Prudential Vietnam and SeABank signed an MOU on December 1 for distributing digital products. — Photo courtesy of Prudential Vietnam

HA NOI — Prudential Vietnam Assurance has signed a memorandum of understanding with Southeast Asia Commercial Joint Stock Bank (SeABank) for the distribution of an online insurance product.

Under the deal signed in Ha Noi on December 1 they will distribute digital insurance product PRU-Guard 24/7 through SeABank’s e-banking platform.

SeABank will be Prudential’s first banking partner to distribute it.

Launched in mid-November, PRU-Guard 24/7 provides coverage against normal risks in daily life such as hospitalisation due to accidents, with income support if hospitalised for a long time, food poisoning, burns, and permanent disability, and death at a premium of VND144,000 (US$6.3) per year for a basic package and VND374,000 ($16.3) for an advanced package.

The product is available on Prudential’s insurance eCommerce page and e-commerce partners’ platforms such as Shopee and Grab, and will soon be distributed on SeABank’s e-banking platform.

The MOU marks a milestone in the two parties’ digital transformation to offer customers products and services in line with the market’s rapid pace of digitisation.

Phuong Tien Minh, CEO of Prudential Vietnam, said the MOU reflects the long-term commitment of the two companies to enhance the customer experience by providing a diverse range of products and services.

Le Thu Thuy, CEO of SeABank, said Prudential Vietnam's strategy for accelerating digital transformation and developing technological solutions is in line with SeABank's digital-convergence approach to deliver innovative products and services to customers of the bank’s eco-system partners.

“The distribution of Prudential’s digital products via banking digital solutions will enhance our customers’ experience and benefits.”

At the beginning of this year Prudential and SeABank entered into an exclusive banc assurance partnership for 20 years for the distribution of investment-linked and life insurance products. — VNS