Prudential Laos and BCEL Bank Join Hands to Provide Life Insurance Products Via Banking App
Vientiane, 15 June 2023
Prudential Life Assurance Lao Company Limited (“Prudential Laos”), today announces its official partnership with Banque Pour Le Commerce Exterieur Lao Public (“BCEL Bank”) with the launch of a range of protection-based life insurance products via BCEL Bank’s banking app, BCEL One. For the first time, life insurance products are now available digitally via a banking app for the people in Laos.
BCEL Bank is the leading bank in Laos with the largest customer base of over 2.2 million. BCEL’s banking app, BCEL One, has over 1.2 million active users.
Prudential is the pre-eminent insurance company in Asia and Africa. This year, Prudential celebrates its 175th anniversary and 100 years in Asia. Its strong position is on the back of having one of the strongest multi-distribution networks of over 100,000 active agents and over 190 bancassurance partners.
Solmaz Altin, Strategic Business Group Managing Director of Prudential plc. said: “Prudential has a track record of delivering value alongside our partners, through our product development capabilities and customer-centric solutions. Laos’ insurance sector is growing well and a trusted distribution network that have access to customers is critical to the development of a healthy insurance sector.
“Customers are at the heart of everything we do. We seek not only to innovate our products, but also on how we distribute them to our customers. We are proud to be embarking on this exciting journey with BCEL Bank.”
Manish Gurbuxani, Chief Executive Officer of Prudential Laos said: “BCEL’s customers can now seamlessly purchase life insurance products digitally over a banking app that they are already actively using. The partnership will help us reach more people in the country. We look forward to deepening the relationship with BCEL beyond this initial digital cooperation, with a clear ambition to provide customers with a full suite of protection, savings, and investment products to serve the growing needs of the people of Laos.”
Mrs. Saysamone Chanthachack, Managing Director of BCEL Bank said:
“This digital cooperation enables our customers to transact the entire insurance purchase process from selection, sales and payment in a simple and convenient way. It is aligned with the commitment of both entities: to build a secure financial community.”
About Prudential Laos
Prudential Laos is wholly owned by Prudential Corporation Asia. It opened its representative office in Vientiane in March 2015 and received an operating license from Laos Ministry of Finance in April 2016. Prudential Laos offers a suite of life insurance products to provide financial protection and savings for the people of Laos. Currently, Prudential Laos distributes products and services through a network of reputable bank partners and its direct sales force.
About Prudential plc
Prudential plc provides life and health insurance and asset management in 24 markets across Asia and Africa. The business helps people get the most out of life, by making healthcare affordable and accessible and by promoting financial inclusion.
Prudential protects people’s wealth, helps them grow their assets, and empowers them to save for their goals. The business has dual primary listings on the Stock Exchange of Hong Kong (2378) and the London Stock Exchange (PRU). It also has a secondary listing on the Singapore Stock Exchange (K6S) and a listing on the New York Stock Exchange (PUK) in the form of American Depositary Receipts. It is a constituent of the Hang Seng Composite Index and is also included for trading in the Shenzhen-Hong Kong Stock Connect programme and Shanghai-Hong Kong Stock Connect programme. https://www.prudentialplc.com/
Prudential is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America, nor with The Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.