AYA Bank, AYA SOMPO Insurance and AIA Myanmar launch Groundbreaking Strategic Bancassurance Partnership

The collaboration aims to increase protection and drive insurance penetration in Myanmar. This strategic partnership will enable life, health and general insurance solutions from AYA SOMPO Insurance and AIA Myanmar to be offered across AYA Bank’s extensive branch network throughout the country.

U Myint Zaw, Managing Director of AYA Bank, said, “This partnership is an opportunity for us to bring the best general and life insurance solutions to our customers through AYA Bank’s wide network of branches and digital reach. In line with our objective of providing financial solutions to the people of Myanmar, our customers will be able to enjoy enhanced customer experience through a convenient one-stop-service for their banking and insurance needs. With our combined strength, this partnership will empower us to bring to the people of Myanmar best-in-class insurance propositions and innovation that will significantly expand coverage across the country like
never before.

The partnership will be launched across the country, making it easier for people to access best-in-class insurance propositions from AYA SOMPO Insurance and AIA Myanmar. Representatives at these branches will assess unmet needs of customers’ and their families, and provide them with a range of options that address their unique protection and savings needs. AYA SOMPO Insurance CEO U Myo Min Thu said, “AYA SOMPO became the first insurer to pilot the Bancassurance distribution model through our partnership with AYA Bank in 2018. In 2020, we are delighted to welcome AIA Myanmar into the fold, making this the first Tripartite Bancassurance collaboration in the country. This innovative partnership is a significant step to provide financial solutions and to increase insurance awareness and penetration nationwide. The combination of our local knowledge, network, and global expertise will be key to bringing customers’ experience to the next level with
our best in-class financial suite offerings. As partners, together we are better, together we are stronger.”

The announcement followed soon after AYA Bank, AYA SOMPO Insurance and AIA Myanmar Insurance received approval from the Republic of the Union of Myanmar Ministry of Planning, Finance and Industry on 20th November 2020 to launch the bancassurance channel through a corporate agency license. “By combining AIA’s global insurance expertise with AYA Bank and AYA SOMPO Insurance’s extensive local reach, together we hope to become a major force in contributing to Myanmar’s socioeconomic development, as well as in sparking innovation that would truly benefit people – and that’s just the beginning. Together we look forward to exponentially multiplying opportunities to offer superior customer experience that feature bespoke insurance policies across a spectrum of
platforms.” said Luc Ly, CEO of AIA Myanmar.

Source : Myanmar Times

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