The Office of the Insurance Commission (OIC) is allowing financial institutions to sell insurance products via telesales and post offices, aiming to expand insurance penetration in rural provinces. At present, banks are only permitted to sell life and non-life insurance products at their branches and via an online channel. Life assurance premiums were valued at 159 billion baht and non-life premiums 57 billion. Insurance agents remained the major distribution network for life assurance, while brokers were still the major sales channel for non-life insurance, he said. Contributions from bancassurance and online sales increased during the first quarter for both life assurance and non-life insurance, said Mr Chuchatr.

Source: Bangkok Post June 04, 2018 23:03 UTC