Amalgamation Information
FWD Life Insurance Public Company Limited (“FWD Life”) and SCB Life Assurance Public Company Limited (“SCB Life”), both part of FWD Group, are planning to amalgamate into one company, called "FWD Life Insurance Public Company Limited" on 1 Oct 2020.
- The transaction offers an opportunity for FWD Thailand to form a long-term partnership with one of the largest domestic banks in the market.
- SCB’s digital transformation plan will benefit from FWD’s digital focus and capabilities, supported by PCG’s broad technology pedigree.
- SCB as the first established Thai Bank - one of the nation’s top three lenders - SCB Life has played a leading role in the Thai financial services sector and has deep market expertise. FWD will benefit from access to SCB’s sizeable customer base of approximately 16 million retail customers.
- There will be no effect on customers policies. Please be assured that your benefits will remain the same as it was stated in the insurance policies.
- According to the concept of amalgamation under the law, the amalgamated entity will receive the transfer of all assets, liabilities, rights, obligations and liabilities from the two amalgamating entities, in this case are SCB Life and FWD Life.
- We are confident that our amalgamation will benefit the customers and insurance industry of Thailand overall, through the offering of better insurance products and services deriving from the combination of high-quality personnel of both companies.
- After the amalgamation is completed, the current customers of SCB Life and of FWD Life will be able to use service channels of SCB Life and FWD Life under the newly amalgamated entity.
- However, SCB Life and FWD Life are in the process of preparing details of services to be provided to customers after the amalgamation, and will inform the customers of such details, including service channels, to all customers.
- If the customer wishes to pay the premium and has a complete set of documents, the customer can proceed to make the payment at the bank. For the submission of document for the claim or change of information of the insurance policies, for your convenience, we recommend that you submit via email to iservice@fwd.co.th or at every branch of FWD Life.
- In principle, after the completion of amalgamation of the two companies, current customers of SCB Life and FWD Life can use service channels of another company as well. In this case, for clarity purpose, SCB Life and FWD Life are in the process of preparing detail on provision of the services to customers after the amalgamation and will inform the details, including the service channels, to the customers later on.
- After the amalgamation of both companies, customers can still continue to use the current service channels as usual. We will have the system transferred you to the new platform or domain of the amalgamated entity. However, SCB Life will inform you of the details about the customer service, including service channels, to all customers later on.
- There will be no effect on customers policies. Please be assured that your benefits will remain the same as it was stated in the insurance policies.
- In addition, we are confident that our amalgamation will benefit the customers and insurance industry of Thailand overall, through the offering of insurance products and services deriving from the single mindset of customer led company.
- We expect to be able to offer insurance products and services that better serve the demand of customers in Thailand.
- FWD Group is committed to creating customer-led insurance products, communicating clearly with customers in a way that is easy to understand, and to changing the way people feel about insurance.
- There will be no effect on customers policies. Please be assured that your benefits will remain the same as it was stated in the insurance policies
- The amalgamation will strengthen FWD’s presence and market share in the Thailand insurance market. We look forward to creating fresh, customer-led and easy-to-understand insurance experiences for the Thai market.
- FWD will aim to develop and grow its business in Thailand through investment in the long-term and continue to develop innovative product propositions and customer experience to meet the evolving needs of today’s increasingly technologically savvy customers.
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