Local market sees boom of bancassurance service
Local insurance companies are focusing
on bancassurance, the teaming up with banks to sell insurance products
as a way to strengthen their competitive edge in an increasingly fierce
competition.
Local insurance companies are focusing
on bancassurance, the teaming up with banks to sell insurance products
as a way to strengthen their competitive edge in an increasingly fierce
competition.
A pioneer in bancassurance since 2007, the BIDV (Bank for Investment and Development of Vietnam) Insurance Company (BIC) has offered five associated products via a system of 500 transaction posts of BIDV and the Vietnam-Russia joint-venture bank.
Not to miss on the chance, many insurers have quickly linked up with banks to tap up the new market segment, including the partnerships between Baoviet Bank and Bao Viet Life Insurance Corp, Saigon Thuong Tin Bank and Prevoir Vietnam , and Cardiff of the BNP Paribas Assurance group in partnership with Vietcombank and SeABank.
Deputy General Director of the Bao Viet Life Insurance Corp., Dang Ngoc Thanh said the company’s associated products with HSBC, Techcobank and Bao Viet Bank have been faring well.
Director of Prevoir group’s Asian region Co Minh Duc described Vietnam a potential market for bancassurance service development as the number of bank account owners of the country, currently accounting to 10 percent of the population, is expected to grow by between 15-30 percent each year.
Duc said taking into account the current financial crisis, it is a good time for businesses to offer insurance products which ensure credit safety for clients.
However, interest rate fluctuations and the State Bank’s policy of limiting credit growth make banks hesitate at providing bancassurance service.
According to Dang Ngoc Thanh, only when people’s spending habit is changed and their awareness on insurance service is raised do bancassurance products have chance to further develop./.
A pioneer in bancassurance since 2007, the BIDV (Bank for Investment and Development of Vietnam) Insurance Company (BIC) has offered five associated products via a system of 500 transaction posts of BIDV and the Vietnam-Russia joint-venture bank.
Not to miss on the chance, many insurers have quickly linked up with banks to tap up the new market segment, including the partnerships between Baoviet Bank and Bao Viet Life Insurance Corp, Saigon Thuong Tin Bank and Prevoir Vietnam , and Cardiff of the BNP Paribas Assurance group in partnership with Vietcombank and SeABank.
Deputy General Director of the Bao Viet Life Insurance Corp., Dang Ngoc Thanh said the company’s associated products with HSBC, Techcobank and Bao Viet Bank have been faring well.
Director of Prevoir group’s Asian region Co Minh Duc described Vietnam a potential market for bancassurance service development as the number of bank account owners of the country, currently accounting to 10 percent of the population, is expected to grow by between 15-30 percent each year.
Duc said taking into account the current financial crisis, it is a good time for businesses to offer insurance products which ensure credit safety for clients.
However, interest rate fluctuations and the State Bank’s policy of limiting credit growth make banks hesitate at providing bancassurance service.
According to Dang Ngoc Thanh, only when people’s spending habit is changed and their awareness on insurance service is raised do bancassurance products have chance to further develop./.
You should also see
Investor confidence gains traction on improved business climate
Better investment climate, with simplified administrative producers and special incentives, has helped improve investor confidence, thus catalysing investments from a wider pool of both domestic and international investors for socio-economic development.
See more
Business
Labels on foods exported to Singapore must be accurate: Trade counselor
Counsellor Cao Xuan Thang, head of the Vietnam Trade Office in Singapore, has advised Vietnamese exporters to pay attention to labeling pre-packaged food products to ensure their credibility and image of businesses when exporting to the Singaporean market.
Business
April 25 gold bullion auction cancelled
The State Bank of Vietnam (SBV) has announced that it canceled the gold bullion auction scheduled for April 25 morning as only one business submitted its bidding form.
Business
High airfares create chance for short-distance trips for Reunification Day holiday
Due to a hike of air ticket prices for domestic flights, Vietnamese tourists are turning to short-distance trips for the upcoming National Reunification Day (April 30) and May Day (May 1) holidays.
Business
Phu Yen, Ninh Thuan attractive to energy project developers
The south-central coastal provinces of Phu Yen and Ninh Thuan have become attractive destinations for investors operating in the energy industry thanks to great potential for renewable energy development.
Business
Petrovietnam posts 9-billion-USD revenue in Q1
The Vietnam National Oil and Gas Group (Petrovietnam) saw total estimated revenue of 231 trillion VND (9 billion USD) from production and business activities in the first quarter of 2024, exceeding the set quarterly plan by 33% and up 19% year-on-year, head a conference held by the group recently.
