HCMC - Dai-ichi Life Insurance Company of Vietnam Ltd. (Dai-ichi Life Vietnam) said on Wednesday it had clinched a long-term deal with the Vietnam Import Export Bank (Eximbank) to together provide life insurance products, co-branded prepaid cards and other related financial services.
Dai-ichi Life, Eximbank strike long-term deal
By Binh Nguyen - The Saigon Times Daily
HCMC - Dai-ichi Life Insurance Company of Vietnam Ltd. (Dai-ichi Life Vietnam) said on Wednesday it had clinched a long-term deal with the Vietnam Import Export Bank (Eximbank) to together provide life insurance products, co-branded prepaid cards and other related financial services.
Under the agreement, Dai-ichi Life Vietnam and Eximbank will jointly develop bancassurance products for distribution through the bank’s network to facilitate individual customers’ plans for purchasing houses, real estate and cars among others.
Both sides have marketed their first bancassurance product called “An Tam Thinh Vuong” with an aim to secure customers’ financial plans and their installment payments at Eximbank to be implemented as agreed. If any insurance event occurs to the insured, the insurer will pay the outstanding debt balance to the bank.
As part of the partnership, Dai-ichi Life Vietnam and Eximbank will issue a co-branded, local prepaid card for customers of the insurance company.
Takashi Fujii, chairman and general director of Dai-ichi Life Vietnam, said the partnership with Eximbank was one of the company’s core growth strategies in 2010 and beyond. “This is a good opportunity for expanding the market and providing suitable bancassurance products to customers using loaning services at Eximbank.”
Dai-ichi Life Vietnam will organize training courses on life insurance and customer serviced skills for Eximbank’s consultants, as well as regular workshops to introduce the benefits of life insurance to customers.
Dai-ichi Life Vietnam said it was making the most of its resources and the partnerships with different banking and investment partners to improve facilities and customer services, expand its office network and launch new products to meet the diverse needs of customers.
Dai-ichi Life Vietnam said its business indications in relation to revenue growth, profitability and financial stability had exceeded expectations in the year to date. Last month, the company reported 51% new premiums growth to nearly VND230 billion (around US$11.7 million) in the January-September period compared to the same period last year.