Mitsui Sumitomo Insurance Thailand Branch (MSITB) and MSIG Thailand Branch have joined Bank of China (BOC Thai) and China Pacific Insurance (CPIC) in a new bancassurance alliance. They signed a Memorandum of Understanding to launch the expanded collaboration.
Aims of the Collaboration
The four partners will boost the sale of comprehensive insurance products through BOC Thai’s network. Their goal is to meet the needs of both corporate and individual clients in Thailand. They plan to deliver tailored, convenient, and efficient protection solutions for evolving financial and lifestyle demands.
MSITB’s Corporate Focus
Shingo Adachi, Senior Vice President of MSITB, noted that BOC Thai serves over 1,000 corporate clients in Thailand. He said the new partnership will support about 170 billion baht in Chinese investment by 2024. “We will provide strategic risk protection for these growing companies,” he added.
MSIG’s Retail Offerings
Rattapol Gitisakchaiyakul, CEO of MSIG Thailand, highlighted the branch’s strength in retail insurance. He said MSIG offers motor, home, personal accident, and travel plans. The company also provides 24/7 support, including:
Motor and non-motor claim notifications
MSIG Roadside Assistance
MSIG Family Assistance
Emergency support for overseas travel
Rattapol said the main aim is to grow travel insurance, especially for inbound and outbound students.
BOC Thai’s Long-Term Vision
Zheng Gang, Senior Executive Vice President of BOC Thailand, called the MoU an “important milestone.” He said BOC Thai will back cross-border ties by offering financial protection in tourism, business, investment, education, and retirement. “By pairing insurance with other financial services, we help clients manage risks and seize cross-border opportunities,” he added.
CPIC’s Reinsurance Support
Yang Shi, Chief Representative of CPIC Southeast Asia, expressed pride in joining the partnership as reinsurer. He said the agreement reflects their shared vision for cross-border insurance. CPIC will provide reinsurance expertise and solutions to strengthen the alliance in Thailand.
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