Prudential, Maritime Bank expand, extend bancassurance partnership for 15 years
Prudential Vietnam Assurance Private Limited, a subsidiary of Prudential plc, and Vietnam Maritime Commercial Joint Stock Bank have renewed their strategic bancassurance partnership for another 15 years.
Prudential Vietnam Assurance Private Limited, a subsidiary of Prudential Plc, and Vietnam Maritime Commercial Joint Stock Bank have renewed their strategic bancassurance partnership for another 15 years.
The new agreement significantly expands the geographical scope to include the north, where MSB is headquartered, and make Prudential the lender’s only partner.
They have been collaborating since 2013 and built a highly successful bancassurance partnership which delivered a 34 per cent compounded annual growth rate in annual premium equivalent between 2014 and 2020.
Under the renewed partnership, the two sides will also expand into new segments, including digital, to deliver holistic protection solutions to customers.
With a digital-focused approach that is aligned with MSB and Prudential’s plans to leverage existing digital tools such as the latter’s artificial intelligence-powered application Pulse, they hope to seize further growth opportunities.
Nic Nicandrou, chief executive of Prudential Corporation Asia, said; “Viet Nam is an important market and source of growth for Prudential. The renewal and expansion of our long-term partnership with MSB represents a tremendous opportunity for Prudential to build on its strong presence in the market. It is a clear demonstration of our commitment to serving MSB’s customers, helping them get the most out of life with our leading suite of health and wealth solutions.”
Phuong Tien Minh, chief executive officer of Prudential Vietnam, said; “Prudential Vietnam has built a highly-effective bancassurance partnership with MSB since 2013.
“We are delighted to be taking the partnership to the next level as we deliver our innovative offerings to MSB’s customers through existing as well as new channels, including digital. We look forward to continuing our strong relationship with MSB for another 15 years.”
Nguyen Hoang Linh, chief executive officer of MSB, said: “We have enjoyed a very successful partnership with Prudential Vietnam and this reinforced our decision to extend the partnership and expand its scope to cover all of Viet Nam.
“Together with Prudential Vietnam, we will remain focused on providing best-in-class financial and investment solutions to consumers across the country, helping them fulfil their evolving needs and providing them with a secure future.” — VNS
