Siam Commercial Bank (SCB) has set up a special bancassurance team to meet demand from high-net-worth customers wanting life-protection products with complicated features and high premiums.
The team, with 20 well-trained staff nationwide to give advice exclusively about complicated insurance products, was set up as a pilot project late last year, first executive vice-president Araya Phuphanich said.
In collaboration with subsidiary SCB Life Assurance Plc, the bank has created a product targeted at its upper-income customers, especially entrepreneurs, and focuses on small and medium-sized enterprises.
Customers want such a product for life protection and to prevent beneficiaries from paying inheritance tax. The minimum annual premium for life protection is 700,000 baht.
SCB, the country's third-largest bank by assets, expects premiums of 2 billion baht from the new product this year and will expand the special team if it receives a good response.
The bank projects premiums for life insurance of 14 billion baht this year, representing robust growth of 24-25%. It plans to develop innovative products to cover all customer segments.
"Savings insurance will be the main product offering through bancassurance due to its simple features and easy understanding," Ms Araya said.
SCB cooperates with partners SCB Life and ACE Life Assurance Co on life insurance.
It plans to introduce its first policy in collaboration with ACE Life next month after a partnership contract was signed last year. SCB shares closed yesterday on the Stock Exchange of Thailand at 182 baht, up three baht, in trade worth 974 million baht.
Siam Commercial Bank (SCB) has set up a special bancassurance team to meet demand from high-net-worth customers wanting life-protection products with complicated features and high premiums.The team, with 20 well-trained staff nationwide to give advice exclusively about complicated insurance products, was set up as a pilot project late last year, first executive vice-president Araya Phuphanich said.In collaboration with subsidiary SCB Life Assurance Plc, the bank has created a product targeted at its upper-income customers, especially entrepreneurs, and focuses on small and medium-sized enterprises.Customers want such a product for life protection and to prevent beneficiaries from paying inheritance tax. The minimum annual premium for life protection is 700,000 baht.SCB, the country's third-largest bank by assets, expects premiums of 2 billion baht from the new product this year and will expand the special team if it receives a good response.The bank projects premiums for life insurance of 14 billion baht this year, representing robust growth of 24-25%. It plans to develop innovative products to cover all customer segments."Savings insurance will be the main product offering through bancassurance due to its simple features and easy understanding," Ms Araya said.SCB cooperates with partners SCB Life and ACE Life Assurance Co on life insurance.It plans to introduce its first policy in collaboration with ACE Life next month after a partnership contract was signed last year. SCB shares closed yesterday on the Stock Exchange of Thailand at 182 baht, up three baht, in trade worth 974 million baht.
การแปล กรุณารอสักครู่..
![](//thimg.ilovetranslation.com/pic/loading_3.gif?v=b9814dd30c1d7c59_8619)