Prudential Myanmar Life Insurance and Yoma Bank have announced an exclusive partnership for bancassurance services after receiving regulatory approval from the Myanmar government.
As part of the bancassurance partnership, Yoma Bank started on 28 January to distribute Prudential Myanmar’s savings and financial protection products at 25 Yoma Bank branches in Yangon, Mandalay, Monywa and Pyinmana.
Nationwide bancassurance rollout across all Yoma Bank branches will take place from July to December.
Founded in 1993, Yoma Bank is one of Myanmar’s largest private banks with more than 3,000 employees and branches in 43 cities nationwide. The bank is expanding rapidly to support national growth and financial inclusion through mobile and digital banking. In November 2019,
Prudential was granted a life insurance licence from the Ministry of Planning and Finance to offer life insurance products and solutions in Myanmar.
Prudential Myanmar’s well-trained Financial Services Consultants will be deployed at Yoma Bank branches. Using innovative technology, the Consultants will provide strategic financial planning services and tailored products.
In March last year, the Insurance Business Regulatory Board (IBRB) issued a directive allowing banks and microfinance institutions to operate as agents selling insurance products. Other insurers with bancassurance partnerships include Capital Taiyo Life Insurance, AYA SOMPO Insurance and AIA Myanmar.