BAAC Case Study

Success with retail banking in Thailand

BAAC Case Study


In Q1 2019 AXA Partners CLP was approached by a leading Global Reinsurance broker to work with Thailand’s leading rural bank, serving the agricultural sector for both commercial and retail banking through a Bricks & Mortar network of over 1,000 branches. While the bank had extensive experience in rural bancassurance, distributing 3rd party products, it was looking for a Strategic partner to provide capital liquidity and provide specialized Product Development and Administration capabilities, to further its Financial Inclusion agenda for its key demographic, smallholder and tenant farmers in Rural Thailand.


The bank required an initial reinsurance solution for its in-force Credit Life portfolio, that it had recently restructured, attached to it Personal lending products, and replacing 3rd party products. Key purpose of the initial requirement was to reduce capital reserve requirements and increase fee-based revenues. Secondly, the bank required analytics, administration and product development support, aligned with their omni-distribution and in-house product development strategies, reducing their reliance on 3rd party product providers.


In partnership with the Reinsurance Broker, AXA Partners was able swiftly to mobilize its Regional and Global resources and leverage multiple time zone coverage to ensure challenging RFP deadlines were achieved. Utilizing the strength of the parent, AXA France VIE, Balance Sheet AXA Partners CLP was able to produce a robust competitive proposition, grounded in strong underwriting and governance principals and built around in-depth local knowledge and expertise. The Commercial proposition aligned with AXA Partners` CLP administrative and operational excellence ensured that there was only one outcome possible for the decision the prospect had to make.


Since the program’s inception, the tri-party partnership has gone from strength to strength with a deepening of the in-force product relationship underway and broader protection portfolio in development to ensure the financial inclusion and stability of the Thai rural and agrarian demographic.

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