Bancassurance becomes main service earner for banks Business

Bancassurance becomes main service earner for banks

Instead of the modest contribution made previously, the insurance business segment, or bancassurance (banks co-operate with insurers to sell insurance products), has now become the main source of income from service activities for many banks.
Banks, insurers boost bancassurance to get returns Business

Banks, insurers boost bancassurance to get returns

Banks and insurance companies are ramping up cooperation in selling life insurance products (bancassurance) to cash in on the high growth segment as some have posted annual triple-digit growth rates in the business.
Techcombank posts huge jump in profit Business

Techcombank posts huge jump in profit

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) posted pre-tax profit of more than 10.66 trillion VND (458.38 million USD) in 2018, up 31 percent year-on-year and surpassing its target by 6.61 percent.
Bancassurance brings risks for insurers Business

Bancassurance brings risks for insurers

The model of distributing insurance products via banks (bancassurance) has contributed significantly to increasing insurers’ revenue, but experts warned that the overheating growth of the business could cause insurers to have to pay compensations due to mistakes made by bank employees, who also act as insurance products consultants.
Insurance firms plan to go digital Business

Insurance firms plan to go digital

Most insurance businesses are planning to apply new technologies in management systems and improving customer services, and many also plan to study new products to meet the market’s demand and diversify insurance sale channels, according to a recent Vietnam Report survey.
Vietcombank seeks bancassurance partnership Business

Vietcombank seeks bancassurance partnership

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), coded VCB on the Ho Chi Minh Stock Exchange, plans to invite bids from insurers for exclusive rights to distribute life insurance products through its network.