Prudential Vietnam, VIB cooperate to distribute bancassurance products

16:28 | 15/12/2015

Vietnam International Bank (VIB) and Prudential Vietnam has signed a strategic partnership agreement in distributing bancassurance products for 15 years, the longest cooperation period for bancassurance in the market. 

Accordingly VIB will be an exclusive distributor of all Prudential life insurance products through the one-door financial service delivered by the bank’s distribution channels. The two parties will focus on products that best suit VIB’s existing customers, including investment-linked insurance product with features of accumulation, protection and investment.

Prudential and VIB will work together to develop products/services integrated with both bank and insurance benefits, to diversify the portfolio of products/services, to create more tools and channels to approach and maintain good relationships with customers, as well as to expand market share in their respective industries. 

Through the cross-selling of products, customers of both VIB and Prudential will have access to a diversified list of products and services distributed by VIB’s one-door financial service on different channels: branches, direct sale, telesales and digital. Additionally, customers will enjoy significant benefits from value-added services such as home health check, preferential fees when making payment online or by card, and other special services offered by partners of both parties thanks to our reputation and an extensive network of partners nationwide.

“Prudential Vietnam is delighted to welcome VIB to be an exclusive strategic distributor of all Prudential life insurance products. The signed agreement means not only to cooperate in cross-selling products but also to build up a standard bancassurance business model, helping provide customers with the highest convenience and satisfaction to both parties’ products and services,” said Wilf Blackburn, CEO of Prudential Vietnam.

“The signing of strategic partnership agreement between VIB and Prudential is an important milestone that helps us not only optimise customers’ life but also best protect them financially. By taking advantage of both parties’ brand reputation and outstanding services, we expect to make VIB-Prudential bancassurance cooperation model one of the fastest growing models in the market,” said Han Ngoc Vu, CEO of VIB.

Prudential has been in Vietnam for 16 years and now has a network of agents partnering with local and multi-national banks. VIB is the only local bank with its credit rating outlook upgraded to “positive” by Moody’s in September 2015. VIB has recently been named “Bank of the Year” by industry publication The Banker.

By Khanh Tran

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