Mitsui Sumitomo Insurance Thailand Branch (MSITB) and MSIG Insurance (Thailand) Public Company Limited (MSIG Thailand) have signed a memorandum of understanding with Bank of China (Thai) Public Company Limited (BOC Thai) and China Pacific Insurance (CPIC), to form a strategic bancassurance alliance in Thailand.
The multi-party collaboration is poised to enhance the distribution of comprehensive insurance products through BOC Thai’s channels, catering to both commercial enterprises and individual customers. This agreement will help deliver accessible, efficient, and tailored protection solutions that align with the evolving financial and lifestyle needs of Thai and international customers.
MSITB senior vice president Mr Shingo Adachi said that they 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 THB170bn ($5.2bn) influx of new Chinese investments into the country in 2024. Our joint efforts will provide strategic risk protection for these growing enterprises,” he said
MSIG Thailand CEO Mr Rattapol Gitisakchaiyakul said that their primary focus with BOC Thai is to expand the travel insurance sector, particularly for overseas students, both inbound and outbound. "At present, many Thai parents are sending their children to pursue education in China. At the same time, a growing number of Chinese families are choosing to send their children to study in Thailand, attracted by the country's wide selection of international schools at both the high school and university levels," he said.