Vietnam: Prudential and SeABank sign digital product distribution agreement

| 22 Dec 2020

Prudential Vietnam Assurance Private Ltd. ("Prudential Vietnam") and Southeast Asia Commercial Joint Stock Bank ("SeABank" - Vietnam) have further strengthened their strategic partnership by signing a Memorandum of Understanding ("MOU") agreement to distribute digital products.

Prudential Vietnam and SeABank entered into an exclusive bancassurance arrangement in January 2020 to provide consumers with life insurance solutions. This partnership has already supported over 10,000 SeABank customers in reaching their financial and protection goals.

The partnership recently marked its first anniversary by signing an agreement to distribute PRU-Guard 24/7, a digital insurance solution, via SeABank's e-banking platform. SeABank will be Prudential Vietnam's first banking partner to distribute this product.

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PRU-Guard 24/7 provides coverage against risks in daily life. The product is available on Prudential Vietnam's e-Commerce page and e-commence partners' platforms such as Shopee and Grab. It will be offered on SeABank's e-banking digital platform soon.

Phuong Tien Minh, CEO of Prudential Vietnam said, "After almost one year of our strategic collaboration SeABank has become a very important partner of Prudential Vietnam. The MOU will see PRU-Guard 24/7 appear on SeABank's e-banking platforms and reflects our shared long-term commitment to continuously enhance products and services that ride the wave of digitalisation sweeping the market and will help us meet the needs of our customers seeking convenient insurance solutions for their daily lives."

According to a company statement, this marks a major milestone in the two parties' digital transformation journey; the partnership product is anticipated to be well received in the market and is especially well timed given global trends for more digitalisation to create easy access to virtual services accelerated by current social dynamics.

More partnership news:

Vietnam: Manulife and VietinBank establish exclusive 16-year bancassurance partnership

AIA, AYA SOMPO and AYA Bank launch strategic bancassurance partnership in Myanmar

India: HDFC ERGO partners NSDL Payments Bank to offer customised insurance solutions

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