[Yangon, Myanmar, 23 November 2020] – AYA Bank, AYA SOMPO Insurance and AIA Myanmar today announced their strategic bancassurance partnership which would enable broader access to innovative insurance products and services for the people of Myanmar. As Myanmar’s first-ever strategic collaboration between an international life insurance brand and a leading Myanmar banking and financial services group, the long-term partnership 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. 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.
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.
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.”
“We are elated to partner with AYA Bank and AYA SOMPO Insurance in our commitment to help people in Myanmar live healthier, longer, better lives,” said Luc Ly, CEO of AIA Myanmar. “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.”
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.
To find out more about the new bancassurance products and services from AYA SOMPO Insurance and AIA Myanmar, visit https://inthistogether.website/.
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About AYA Bank
AYA Financial Group (‘AFG’) is one of the largest financial services organizations in Myanmar, comprising of AYA Bank, AYA SOMPO Insurance and AYA Trust. AYA Bank has become the fastest growing full-service and one of the most reputable banks in Myanmar within 10 years since it started its operation in 2010. AYA Bank is the largest component of AFG with approximately USD 4 Billion in Assets, 3 million customers, 265 branches, and 9,000 employees nationwide. Over the past 5 years, AYA Bank’s loans and deposits registered significant growth of 25-30% CAGR. AYA Bank became FRS compliant in 2014-15 and adopted the International Auditing Standards since then.
About AYA SOMPO Insurance
AYA SOMPO Insurance Company Limited is a joint venture company between AYA Myanmar General Insurance Co., Ltd. (AMGI) and SOMPO Japan Nipponkoa Insurance Inc. Currently on its 2 years of joint venture providing peace of mind through financial solutions that go beyond insurance, AYA SOMPO Insurance relies strongly on its half-decade local experience through its beginnings as AMI and SOMPO Insurance’s nearly 150-year-long wealth of knowledge in the insurance business. As a general insurance service provider, AYA SOMPO insurance provides nationwide service to tens of thousands of clients through its vast network of 50 customer service kiosks, 10 branches, 2 regional offices and maintaining its own head office in Yangon’s bustling downtown district. AYA SOMPO Insurance operates in more than 40 cities across Myanmar and has more than 600 employees. As a member of one of the largest financial groups in the country, AYA SOMO Insurance combines local knowledge and network with international expertise. AYA SOMPO Insurance is a member of the UN Global Compact.
