MALAYAN Banking Bhd aims to grow its commission from selling insurance products through its branches by more than 15 per cent in the next five years.
Its bancassurance commision is currently at "single digits", said executive vice-president and head of banccasurance consumer banking, Datuk Ibrahim Muhammad.
Maybank is a avant-garde in bancassurance, actuality the aboriginal to acquaint the chic of articles in March 1996.
Ibrahim said that there was allowance for bancassurance to abound as alone about 40 per cent of the citizenry had insurance.
Insurance articles are commonly awash through agents, but bancassurance has aggregate drive over the years.
Bancassurance is said to annual for abutting to bisected of fresh activity behavior awash in the country today compared with a bald 2 per cent in 1998.
As at December aftermost year, the country's absolute fresh activity allowance premiums stood at RM7 billion, with bancassurance accounting for RM2.65 billion.
Maybank's bancassurance business fabricated up about RM350 actor of the activity allowance premiums.
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