Back Jong Kook (5th from right), chairman and general director of Hanwha Life Vietnam, and representatives of Movin Company Limited at the ceremony where they signed a strategic co-operation agreement. — VNS Photo
Hanwha Life Vietnam Insurance Company Limited on April 3 signed an agreement with Movin Company Limited to sell its products through tele-sale channel.
Movin will market Hanwha’s insurance products to its customers through its professional distribution channel.
Their tie-up is expected to help create a wide distribution channel to bring more value to customers.
At the same time it helps Hanwha diversify and expand its distribution channels in addition to its existing channels such as selling insurance through banks and financial advisory channel.
Speaking at the signing ceremony, Back Jong Kook, CEO cum Chairman of Member Council of Hanwha Life Vietnam, said: "I believe the co-operation between Hanwha Life Vietnam and Movin will help effectively leverage the potential and strengths of the two sides, thereby creating a competitive advantage in the market."
Hanwha is one of the leading life insurers in terms of diversification of distribution channels and network expansion.
Last year it had tied up with Shinhan Bank and Woori Bank, two major Korean banks in this country, to distribute its insurance products through their branches.
Hanwha has nearly 120 customer service centres across the country and more than 40,000 financial consultants serving more than 200,000 customers.
As of the end of last year Hanwha Life Vietnam had total premiums of VND1.534 billion, a year-on-year increase of 44 per cent, with new premium revenues accounting for VND660 billion, a 34 per cent rise.
In addition, thanks to effective support from its parent, Hanwha Group, in terms of business and finance, the company has managed to sustain its financial strength. Its total assets as of December 31 last year were worth VND3.622 billion, up 21 per cent from a year earlier.
In 2018 Hanwha Life Vietnam has raised the bar with its goal of becoming one of the leading life insurance companies in terms of service quality, productivity, and sales growth.
The company expects to achieve new premium revenues of VND1 trillion this year.