AIA Sri Lanka, a part of AIA Group, World’s Largest Life Insurer (by market capitalisation), entered into a digitally robust bancassurance partnership with Commercial Bank of Ceylon, Sri Lanka’s largest privatebank. This partnership combines AIA’s compelling propositions, its digital expertise and proven bancassurance expertise with Commercial Bank’s network of more than 268 branches across Sri Lanka and its valued customer base.
The relationship is intended to go beyond an ordinary bancassurance relationship and facilitate a digitally enabled bancassurance platform. It will offer Commercial Bank’s customers and employees a range of innovative products and an ecosystem of vital financial advice on their protection, long-term savings and retirement planning needs with the best of AIA’s experience and expertise in Asia.
As a pioneer in bancassurance, AIA will apply its in-branch sales expertise, leading point-of-sale technology and broad product range across Commercial Bank’s customer base. Commercial Bank of Ceylon is Sri Lanka’s largest private bank with a customer base that has significant potential to deepen life and health insurance penetration. This will further strengthen AIA’s competitive advantage in the industry.
Both AIA and Commercial Bank are longstanding partners of the International Finance Corporation (IFC). Under the IFC-DFAT Women in Work program, Commercial Bank previously entered into an MoU offering exclusive insurance solutions for the Bank’s Anagi account holders to ensure financial security for women in Sri Lanka.