As per the media reports stated that the Global Life Reinsurer Pacific Life as well as ThaiRe Life Assurance have announced new partnership will view both parties to have joined the hands for providing better sustainable Life Insurance solutions for life insurance operators in Thailand.
The strategic corporation between Pacific Life and ThaiRe Life is anticipated to bring Pacific Life Re’s technical and merchandize progress expertise systematized with ThaiRe Life’s perceptions and standing in the native life industry.
The preceding week, it was conveyed that AIS Insurance Service is teaming up with Mitsui Sumitomo Insurance Group (MSIG) with the sustenance of the Office of Insurance Commission (OIC) to unveiling Thailand’s initial motor insurance plan. touted Prakan Kubdee, it estimates premiums from real driving behaviour through the utilization of tech like the IoT.
The collaboration implies the initial strategic partnership between the two firms. It brings together Pacific Life Re’s technical and merchandize development knowledge with ThaiRe Life’s deep market perceptions and robust relationships in the local life industry.
Mr Andrew Gill, managing director of Pacific Life Re Asia and Australia stated the media, “This is a significant step for us as we continue to enhance our proposition in the Thailand life insurance market. We are thrilled to be joining forces with ThaiRe Life, an established local reinsurer in delivering opportunities to significantly transform and redefine the local life insurance industry. Together with our technology subsidiary, UnderwriteMe, our partnership will bring our vision of making life insurance more accessible and affordable a reality for the people of Thailand.”
Mr Suchin Wanglee, chairman of ThaiRe Life, stated, “We sincerely appreciate having Pacific Life Re’s confidence in us by entering into this long-term strategic partnership.”
Both Pacific Life Re and ThaiRe Life are familiar by major rating agencies. Pacific Life Re, a global life reinsurer, is rated AA- (stable) by both Standard & Poor’s and Fitch Ratings. ThaiRe Life has an economic forte rating of A- (excellent) by AMBest.
Pacific Life Re works with clients in the UK, Ireland, Asia, Australia, and North America to offer the mortality, morbidity, longevity, and capital solutions reinsurance merchandize and services. Pacific Life Re is a wholly-owned subsidiary of Pacific Life.
ThaiRe Life offers up the life reinsurance solutions to numerous life insurance firms in Thailand.
UnderwriteMe is an InsurTech provider offering diverse prospects across Europe, Asia and Australia. The strategy can aid motorists save on insurance premiums by as much as 50 percent. The premiums are designed by considering factors like distance, speed, journey time, time of the day driven, and the area the driving that takes place.