On 17th December 2016, Bank Victoria signed an MOU with local insurance provider Capital Life Indonesia. Through this cooperation, Capital Life Indonesia will make available a variety of life insurance products for Bank Victoria customers, and, as such, further demonstrates the bank’s ongoing commitment to providing bancassurance programmes— with the majority of life insurers in Indonesia selling their products through dedicated agents, a growing proportion of new business sales and profitability have come from bancassurance initiatives.
President Director of Bank Victoria Mr Daniel Budirahayu, Ms Rita Gosali as Director of Business at Bank Victoria; Mr Hengky Setiono as President Commissioner of Capital Life Indonesia; and Mr Antony Japari as President Director of Capital Life Indonesia were present at the MOU signing ceremony. Through this latest collaboration, Capital Life Indonesia will support Bank Victoria’s staff with training in regards to product knowledge, marketing, and sales; the bancassurance products also complement Bank Victoria’s existing products such as its Wealth Management services.
Bank Victoria’s most recent partnership with Capital Life Indonesia demonstrates the current expansion strategy of Indonesian insurance companies and banks through initiating bancassurance partnerships. By increasing its current partner portfolio in the field of bancassurance, Bank Victoria can thus cater to the increasing sophistication of the Indonesian consumer’s financial needs.