FWD will gain access to the TMB distribution network and work closely with TMB to develop life insurance products that meet the needs of TMB customers. The renewed life bancassurance collaboration reiterates the strength of synergies between TMB and FWD over the previous years.
TMB continues to focus on expanding its bancassurance business under the principles of "Need-based" and "Simple & Easy" and FWD has consistently worked with TMB to provide best-in-class life insurance products that meet the needs of TMB customers in line with the two principles.
With TMB bancassurance premium growth more than three times to the market growth over the past three years, TMB and FWD are confident that this renewal of the collaboration will leverage on the key strengths of both parties in delivering the highest value to TMB customers.
As part of the process, TMB has appointed Bank of America Merrill Lynch as a financial advisor and Towers Watson Singapore an actuarial advisor in relation to the renewal of bancassurance collaboration.