Tuesday, May 26 2020

VietNamNews

Vietcombank and FWD launch exclusive bancassurance partnership

Update: April, 20/2020 - 12:00

Hanoi, April 2020 – Joint Stock Commercial Bank for Foreign Trade of Vietnam (“Vietcombank”), the leading commercial bank in Vietnam, and FWD Vietnam Life Insurance Company Limited (“FWD”) have officially launched an exclusive 15-year bancassurance partnership.

Under the agreement and in the first phase of the partnership, Vietcombank will distribute FWD’s products, combining strong digital capabilities of both businesses to offer customers leading insurance products and enhanced digital experiences throughout more than 550 branches and transaction offices nationwide, including:

Established in 1963, Vietcombank is currently the leading commercial bank in Vietnam with total assets of 50 billion USD and highest market capitalization among credit institutions listed on Vietnam's stock market.

FWD Vietnam was established in 2016 and is a member of FWD Group, a leading Asian-pan life insurer

  • FWD Embracing changes 2.0: A universal life insurance solution, combining long-term protection with short-term flexible investment, helping customers take a proactive approach to life’s changing demands.
  • FWD Smart kid: An education insurance product that is designed to provide a solid future for your child’s education with a guaranteed fund of 150% Sum assured together with competitive bonuses during the whole policy term.
  • FWD Family care: One critical illness protection fund covering the whole family against 80 critical illnesses.
  • FWD Cancer care: A cancer insurance solution with affordable premiums from only VND 99,000/year, paying out 100% Sum assured upon diagnosis of cancer at any stage. The product can be purchased online entirely or via financial consultants.

Vietcombank’s customers can also participate in credit life insurance solution FWD Dream assured and FWD’s supplementary riders to enhance protection against varying risks.

Thomas William Tobin, Head of Retail Banking Group of Vietcombank said: “FWD Vietnam has a prominent advantage in digitalising all business processes, with a solid strategy of developing diversified, simple and suitable products for each customer segment that aligns with the Digital Banking Transformation and Retail Banking Operation Development Strategy of Vietcombank. The official launch of this exclusive bancassurance partnership will create a breakthrough in Vietcombank's product portfolio and service delivery process, helping us continue to be the preferred choice for millions of customers in Vietnam."

Huynh Huu Khang, CEO of FWD Vietnam said: “The official distribution through Vietcombank's nationwide network is a great opportunity to take our Viet Nam business to the next level and boost our ambitions to build a leading bancassurance franchise across the region. Vietcombank is a well-established bank in the 4.0 digital era, which compliments FWD’s strong digital capabilities. This partnership will add size and scale to our distribution as we deliver our unique customer experience and product propositions to more customers across Viet Nam as part of our vision to change the way people feel about insurance."

Previously, the Ministry of Finance approved in principle for the capital transfer at Vietcombank-Cardif Life Insurance ("VCLI") on 3rd April 2020. FWD has also officially completed the procedures for acquiring VCLI and will integrate VCLI into existing business in Viet Nam. VCLI customers will not be affected by the transfer of ownership to FWD and all existing policies will continue to be honoured by FWD.

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