Bancassurance partnership in Thailand between AIA and Bangkok Bank
Bangkok Bank will distribute AIA Thailand’s retail and group protection and long-term savings products on an exclusive basis. The 15-year agreement will become effective in the first half of 2018.
Bangkok Bank is the largest bank in Thailand by total assets; it has more than 16 million customer accounts and around 1,200 branches nationwide.
Typical bancassurance deals are limited to individual life products and often focus on savings products. The AIA-Bangkok Bank partnership is much broader as it includes protection products and business customers; this will allow the bank to better serve its corporate clients, at least those in the SMB/SME segment that are well served with simple, standardized products and do not need high-end advisory and complex solutions.