Sacombank, Dai-ichi Life Vietnam mark 5th anniversary of bancassurance partnership

Saturday, Oct 22, 2022 17:13

The ceremony marking the fifth anniversary of bancassurance partnership between Sacombank and Dai-ichi Life Vietnam. — Photo courtesy of Sacombank

Sacombank and Dai-ichi Life Vietnam celebrated the fifth anniversary of their bancassurance partnership at a ceremony held in HCM City on October 21 with the attendance of leaders of the Insurance Supervisory Authority, the Ministry of Finance, the State Bank of Vietnam, partners and customers.

The two signed an exclusive bancassurance partnership in September 2017. They have since provided financial protection solutions to more than 460,000 Sacombank customer families who have paid total premiums of nearly VND7.9 trillion (US$317 million) as of September 30.

They have paid VND215 billion ($8.7 million) in insurance benefits to more than 6,000 customers.

Sacombank is at the top of the bancassurance market in 2022, in addition to impressive business results, its insurance policy retention ratio for a second year reached nearly 90 per cent, underlining the bank’s consulting and customer care quality.

The two companies have also strengthened training and fostering knowledge, skills and ethics for insurance consultants, applied attractive policies, and adopted technology for selling insurance products to deliver the best experience to customers.

Besides that, they have implemented a number of meaningful community activities such as gifting houses, sponsoring school clean water programmes and giving away thousands of scholarships to students with difficult circumstances, with a total contribution of over VND5 billion ($201,293).

Sacombank and Dai-ichi Life Vietnam were honoured to receive the Best Bancassurance Provider Vietnam 2022 award at the Global Banking & Finance Awards.

Previously, they were named the Most Trusted Bancassurance Provider Vietnam for 2021 by Finance Derivative, the Netherlands’s financial and business analysis magazine.

“In the past five years, Sacombank and Dai-ichi Life Vietnam have successfully built a professional and standard insurance distribution model, providing customers with superior and convenient insurance products,” said Nguyen Duc Thach Diem, permanent vice chairwoman of the Board of Directors and CEO of Sacombank.

“Among the achievements, what we are most excited about is that we have brought into play our advantages in terms of network and customer base. In particular, we have combined banking technology with insurance benefits to launch the first online insurance product on the Sacombank Pay application.”

“Customers’ trust and support is the driving force for us to firmly continue writing new successes in the next 15 years. Together we will deliver more optimal values ​​to customers,” Diem said.

Tran Dinh Quan, chairman of the Board of Directors and General Director of Dai-ichi Life Vietnam, said, “building on fruitful results in the first five years of our partnership, the two sides will continue to make concerted efforts to share experiences and expertise, strengthen human resource training, invest in digital technology, and innovate products and services to make bancassurance a driver for the sustainable growth of both sides, and at the same time elevate the Sacombank and Dai-ichi Life Vietnam alliance to the leading position in the bancassurance industry in Viet Nam." — VNS

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