AIA Insurance in partnership with Commercial Bank

AIA Sri Lanka, a part of AIA Group, the world’s largest life insurer (by market capitalisation) has entered into a robust bancassurance partnership with Commercial Bank of Ceylon.

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, AIA said in a media release.

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.

"We are truly excited to partner as a preferred insurer with Commercial Bank. Our bancassurance partnership with Commercial Bank brings together two trusted financial institutions with a long history of operating in Sri Lanka to build on the significant progress already achieved and increase the penetration of life and health insurance across Sri Lanka,” said Chathuri Munaweera, Chief Executive Officer/ Executive Director of AIA Insurance.

Sanath Manatunge, Managing Director/Chief Executive Officer of Commercial Bank said, "As Sri Lanka’s largest private bank, our customers come to rely on us to deliver world class products and services that offer value to them. By partnering with Sri Lanka’s best life insurer, we will be able to offer our customers access to high quality, tailored life insurance products and services that offer protection suited to their needs.”