“Siam Commercial Bank” joins hands with FWD to extend insurance sales contract through banks for another 2 years.
“Siam Commercial Bank” extends the term of the insurance contract for selling insurance through banks. With FWD Thailand in another 2 years, going fully digital after reaching 78% of the bank's total number of customers. and more than 1.4 million policyholders
Mr. Kris Chantanothok, Chief Executive Officer of Siam Commercial Bank Public Company Limited (SCB), revealed that Siam Commercial Bank has extended its bancassurance cooperation agreement for another two years with FWD Life Insurance Public Company Limited (FWD Thailand). This extends the success of their partnership, which has driven mutual growth over the past year. FWD Thailand experienced a 67% growth in new business value in 2019, reaching US$270 million in 2022. As a result, FWD Thailand has become a leader in new life insurance premiums generated through the bancassurance channel.
Since 2562, Siam Commercial Bank announced cooperation in life insurance with the FWD Group. To distribute life insurance products through banks With a shared commitment and vision to offer protection products and use digital technology to create a new experience for customers. It plays a very important role in driving the business. Siam Commercial Bank's bank life insurance ranks number one in the market today.
Therefore, the Bank is very pleased to continue expanding our cooperation with the FWD Group. They will work together to develop life insurance products with a variety of options to cover the needs of customers in Thailand. In particular, creating growth opportunities among Affluent customers and digital users, which are the bank's new business targets. This cooperation will also benefit the bank. Maintain strong market leadership and achieve the goal of being the number one Digital Bank with Human Touch in wealth management. Ready to deliver a service experience that is seamlessly connected across all channels to customers.
According to information as of December 31, 2565, Siam Commercial Bank has 660 branches, and FWD Thailand's products and services have been fully integrated into the bank's digital tools. The number of users is as high as 78% of the total number of customers of the bank. And at the end of 2565, FWD Thailand has 1.4 million policyholders from partnerships with Siam Commercial Bank.
Peter Grimes, Group Chief Executive Officer for Thailand and Cambodia, stated that on the occasion of FWD Group's 10th anniversary, the company is pleased to extend its cooperation with Siam Commercial Bank, sharing a common vision of leveraging digital technology to meet customer needs, which is a core principle.
Since the FWD Group acquired the life insurance business of Siam Commercial Bank and began working with Siam Commercial Bank since September 2562. FWD Thailand has expanded its growth Both in terms of distribution channels and continuous brand building, and within 6 months from joining hands as a partner Has been successful and has risen to be number one in the bank life insurance business. By considering the total premium received According to the information from the Thai Life Assurance Association
He views that the life insurance business in Thailand still has opportunities for growth and is full of potential. This can be seen from the number of people who still do not have access to insurance. Currently, Thailand has a policy ownership rate of 3.8%, based on data at the end of 2564, and there is still an opportunity to reduce the country's insurance coverage gap worth USD 4.1 billion. From a population of 72 million people, the growth rate of the average gross national income per capita was 3.9% measured at the end of 2564, compared to the global average of 3.0%, and the telephone usage rate The country's mobile and internet penetration are at 96% and 68%, respectively.
