Many general insurers in Vietnam are linking up with InsurTech firms in a trend aimed at leveraging the advantages of the different parties.
Prudential Vietnam Assurance and Southeast Asia Commercial Joint Stock Bank ("SeABank") have entered into an exclusive bancassurance partnership with a 20-year term. Prudential Vietnam will also become the preferred life insurance provider to BRG Group. The partnership is expected to be effective from April 2020.
FWD Vietnam Life Insurance Company Limited and Asia Commercial Joint Stock Bank have entered into a "landmark e-bancassurance partnership, the first of its kind in Vietnam", said the company.
The 15-year agreement announced today (27 Nov) with Tien Phong Commercial Bank (TPBank) strengthens and diversifies Sun Life Vietnam's distribution in the country by extending its reach to 2.5 million TPBank customers.
Joint Stock Commercial Bank for Foreign Trade of Vietnam ("Vietcombank") and FWD Group have entered into a Distribution Agreement to establish an exclusive 15-year bancassurance partnership. Under the agreement, Vietcombank will distribute FWD's life insurance products.
Generali Vietnam Life Insurance and Orient Commercial Joint Stock Bank have entered into a 15-year strategic exclusive bancassurance partnership. The strategic move aims to develop financial and insurance solutions, expand distribution channels, promote the application of advanced digital technology, and enhance customer experience.
For the long-running and deep collaboration in its partnership with Manulife Vietnam which has resulted in astonishing results through the aligned vision and strategy of placing the customer first, Techcombank was awarded Bank Partner of the Year at the 4th Asia Trusted Life Agents & Advisers Awards.
Manulife Vietnam and Ho Chi Minh City-based Asia Commercial Bank have signed a bancassurance partnership agreement on 9 September 2019.
Bancassurance has now become the main source of income from services for many banks and its contribution to banks is expected to increase.
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