MSITB and MSIG Thailand expand Thailand bancassurance with Bank of China & CPIC partnership

Mitsui Sumitomo Insurance Thailand Branch (MSITB) and MSIG Thailand have partnered with Bank of China (BOC Thai) and China Pacific Insurance (CPIC), to expand a strategic bancassurance alliance in Thailand.

Having signed a Memorandum of Understanding (MOU), the three organisations will collaborate to enhance the distribution of comprehensive insurance products through BOC Thai’s channels, catering to both commercial enterprises and individual customers.

This agreement demonstrates a mutual commitment among all stakeholders to provide protection solutions that are tailored, accessible and efficient, to meet the changing financial and lifestyle requirements of both Thai and international clients.

Shingo Adachi, Senior Vice President of MSITB, stated: “We are pleased to deliver tailored insurance solutions to BOC Thai, which currently serves over 1,000 corporate customers in Thailand. This partnership also supports the anticipated THB 170 billion influx of new Chinese investments into the country in 2024. Our joint efforts will provide strategic risk protection for these growing enterprises.”

Rattapol Gitisakchaiyakul, Chief Executive Officer of MSIG Thailand, highlighted the company’s readiness to serve the retail segment: “MSIG Thailand is a leading provider of retail insurance, offering a diverse range of products such as motor, home, personal accident, and travel insurance tailored to meet the needs of BOC Thai’s individual customers.

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“We provide comprehensive 24/7 assistance; covering motor and non-motor claims notification, MSIG Roadside Assistance, MSIG Home Assistance, and MSIG Assist for travel emergencies abroad. Our primary focus with BOC Thai is to expand the travel insurance sector, particularly for overseas students, both inbound and outbound.”

Zheng Gang, Senior Executive Vice President of BOC Thai, highlighted the long-term vision of this collaboration, stating that it is a “significant milestone” in delivering value-added and protection-focused for their customers.

He continued: “In addition to insurance, BOC Thai is committed to supporting cross-border engagement between China and Thailand by offering financial protection in key areas such as travel, business, investment, education, and retirement. By combining insurance with complementary financial services, we aim to help customers manage risks and safeguard their financial well-being as they navigate opportunities across borders.”

Yang Shi, Chief Representative of CPIC Southeast Asia Working Unit, added: “We’re truly honored to collaborate with BOC, MSITB and MSIG Thailand in supporting Chinese enterprises abroad as a reinsurer. This MOU reflects our shared vision for cross-border insurance services, and CPIC will continue to offer reinsurance underwriting expertise and solutions to serve this partnership more effectively in Thailand. “

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