FWD Insurance & BSN forge strategic partnership

FWD Insurance Berhad (FWD Insurance) and Bank Simpanan Nasional (BSN) have recently entered into a distribution agreement aimed at providing BSN customers exclusive access to life insurance products and protection solutions.

As of January 2024, FWD Insurance stands as the sole conventional life insurance partner for BSN, marking a significant collaboration between the two entities.

Diverse range of protection & savings solutions at BSN

The distribution agreement, signed by Jay Khairil Jeremy Abdullah, Chief Executive of BSN, and Aman Chowla, Chief Executive Officer of FWD Insurance, has set forth a strategic partnership to offer Malaysians unique access to protection solutions.

Commencing from January 2024, the collaboration intends to distribute cost-effective and relevant insurance products through BSN’s extensive nationwide network.

This initiative will be complemented by 120 well-trained investment and wealth advisors, along with 2,400 Ejen Bank BSN (EB BSN) professionals across Malaysia.

Aman Chowla, CEO of FWD Insurance, expressed the vision of both companies to transform the insurance experience for Malaysians.

He stated, “Our vision of changing the way people feel about insurance guides all the good work that we do for our customers.

The signing of this distribution agreement represents the commitment of both FWD Insurance and BSN to make it easier for Malaysians to get the insurance protection they need.”

FWD strengthens its position with BSN collaboration

The partnership aims to enhance the suite of products offered to BSN customers by delivering innovative and digitally-enabled protection solutions.

“Our strong partnership with BSN was evidenced by the successful introduction of a new customer-onboarding platform for Qaseh Bakti, our first digital product with BSN launched in 2023,” said Aman.

This digital product, utilizing QR code scanning for customer onboarding, has covered nearly 50,000 lives since its launch.

Jay Khairil, Chief Executive of BSN, emphasised the enduring nature of their partnership with FWD Insurance.

“Established on a strong foundation of trust and collaboration, our partnership with FWD Insurance underscores our commitment to forge enduring and meaningful relationships with our customers,” he remarked.

The collaborative mission is centred on empowering customers to lead better lives and providing a diverse array of protection and long-term savings solutions.

As Malaysia holds the position of the fourth-largest life insurance market in Southeast Asia, the FWD Group’s strategic entry into the Malaysian life insurance market positions it favourably.

FWD Insurance initially entered the Malaysian market in 2019 as a provider of family takaful products via FWD Takaful Berhad.

The comprehensive range of protection solutions offered by FWD Insurance includes micro-insurance products for low-income communities, credit life insurance for BSN loan customers, and face-to-face advisory products.

The collaboration with BSN signifies a step towards simplifying insurance for a broader community and fulfilling the evolving needs of Malaysian customers.