AIA, AYA SOMPO and AYA Bank launch strategic bancassurance partnership in Myanmar

AIA, AYA SOMPO and AYA Bank have entered into a strategic partnership to enable broader access to innovative insurance products and services for the people of Myanmar.

The bancassurance collaboration 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.

U Myint Zaw, managing director of AYA Bank, said the partnership is an opportunity to bring the best general and life insurance solutions to customers who 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,” he noted.

The partnership has been launched across the country, making it easier for people to access insurance propositions from AIA Myanmar and AYA SOMPO Insurance.

U Myo Min Thu, CEO of AYA SOMPO Insurance, said, “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.”

Luc Ly, CEO of AIA Myanmar, said, “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,” he added.