Prudential Thailand joins forces with TMB | Thanachart to deliver best-in-class insurance solutions for Thais' well-being

12 Mar 2021

Prudential Life Assurance (Thailand) Public Company Limited ("Prudential Thailand") has officially announced it has joined forces with TMB and Thanachart bank as part of its commitment to deliver a best-in-class suite of insurance, health and wealth solutions that meet the evolving needs of customers at every life stage, helping them lead healthier lives and have better financial well-being.

Prudential Thailand joins forces with TMB | Thanachart to deliver best-in-class insurance solutions for Thais' well-being

This long-term partnership is the result of a shared vision and aims to help Thai people enhance their health and financial well-being. The strategic alliance combines Prudential's significant global expertise and capabilities in health and wealth solutions and innovation with TMB l Thanachart's unrivalled market knowledge and their readiness to offer expert financial advice at all distribution channels.

Piti Tantakasem, Chief Executive Officer of TMB Bank PCL, said, "The COVID-19 pandemic has raised awareness among Thai people and their families of the importance of having sufficient protection. In 2020, Thai people purchased over 10 million COVID-19 insurance coverage policies. This is much higher than the number of health insurance policies held by Thai people, standing at 8 million policies. Thai society in 2021 has become an aged society where people aged 60 and over account for 20% of the total population, and will become a super-aged society by 2031 - that is, people aged 65 and over will account for 20% of the total population. Meanwhile, medical expenses have risen at an average rate of 9% over the past few years. This causes a major concern as there are only 43 life insurance policies held per 100 persons, according to the Office of Insurance Commission (OIC), while retirement savings are low as there is less than 1 pension insurance policy held per 100 persons."

"As a bank, we are responsible for helping our customers get access to insurance solutions that answer each individual's needs. Making these offerings accessible and affordable to people so they have sufficient protection at all stages of life is our priority, and this is in line with our long-standing commitment to helping our customers build better financial well-being. For example, last year we offered free Personal Accident insurance to over 1.5 million customers with free accounts because we believe that this basic coverage is essential for all Thais."

"The partnership between Prudential Thailand and TMB | Thanachart combines both parties' business strengths and we believe our shared vision will help Thai people to live healthier and wealthier lives. Prudential is a leading international insurer with long-time expertise in life insurance offerings, including developing best-in-class health and wealth solutions in ageing societies around the world. Moreover, with the combined expertise of Prudential's life insurance products, and the strength of Eastspring Investments in providing wealth solutions, we are confident that this partnership will enable TMB | Thanachart to support more than 10 million of customers improve their financial well-being through insurance and financial solutions that are tailor-made to fit their unique needs."

Robin Spencer, Chief Executive Officer of Prudential Thailand, said, "We are delighted to announce our long-term partnership with TMB | Thanachart as it gives us an excellent opportunity to share our knowledge and expertise with valued partners that share a common goal. We aim to help the customers of TMB | Thanachart live healthier and wealthier lives by offering easy-to-understand products and solutions. Working with of our leading Asia-based asset manager Eastspring Investments as part of this partnership will allow us to tap into their knowledge and experience in wealth and investment management, and we believe this will help us deliver the right products that serve various needs of each customer.

As people live longer, it is critical that individuals take more responsibility of their savings and are well-prepared to sustain the standard of life they want after their retirement. The purpose of Prudential Thailand is to help Thai people get the most out of life, and to help people achieve that we are committed to delivering our best-in-class insurance products and solutions that provide sufficient protection to help our customers lead better, more secure lives.

On top of that, we want to go further by helping Thai people prevent and postpone the onset of illnesses. At Prudential, our mission is to make healthcare affordable and accessible to all people. Today only a relatively small percentage of Thais hold a policy, while in the event of an emergency, medical expenses can be substantial. Our aim is to create a more livable society by reducing the costs of health and medical expenses. The addition of these new sales channels complements Pulse by Prudential, our recently launched health and wellness app which seeks to help Thai people get the most out of life by providing timely health tips and advice."

Aman Kapoor, Chief Distribution Officer of Prudential Thailand, said, "As we prepare for our next phase of growth in Thailand, a core focus is to co-create the next generation bancassurance model in response to the rising trends in the country. These include a rapid change in digital consumption, massive demographic shifts, and evolving customer behaviors and needs, among many more.

Another key pillar of our bancassurance strategy is to capture health and protection opportunities by distributing our innovative solutions through bank channels directly to the people in need. We will continue to share our expertise and train financial consultants based in the bank branches, as well as develop new ways of underwriting to provide a refined and seamless experience to our customers."

Anuwat Luengtaweekul, Chief Retail Banking Officer of TMB Bank PCL, added, "At TMB | Thanachart we look at the needs of our customers as our priority. Each customer has different needs at each stage of life so we have 'trusted advisors' ready to give advice and take care of our customers whenever they need support. We also have our Omni Channel network that seamlessly connects our strong network of around 700 bank branches nationwide and our TMB TOUCH mobile application that helps our customers get access to our quality and convenient services at their convenience. Our focus is on expert advice combined with good investment and life insurance offers that answer individual needs to help our customers enhance their financial well-being throughout their lives."

The partnership between Prudential Thailand and TMB | Thanachart reinforces the commitment of both entities to build healthier and financially secure communities across the country. Prudential's global insurance expertise, combined with the local knowledge and relationships held by TMB | Thanachart will ensure customers of all ages will be able to plan better for the future, leading to a more sustainable society.

Prudential Thailand joins forces with TMB | Thanachart to deliver best-in-class insurance solutions for Thais' well-being
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