Representatives of the two companies at the signing ceremony. — VNS Photo
HCM CITY – South Korean insurer Hanwha Life Vietnam, Ltd has signed a strategic partnership deal with Shinhan Vietnam Bank SM Ltd (Shinhan Bank) to sell bank insurance model (BIM) products.
Shinhan Bank is now a business partner of Hanwha and will provide the latest insurance products to clients through its network in Việt Nam.
The two companies said the co-operation would create a comprehensive financial service that will bring more value to both parties’ customers by leveraging and promoting the advantages of the two leading Korean companies.
Back Jong Kook, chairman and general director of Hanwha Life Vietnam, said: “I believe the co-operation will help effectively exploit the great potentials and strengths of both parties, thereby creating a competitive advantage in the market. This co-operation will bring advanced insurance products to customers in a more comfortable and professional manner.”
The insurer said co-operation with banks, including Shinhan, is part of its diversification strategy in terms of distribution channels and would spur the BIM business. BIM, also known as bancassurance, is quite new in Việt Nam, and its potential is considered enormous.
It promised to be an important and rapidly growing sales channel in the future, the company said.
Earlier, the company signed a strategic partnership deal with Woori Bank last February to sell its insurance offerings.— VNS