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During this very first year itself, production has surpassed the expectation, several folds, with this relationship being considered to be most successful exclusive bancassurance partnership in Vietnam, driven by strong commitment by both partners.
All of SCB's branches and transaction offices have been activated to distribute life insurance products, which itself is an incredible achievement. This has resulted in more Vietnamese families being offered protection by Manulife through the extensive network of SCB.
More than a third of the bank staff have been professionally trained and certified to offer need based solutions to the bank clients. Manulife has on its part customised solutions catering to the varied needs of SCB customers. With this proposition, SCB is now a one stop shop offering a plethora of services and solutions for its customers.
With competition intensifying, this exclusive partnership has provided both organisations opportunities to extensively train and build a more professional sales force, helping them to reinforce their position in the financial market. As part of this commitment, Manulife Vietnam has continued to invest in developing and providing its bancassurance consultants with high-end technologies and increase operational efficiencies.
“Our partnership tremendously contributes to both of organisations’ performance this year. Sharing the same vision as offering need-based solutions and providing extra-ordinary service experience to the customers, we will continue to further develop our partnership to protect more Vietnamese households’ wealth through our wide range of products and best-in-class service,” said Vo Tan Hoang Van, CEO of SCB.
Paul Nguyen, CEO of Manulife Vietnam, said that, “Manulife – SCB relationship is considered to be among the most successful exclusive bancassurance partnerships in Vietnam. At Manulife, the business production and revenue generation from bancassurance has exceeded our business plan. The success of this partnership is attributed to extremely close coordination, commitment and focus of the SCB and Manulife management teams.”
“Bancassurance will gain more prominence as our market matures over time, replicating the success witnessed in similar developing markets. However, this space will be limited to a few insurers who have local bench strength complimented by regional expertise. Manulife Vietnam has firmly established itself as the bancassurance leader, and will continue to dominate the market in the future,” said Jude Gomes, chief partnership distribution officer.