Vietnam: Generali and Orient Commercial Bank sign 15-year exclusive bancassurance partnership

| 29 Oct 2019

(Credit: Generali Vietnam)

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.

Under the agreement, Generali Vietnam will be the sole insurance partner of OCB. The bank will exclusively distribute Generali Vietnam’s life and health insurance products to meet customers’ needs in healthcare, protection, savings and investment.

Ms Tina Nguyen, Generali Vietnam CEO, said, “We have enjoyed and valued our partnership with OCB over the last two years and now look forward to building on our excellent business performance together under this new exclusive partnership. This strengthens our relationship even further and highlights our commitment to work together to develop customised solutions and products that will cater to different OCB customer segments.”

Mr Nguyen Dinh Tung, CEO, OCB, said, “The exclusive partnership between OCB and Generali recognises the increasing development and success of the bancassurance model in Vietnam to leverage and enhance the strengths of both sides, bringing mutual efficiency as well as benefits for customers.”

OCB, established in 1996, has nearly 200 trading units in all major cities and economic zones in the country with more than 6,000 staff and VND10 billion in equity (approx. USD 450 million).

Generali Vietnam has been in operations for over eight years and has a nationwide network of over 60 GenCasa (agency offices) and customer service centers, serving approximately 200,000 clients including individuals and insured members of domestic and foreign business in Vietnam.

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