Hong Kong-based insurer
AIA Group and Bangkok Bank PCL have signed a 15-year distribution agreement, the companies announced. The partnership will take effect in the first half of 2018.
The agreement will allow Bangkok Bank to offer AIA insurance products to customers in Thailand through its network of 1,200 branches and distribution points all over the country.
“Through this collaboration, we will be able to offer a broader range of insurance and savings products and services to meet our customers’ needs,” Bangkok Bank president Chartsiri Sophonpanich said in a statement.
The bank said that it hopes the agreement with AIA will help it raise financial awareness and insurance penetration in the country, in support of significant and sustainable growth for both parties.
“The agreement significantly enhances AIA Thailand's bancassurance platform alongside our long-established and market-leading agency channel, and will enable AIA to help even more people in Thailand live longer, healthier, better lives,” added Tan Hak Leh, chief executive officer of AIA Thailand.
According to a report released by
Swiss Re in 22016, Thailand’s insurance sector is the eighth-largest in Asia. Its aging population also presents an opportunity to insurers, especially since it lacks a strong social security system.
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