KB Kookmin Bank said March 5 that it signed a memorandum of understanding with AIA Life to promote insurance claim rights trusts and expand linked trust-and-insurance services.
The signing ceremony was held March 4, attended by Yoo Shin-ok, head of AIA Life’s Customer Division, and Jeon Hyo-seong, deputy head of KB Kookmin Bank’s WM Customer Group, along with officials from both companies.
An insurance claim rights trust allows a policyholder to place the right to claim death benefits into a trust while still alive and to design in advance how the proceeds will be managed and paid out after the insurer makes the payment. Unlike simply naming a beneficiary, the arrangement lets the policyholder set the purpose and payout method as needed.
The companies said the agreement combines KB Kookmin Bank’s trust-based wealth management capabilities with AIA Life’s insurance expertise to support structured asset management and asset transfers. They said they plan to build a stable asset succession service reflecting customer demand, aimed at more predictable transfers.
A KB Kookmin Bank official said the agreement creates conditions for customers’ insurance proceeds to be transferred more securely after death, adding that the bank will continue expanding financial services as a trusted wealth management partner.
* This article has been translated by AI.
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