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.
According to the statement, SeABank is a fast-growing bank in Vietnam with approximately 1.2 million customers and almost 170 branches. It has adopted a pioneering ecosystem strategy, bringing together a number of market leaders to leverage their respective strengths and customer access, including BRG Group and others in the telecommunication, postal and retail segments. This strategy is underpinned by a digital-convergence approach to transform customer journeys and deliver a compelling suite of innovative products and services for the customers of its ecosystem partners. SeABank's ecosystem strategy is expected to deliver a step-change in its customer base and contribute towards its mission of becoming "the most favourite leading bank in Vietnam".
Prudential Vietnam is a leading life insurance company in Vietnam built up over 20 years of operations. It serves over 1.5 million customers and has a nationwide footprint, with more than 360 sales offices across 63 provinces.
Mr Nic Nicandrou, Chief Executive of Prudential Corporation Asia, said, "Vietnam is an important market for Prudential with a compelling long-term growth outlook. Our partnership with SeABank is fully aligned with our mission of helping individuals and families in Vietnam build better lives and a financially secure future and we are excited by its growth prospects."
Mr Clive Baker, Chief Executive Officer of Prudential Vietnam, said, "Bancassurance has been a key driver of our recent growth in the country and we are delighted to partner with SeABank. The combination of SeABank's rapidly growing customer base and our proven distribution expertise will deliver a leading bancassurance franchise in Vietnam. We will continue to invest in our partnership network, alongside our well-established and successful agency force."
Ms Le Thu Thuy, Chief Executive Officer of SeABank, said, "This partnership enables us to offer our growing customer base access to Prudential Vietnam's market-leading and innovative product suite. It is a clear demonstration of our commitment to fulfilling the evolving savings and protection needs of our customers and we look forward to collaborating closely with Prudential Vietnam to deliver a superior customer experience."
Bancassurance partnerships announced in Vietnam last year include FWD and ACB's "e-bancassurance partnership", Tien Phong Commercial Bank (TPBank) and Sun Life Vietnam, Vietcombank and FWD, Generali and Orient Commercial Bank, and Manulife and Asia Commercial Bank.
The Bank Partner of the Year winner at the 4th Asia Trusted Life Agents & Advisers Awards 2019 was Techcombank with Manulife as its insurance partner.
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