AIA is bullish on bancassurance
Pakawipa Charroentra, AIA Thailand's chief partnership distribution and corporate solutions officer, answered questions from Achara Pongvutitham by e-mail.
What’s AIA Thailand’s policy on bancassurance?
We will maximise the full benefits to our existing partners and will also explore new partners both on an exclusive and non-exclusive basis.
Which banks have already formed business partnerships with AIA Thailand in the bancassurance business? Are any more likely in the near future?
Our current partners are Tisco Bank, Kiatnakin Bank and Citibank who manage the majority of portfolios in Credit Life. These partners are all valuable to AIA and we have been in partnership for more than 4-5 years. We will be promoting more protection products to our partners and we are working on a few other products that will provide health-coverage benefits to the clients.
How strong is the competition in bancassurance distribution? What is AIA Thailand’s strategy to increase market share?
Our strategy for next year is to provide full |“protection” to our clients and this will bring about a “win-win” situation for all parties. Our range will cover annuities, universal life and investment-linked products, etc, whereby |the clients will benefit through preservation and enhancement of wealth for future generations, maximising of tax deductible benefits and enjoying the golden years.
Our bank partners will also be able to have a longer shelf of protection products as they are not very sensitive to interest rate movements and will be able to enhance a longer-term valued relationship with their clients.
What is AIA Thailand’s marketing distribution plan? Do you focus on telemarketing?
We still believe bancassurance will be a key dominant channel in the industry and we are exploring opportunities with additional bank partners next year.
Direct Channel (TM and Broad market) is also our core business in the non-agency channel and we were among the first in the market to launch the DRTV [direct response television] in Thailand. If you look at the total premium generated, we ranked No 2 in the industry. We will be launching a few new products soon, which we believe will be very attractive and provide great benefits to the customers.
