the protection and savings needs of customers. To celebrate the company’s launch, Etiqa will be running a series of promotions and road shows. Customers can visit any Maybank branch for more details.