KUALA LUMPUR, Jan. 28 (Chinese media) -- ACE Synergy Insurance Bhd (ACE Malaysia) plans to launch a slew of specialty lines insurance products in the next 12 months to entrench itself as leaders in the segment, local media reported on Wednesday.
Specialty personal lines are insurance products that provide coverage for an individual's personal possessions such as computer notebooks, mobile phones, videos, cameras, credit cards, identity cards and other important documents.
"Over the next 12 months, we will be working with several partners to launch a variety of specialty lines products," ACE regional manager Jason Longley said.
ACE Malaysia will work with selected partners to develop protection solutions which meet the specific needs of their consumers, he said.
The aim is to provide the best solution to balance a good level of protection with a premium that customers can afford.
"Our goal is to provide bespoke solutions at affordable premiums which will enhance both the product's competitive edge and sales capability, creating tangible bottom line benefits," the New Straits Times quoted Longley as saying.
In some of its more mature markets in Europe, for example, take up rates are as high as 40 percent for products related to accidental damage and theft protection for laptop computers.
ACE is committed to growing this line of business as part of its regional five year plan to diversify its products and channels,Longley said.
ACE Malaysia is a joint-venture entity between ACE Ltd and Advance Synergy Capital, with ACE holding the controlling stake of51 percent.
The company offers a broad range of general insurance products through agents, brokers, direct marketing and telemarketing.
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