On July 5, The Bank of East Asia (China) Co., Ltd. (hereinafter referred to as "East Asia China") announced that it has officially opened a 15-year exclusive bancassurance cooperation with AIA Life Insurance Co., Ltd. (hereinafter referred to as "AIA Life") and launched the first Approval of life insurance products, covering retirement planning, asset inheritance and education planning.
The Bank of East Asia Limited (hereinafter referred to as the “Bank of East Asia”) General Manager and Head of China Business Headquarters Ye Zhiheng, East Asia China Executive Director and President He Shunhua, AIA Life CEO Zhang Xiaoyu, AIA Life Chief Multi-channel Officer Li Qian and other management representatives attended the meeting The launch ceremony of the cooperation between the two parties held in recent days.
At the launching ceremony, Ye Zhiheng said: “Both BEA and AIA have a history of one hundred years. Both companies have started to expand their business in the Mainland as early as the beginning of the last century, and have always maintained long-term and stable development in the market. I hope that through This cooperation can further utilize the professional advantages of both parties in their respective fields, share resources, and actively seize new opportunities in the historical development of the Guangdong-Hong Kong-Macao Greater Bay Area, and jointly provide customers in the Mainland, especially the Guangdong-Hong Kong-Macao Greater Bay Area, with a diversified and comprehensive approach. Cross-border financial services."
He Shunhua said: "I am very pleased that East Asia China and AIA Life are adhering to the service concept of'customer-oriented', working together to formally open the exclusive bancassurance cooperation between the two parties. East Asia China has a strong channel advantage and a loyal customer base in the Mainland. Life has a wealth of diversified products and professional insurance talents. The in-depth cooperation between the two parties can be described as complementary advantages." At the same time, Mr. Zhang Xiaoyu said: "In the critical period of the transformation of'high-quality development' facing the whole industry, AIA launched a 15-year exclusive partnership with East Asia. The cooperation fully reflects our firm investment and determination in the bancassurance channel. In the future, we will continue to adhere to the development strategy of excellent bancassurance channels, and rely on East Asia China’s strong customer base and network layout to provide high Quality wealth and health protection services."
Relying on East Asia China's strong sales channels and extensive customer base, as well as AIA's advantages in high-quality product matrix and professional bancassurance team, this cooperation will help both parties to further develop the mainland high-net-worth customer market. In addition, based on the background of the digital age, the two parties will also fully combine their respective experiences in digitalization and technological transformation to promote cooperation in digital operations and digital bancassurance channels to achieve comprehensive and high-quality development. Beginning in early July 2021, the two parties will first establish exclusive distribution partnerships in Shanghai, Beijing, Shenzhen, Guangzhou, Zhuhai and Suzhou. In the future, the scope of cooperation will continue to expand to other regional outlets in East Asia and China.