PT Bank Danamon Indonesia Tbk (Danamon) and PT Asuransi Jiwa Manulife Indonesia (Manulife) extended their bancassurance agreement to better meet the increasingly sophisticated financial needs of Indonesian individuals, families and businesses.
Both financial institutions have been jointly offering innovative insurance and wealth management solutions in Indonesia under a strategic partnership commencing in 2011. The new agreement extends this relationship until 2036, allowing them to continue to develop and offer tailored solutions, including pension funds, health protection and sharia-compliant insurance products to their customers.
Tailored solutions, coupled with innovative products and services, enhanced processes and technology, will be offered and jointly developed by Manulife and Danamon. These solutions will be distributed through the latter’s extensive branch network and growing digital channels across the Indonesian archipelago. Manulife’s partnership with the bank includes Danamon’s subsidiary Adira Finance.
“As shown in our strong relationship spanning multiple customer segments, Danamon and Manulife have highly complementary strengths and a shared focus in providing customer-centric banking, insurance and wealth management solutions and services,” Danamon’s president director Yasushi Itagaki said.
“We are delighted to extend our strong partnership with Manulife and look forward to further growth as we continue to contribute to the economic development of Indonesia. This partnership underscores the strength of collaboration, a value that we are rigorously implementing in our business model to serve our customers better by providing them with a comprehensive suite of products and services to meet their financial needs,” Itagaki added.
With the support from Japan’s Mitsubishi UFJ Financial Group, Danamon is charting a path to grow in the coming years, enabling the bank to deliver long-term value to all its stakeholders. This allows Manulife to leverage that growth and further accelerate its distribution in Indonesia, as both financial institutions continue to digitise and make lives better for Indonesian customers, families and communities.
Ryan Charland, president director and chief executive officer of Manulife Indonesia, said, “Danamon remains one of Manulife’s most important bancassurance partnerships in Asia. The extension of our agreement is a testament to the success of this longstanding relationship and a vote of confidence in Indonesia’s long-term economic potential. We are pleased to be extending our partnership and providing peace of mind to customers in Indonesia at a time when strength and resilience are more important than ever.”
Re-disseminated by The Asian Banker