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Pacific Life and ThaiRe Life form strategic partnership in Thailand

Pacific Life ThaiRe Life_IFM_Image
They will provide sustainable life reinsurance solutions to life insurance operators in Thailand

Global life reinsurer Pacific Life and ThaiRe Life Assurance have announced a new partnership that will see both parties join hands to provide sustainable life insurance solutions to life insurance operators in Thailand, media reports said.

The strategic partnership between Pacific Life and ThaiRe Life is expected to bring Pacific Life Re’s technical and product development expertise together with ThaiRe Life’s insights and standing in the local life industry.

Mr Andrew Gill, managing director of Pacific Life Re Asia and Australia told 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.”

Last week, it was reported that AIS Insurance Service is collaborating with Mitsui Sumitomo Insurance Group (MSIG) with the support of the Office of Insurance Commission (OIC) to launch Thailand’s first motor insurance plan. Called Prakan Kubdee, it calculates premiums from real driving behaviour through the use of tech such as IoT.

The plan can help motorists save on insurance premiums by as much as 50 percent. The premiums are calculated by considering factors such as distance, speed, journey time, time of the day driven, and the area the driving takes place.

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