03:07 (GMT +7) - Friday 30/10/2020

Banking & Finance

AIA signs bancassurance partnership with VPBank

Released at: 14:53, 27/10/2017

AIA signs bancassurance partnership with VPBank

Photo: VPBank

15-year exclusive deal to provide AIA's products and services to all VPBank customers.

by Linh San

AIA Vietnam has signed a 15-year exclusive bancassurance partnership agreement with VPBank, through which VPBank customers will have access to AIA Vietnam’s comprehensive range of life insurance products and services, complemented by its innovative wellness proposition, AIA Vitality.

“Our strategic partnership with VPBank highlights our commitment to deliver value-added wellness, protection, and long-term savings solutions to VPBank customers, and, more importantly, advance the life insurance market in Vietnam by helping people live longer, healthier, and better lives,” said Mr. Wayne Besant, CEO of AIA Vietnam.

“Bancassurance is a major distribution channel for AIA and we are focused on forming exclusive partnerships that allow us to make substantial and long-term investments, such as innovative and tailored propositions that leverage the use of digital technology and customer analytics that lead the industry in customer experience,” he added.

The agreement will see VPBank be the first bank in Vietnam to offer insurance integrated with wellness across its entire nationwide network of 215 branches and transaction offices and all bank segments: retail, SME Corporate, household, and digital banking.

The long-term exclusive partnership will allow AIA Vietnam and VPBank to jointly invest in and commit to creating a market-leading bancassurance platform supported by the integration of digital capabilities, best-in-class training programs, and service innovation, to serve customers better.

“We have always viewed bancassurance as an integral and strategic aspiration for the bank,” said Mr. Duc Vinh Nguyen, CEO of VPBank. “Life insurance is a vital component and product offering for our target market segments, in particular the affluent consumer as well as the SME and household banking segments. We chose AIA for its strengths in the market and its philosophy on customer engagement.”

AIA Group Limited and its subsidiaries comprise the largest independent publicly-listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific, with wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, South Korea, the Philippines, Australia, Indonesia, Taiwan, New Zealand, Macau, Brunei, Cambodia, and Vietnam, a 97 per cent-owned subsidiary in Sri Lanka, a 49 per cent-owned joint venture in India, and a representative office in Myanmar.

Established in Vietnam in 2000, AIA Vietnam protects the financial health and welfare of Vietnamese people and is now one of the leading life insurers in the market, with a brand trusted by customers and the public.

As one of the earliest joint stock commercial banks in Vietnam, VPBank has achieved steady development throughout its history. Since 2010, it has grown dramatically with the development and implementation of a strategic transformation program with support from one of the world’s leading consulting companies.

Following this strategy, VPBank aims to become one of the five leading joint stock commercial banks and one of the three leading retail joint stock commercial banks in Vietnam this year.

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