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Insurer, bank tie up to provide bancassurance in Myanmar

Capital Taiyo Life Insurance and Myanmar Citizens Bank have announced that that they will cooperate to provide life insurance products in Myanmar.

Capital Taiyo Life and Myanmar Citizens Bank (MCB) signed announced on Friday that they had signed an agreement on June 29 to provide bancassurance products
via MCB’s network of branches.

The agreement brings about the sales, distribution, promotion and marketing of Capital Taiyo Life Insurance’s life insurance products to MCB’s customers.

Bancassurance is a business model in which banks and insurance companies work together to sell a wide variety of insurance products through the bank branches.

“We are confident that starting a new business leveraging our strength will bring both of us new value and we look forward to future development. At the core of this partnership is a goal to increase satisfaction of MCB’s customers by providing our products and services meeting customer needs for insurance products.

Through this new cooperation, we hope to significantly increase our market presence in Myanmar,” Yan Paing, chief executive officer of Capital Taiyo Life Insurance, said.

Earlier this year, the Insurance Business Regulatory Board (IBRB) under the Ministry of Planning, Finance, and Industry issued a directive allowing banks and microfinance institutions to operate as agents selling insurance products.

“The MOU signed with Capital Taiyo Life Insurance will kick off a nine-month pilot project where Myanmar Citizens Bank will conduct sales of life insurance. The government’s directive allows banks to enter into partnership with two life insurance companies per bank, and Myanmar Citizens Bank selected Capital Taiyo Life Insurance as one of its partners” Godfrey Swain, chief executive officer of Myanmar Citizens Bank, said.

Insurance companies in Myanmar see bancassurance growing significantly and becoming the predominant sales channel in the future.

Yangon Stock Exchange listed Myanmar Citizens Bank, established in 1992, is one of the first private commercial banks in the country and has nearly 50 braches covering 26 towns in the country.

Capital Taiyo Life Insurance is joint venture between Capital Life Insurance, a domestic life insurance company established 2013, and Taiyo Life Insurance, one of the largest life insurance companies in Japan.

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Source : Myanmar Times

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