Yangon, Myanmar, May 18, 2023 – Dai-ichi Life Insurance Myanmar Ltd. (“Dai-ichi Life”), a leading Japanese life insurer and part of the Dai-ichi Life Group, has launched its Bancassurance Partnership with KBZ Bank. The partnership aims to deliver comprehensive life insurance solutions that are tailored to meet the needs of KBZ Bank customers for protecting and saving funds for their loved ones.
Through this partnership, Dai-ichi Life aims to accelerate life insurance awareness and deliver financial protection and wealth accumulation propositions to the people of Myanmar. The partnership will leverage the strengths of both companies; 120 years of life insurance experience from Dai-ichi Life Group and KBZ Bank’s strong expertise in Myanmar’s Banking industry, and their diverse customer network as the largest privately-owned bank. Dai-ichi Life’s life insurance products and services will be available at KBZ Bank branches and KBZPay Centers in Yangon effective from today, on its first month and will expand to other branches progressively.
“We are proud of this collaboration with KBZ Bank, which is the largest bank with a strong customer network in Myanmar. We believe that our strategic collaboration is a pursuit to Dai-ichi Life Group’s philosophy of People First. This partnership will enable us to expand our reach, and we look forward to delivering long-term financial solutions and bringing peace of mind to the people of Myanmar,” said Daw Zarchi Tin, Chief Executive Officer of Dai-ichi Life Insurance Myanmar.
“Our partnership in bancassurance is in line with KBZ Bank’s dedication to enhancing the quality of life in Myanmar by providing greater accessibility to financial products and services. It also builds upon Dai-ichi Life’s vision to safeguard and enhance people’s well-being. We aim to synergize our expertise and strength to offer a wide range of financial products and services that will cater to the evolving needs of our customers. Through this collaboration, we intend to provide a comprehensive suite of a wide range of top-notch life insurance and financial solutions that will create a more holistic financial planning experience for our customers via our extensive network of 500 branches and digital channels throughout the nation, as well as our sizable retail customer base. We do believe that by working together, we can create a stronger, more resilient financial industry that will benefit our customers and stakeholders alike by leveraging our collective strengths and will significantly expand coverage across the country.” said U Zaw Lin Aung, Chief Executive Officer of KBZ Bank.
About Dai-ichi Life Insurance Myanmar
Dai-ichi Life Insurance Myanmar Ltd. is a part of the Dai-ichi Life Group, a leading life insurer in Japan with a history of over 120 years since its foundation in 1902. Today, the Dai-ichi Life Group, with life insurance and asset management companies in Japan, provides financial protection to customers and their families in 10 countries, including Myanmar, with a “People First” approach. As of March 31, 2022, the Dai-ichi Life Group owns total assets worth US$538 billion and premium and other income of US$43 billion.
Our founder’s pursuit of the best and our innovative spirit are the driving forces behind the Group’s mission. “By your side, for life” will lead our Group’s more than 62,000 employees globally.
About KBZ Bank Ltd.
KBZ Bank is Myanmar’s largest privately-owned bank with a network of over 500 branches across the country. With the largest digital and retail customer base in Myanmar, KBZ Bank is committed to improving the quality of life in Myanmar through banking. The bank is working towards continuous service improvement to drive its twin mission of bringing 100% financial inclusion in the country and becoming Southeast Asia’s leading bank in customer service by 2024.
KBZ Bank leads Myanmar’s digital economy offering a range of innovative products and services to meet the needs of its customers. Through KBZPay, Myanmar’s fastest-growing mobile wallet with more than 12 million users, KBZ Bank has brought banking beyond its branches and to even more communities.
KBZ Bank has been recognized as the Strongest Bank in Myanmar for two consecutive years by The Asian Banker. With a focus on achieving 100% financial inclusion, KBZ Bank is committed to bettering the communities it operates in while pushing the boundaries of digital banking. The bank has also been recognized for its commitment to diversity and women’s empowerment, receiving awards such as the “Best Bank for Women Empowerment Myanmar 2022” by Global Business Magazine and “Technology Excellence for E-Wallet & E-Commerce” by Asian Business Review. With a strong focus on innovation, customer service, and social responsibility, KBZ Bank is a trusted partner for individuals and businesses alike.
To learn more about KBZ Bank and its products and services, visit www.kbzbank.com.