By The Nation
Bangkok Bank Plc (BBL), the largest bank in Thailand by assets and AIA Group, the biggest independent publicly listed pan-Asian life insurance group, have entered into a 15-year distribution agreement under a strategic bancassurance partnership.
The agreement will enable Bangkok Bank to offer AIA’s broad range of life insurance products to its customers in Thailand through its extensive network of branches and other distribution points.
Under the agreement, Bangkok Bank will distribute AIA’s broad range of best-in-class life insurance products to its millions of customers, one of the largest retail banking customer bases in Thailand. The partnership involves all of Bangkok Bank’s distribution channels throughout the country, including its nationwide network of around 1,200 branches, and self-service outlets.
Meanwhile, Bangkok Life Assurance Plc (BLA) was informed by Bangkok Bank, its bancassurance ally, regarding the new partnership arrangement with AIA.
However, Bangkok Bank will still offer most of BLA’s life insurance products currently distributed via the bank’s network -which accounts for over 90 per cent of BLA’s new business premium sold via bancassurance during 2016 - to its customers, including certain credit life and endowment products.
Along the company’s long path of success, BLA has successfully worked closely with Bangkok Bank in developing sales platform, bank personnel training , and providing after- sales service for its customers.
BLA is highly committed to develop fair and competitive life insurance products and will continue to strive to improve its service.