Kiatnakin, Generali agree 15-year bancassurance collaboration

The partnership is an important step in growing Kiatnakin’s bancassurance business with a focus on developing and offering a wide range of life-insurance products to high-net-worth individuals, who are the main customers of the bank and Kiatnakin Phatra Financial Group.

Generali Thailand is part of Assicurazioni Generali, a renowned European life insurer originally from Italy with a leading position in Western European and third globally by revenue last year. It serves 65 million customers in more than 60 countries.

Generali Group has extensive international expertise and worldwide life insurance network coverage, equipping Generali Thailand with various life insurance products, some of which are specially designed for high net worth individuals.

This collaboration is expected to strengthen both the bank and the company’s bancassurance businesses.

It will also support the bank’s strategy of enhancing the financial and investment product range, in which life-insurance products such as savings, endowment, retirement (annuity) and investment products are crucial instruments, to serve the spectrum of customer needs comprehensively.

It also corresponds to Generali Group’s expansion plan in the Thai market.

Aphinant Klewpatinond, president and chairman of the commercial banking business of Kiatnakin Bank, said yesterday that with Generali Group’s global expertise in life-insurance products, customer service, technology and global best practices, together with the bank’s market knowledge, nationwide distribution channel and unique customer base, the partnership would boost Kiatnakin’s bancassurance business into a new and exciting era.

The bank will work closely with Generali Thailand to develop and distribute innovative customer-oriented products that cover various customers’ needs at every stage of their lives. 

Generali Thailand will also support the bank in personnel development to obtain sophisticated product knowledge as well as customers’ needs analysis in order to serve customers’ needs better. 

Sergio Di Caro, Asia officer of Assicurazioni Generali, said Generali Group was highly committed to growing its business in Southeast Asia, with Thailand being an extremely important market and a cornerstone of the group’s Asia expansion strategy. 

“Our objective is to develop a sustainable insurance business for the group and for our shareholders, on the foundation of customer loyalty and satisfaction in our products, services and solutions. 

“The long-term exclusive partnership between Kiatnakin and Generali Thailand marks a significant milestone of our expansion plan in Thailand, and we are excited to see this alliance as a major step towards achieving our goal of becoming the leading provider of insurance products and services for Thai customers.”

Bundit Jiamanukoonkit, chief executive officer of Generali Life Assurance (Thailand), said he believed the two organisations had similar growth aspirations, shared the same belief in providing exceptional service to customers, and had the intention and capability to drive development across the Thai insurance and banking industries.