Thailand’s Siam Commercial Bank (SCB) has revealed plans to launch a life and non-life insurance brokerage business through its subsidiary.
Dubbed SCB Protect Co, the new venture will focus on value protection and insurance products covering life risks in the mass market.
The insurance subsidiary has been set up with THB303m in capital, according to Bangkok Post.
The proposed venture is expected to hire nearly 500 brokers across the country to acquire customers and accelerate the rate of insurance adoption, the report added.
SCB senior executive vice president and chief insurance business officer, and SCB Protect CEO Poramasiri Manolamai said: “SCB has focused on services as the most important factor, to offer value beyond just insurance to our customers, with a health eco-system in place and more services to follow.
“Out of some 16 million customers, only 3% of the bank’s mass segment have insurance products. So, SCB Protect has been established to drive the bank’s mass market expansion.
“We offer a comprehensive range of value protection products and quick and easy-to-reach after-sale service for customers seeking protection that suits their needs with the security that SCB Protect offers.”
The products will be also launched in other channels including digital sales and telesales, the bank said in its press statement.