Allianz Life Insurance Malaysia has signed a partnership with OSK Trustees, the trustee arm of OSK Group, in a deal that expands both firms' distribution networks the country.
Under the terms of the agreement, Allianz will recommend OSK-linked life insurance products to its customers, while OSK will offer estate planning services. According to Woo Lai Mei, director-cum-chief executive of OSK, there are around MYR42 billion of unclaimed assets backed by wills in Malaysia. In addition, less than 10 per cent of citizens had private trusts to support their wealth.
"OSK will provide training programmes to Allianz's authorised agents on estate planning services in order for them to better understand the products. We will also be providing access to OSK's estate planning services, particularly in setting up insurance and private trusts," she noted.
OSK Trustees specialises in estate administration and wealth management services. Allianz Life, a subsidiary of German investment giant Allianz, has around 5,000 agents serving some 300,000 clients in Malaysia.