FLC to launch FLC Care

Generali in deal with CMG.ASIA Kieu Giang Generali Vietnam Life Insurance Co Ltd (Generali Vietnam) on Tuesday inked a five-year deal with CMG.ASIA, the owner of popular fitness brands California Fitness & Yoga and UFC Gym, to establish a general health and finance care program for their customers. With this partnership, individual and institutional customers of Generali Vietnam can enjoy benefits at the fitness centers of CMG.ASIA nationwide and get advice to improve their fitness for a healthier lifestyle. Generali Vietnam will provide suitable insurance packages for members of California Fitness & Yoga, UFC Gym, Yoga Plus of CMG.ASIA. Generali Vietnam is a member of Italy’s life insurance firm Generali with total sales in 2015 estimated at over 74 billion euros.... [read more]

With the current wide range of financial services on offer, Vietnamese consumers are often frustrated by a lack of unbiased information to help them make a choice. Andre Hesselink, founder and CEO of GoBear, shared his perspective with VIR’s Nam Phuong on how financial technology can help solve this problem and bring financial institutions closer to their consumers. It’s evident that Vietnam remains underbanked, as only 30 per cent of the adult population has a bank account. This figure is much lower than in nearby countries like Singapore or Malaysia, but it also means the Vietnamese financial sector has great potential to grow. At the same time, internet usage in Vietnam is growing very fast with one-half of the population now online. Customers between 25 and 45 years old are particularly tech-savvy. Another trend is that Vietnamese consumers are increasingly irritated by traditional marketing channels such as cold calls, thus financial institutions are trying to find alternative options to talk directly with their potential customers. These facts present a golden opportunity for Fintech companies, and indeed we’ve seen a rise in Fintech startups over the past two years in Vietnam. However, challenges include overcoming the scepticism that Vietnamese consumers still have about non-cash payments and other new financial services. Similarly, it can be difficult for Fintech startups to convince credit institutions, as the latter may already have an established way of operation and it may take time for their conservative lenders to collaborate with Fintech startups. The initial distrust of…... [read more]

Toyota Vietnam launches Innova promotion campaign By Le Hoang in HCMC Toyota Motor Vietnam (TMV) on Monday started “Innova Promotion Campaign 2011”. This campaign is applied in all Toyota dealers for customers who buy Innova G, V, GSR from August 1 to 31. By launching this campaign, TMV will offer special treatment to customers who buy Innova with preferential packages. In detail, from August 1to 31, customers who make full payment and receive new Innova G,V, GSR will receive physical damage insurance package including physical damage, total theft, hydraulic stroke, personal accident (limit of VND100 million per seat, third party liability (limit of VND500 million per property damage or bodily injury). This campaign is not applied for customers who buy Innova J and for taxi purpose. In Vietnam, since its first introduction in January 2006, Innova is the best-selling model since its launching with the first-ever great record of accumulated sales of nearly 57,000 units, accounting for more than 60% of MPV segment in the total market (as of June 2011).... [read more]

IMG launches education medical insurance in Vietnam By Thu Nguyet - The Saigon Times Daily HCMC - U.S.-based insurance company, International Medical Group Inc. (IMG), launched its K-12 Education Medical Insurance in Vietnam last weekend. The insurance package, which is designed to cover school-aged children, will be provided in Vietnam via IMG's partner AAA Assurance Corporation. Insured schoolchildren will receive checkups and treatments at IMG's Vietnam-based partners, including Victoria Healthcare International Clinics, Starlight Dental Clinic, Minh Khai Dental Clinic and FV Hospital. IMG and AAA Assurance will pay checkup and treatment costs directly to their medical partners. Policyholders are entitled to three general checkups and a dental checkup each school year at no additional charge. Any further checkups will need to be paid for, Linh said. Maximum compensation is US$5 million per policy and US$100,000 for each treatment. Nine-month and twelve-month policies are priced at US$273 and US$364 respectively. The policy is the first of its kind in Vietnam. It was based on an insurance product IMG designed for overseas students in the U.S. AAA Assurance Corporation, a joint stock company in Vietnam, signed an agreement with IMG to distribute the U.S. company's Global Medical Insurance in Vietnam in September 2009.... [read more]

By Ngoc Hung - The Saigon Times Daily HCMC – Enterprises buying export credit insurance policies will be given support from the Finance Ministry equivalent to 20% of the total insurance premium for each of their export orders, according to a conference in HCMC on Tuesday. The ministry made clear at the conference on export credit insurance it held in the city that 23 commodities under two categories will be subject to insurance premium support. The first category consists of farm produce such as rice, cashew, coffee, tea, vegetables, cassava and seafood, while the second category groups apparel, leather-shoe, electronics, rattan, bamboo and wood products. Seven insurance firms have participated in the export insurance program. In the coming time, when the number of export credit insurance policyholders picks up, the finance ministry will allow 29 insurance companies operating in Vietnam to join the program. Pham Dinh Trong, deputy head of the ministry’s insurance supervisory authority, said the support is aimed to encourage more exporters to join the program so as to prevent risks for them. “The common concern of enterprises is that export credit insurance will push up the cost of goods sold, especially when transport fees are surging. Therefore, many enterprises are hesitant to buy export insurance,” he explained. According to Trong, in 2011, only some US$100 million worth of export commodities was covered by export credit insurance. The finance ministry aims to boost the figure to US$2 billion this year. However, Trong admitted such a target would be…... [read more]

By Minh Duc - The Saigon Times Daily HANOI – Vietcombank in collaboration with Vietnam Airlines and American Express on Wednesday launched a new credit card. The new Vietcombank Vietnam Airlines Platinum American Express® Card is the third product of their cooperation, following the success of the Classic and Gold versions launched in partnership amongst the three leading brands. Card holders can enjoy exclusive banking privileges including complimentary products and services, fee waivers and priority servicing. The card offers the best Golden Lotus Plus (GLP) mileage points, at 1.5 GLP miles for every VND21,000 spent. New members are automatically granted Titanium status in the Vietnam Airlines GLP program and welcomed as VIP customers without needing to meet the usual requirement for the membership. The card also provides travel insurance package that includes air travel accident insurance, travel inconvenience coverage, personal liability coverage and medical assistance with coverage of up to VND21 billion per person or VND42 billion per family. To celebrate the launch of the card, new members will enjoy a first year annual fee waiver valued at VND800,000 and an additional 1,000 GLP miles if applying before October 31, 2012.... [read more]

Prudential, Maritime Bank cut bancassurance deal By Phuong Thao - The Saigon Times Daily HCMC – Prudential Vietnam Assurance Company and Maritime Commercial Bank on Wednesday signed a partnership agreement for providing bancassurance services in the bank’s network. The signing ceremony was attended by Jeremy Browne, UK Foreign Office Minister for Asia Pacific who is on his official visit to Vietnam and Douglas Barnes, UK Consul General in HCMC. According to the deal, the two institutions will provide Prudential’s products and services to customers of Maritime Bank, creating a “one-stop shop” for customers for all their financial needs. Prudential’s premium insurance packages will be made available by Prudential’s insurance specialists as well as Maritime Bank’s staff at all bank branches and transaction offices nationwide. Prudential is a leader in the bancassurance sector in Vietnam. It has created partnerships with international and local commercial banks such as Standard Chartered, Citi, Techcombank, Military Bank, Agribank and An Binh.... [read more]

Citibank and ACE Life launch credit card Truong Nam By Truong Nam - The Saigon Times Daily HCMC – Citibank Vietnam and ACE Life Insurance Co., Ltd. (ACE Life Vietnam) last week announced their cooperation in launching Citibank ACE Life Platinum MasterCard Credit Card. According to Vu Tuyet Van from Citibank, clients wanting to use the card need to have a monthly income of at least VND15 million. The card fee is VND1 million per year with a maximum credit limit of up to VND300 million per cardholder. Which makes Citibank ACE Life Platinum MasterCard different from other credit cards is the integration of many new features, attractive rewards and exclusive privileges. “In Vietnam, there are currently 40,000 credit card points of sales (POS) combined with privileges of Citibank such as restaurants, stores, commercial centers, medical clinics, hotels, tourist sites, golf courses, spas and hospitals,” Van said. Citibank ACE Life Platinum MasterCard follows Citibank’s series of products for high-income clients. In addition to special privileges and incentives when shopping and making payments globally, clients can enjoy insurance packages of ACE Life. This card also offers both cash back and reward point programs with a refund amounting to 5% of the insurance premiums. Citibank ACE Life Platinum MasterCard is accepted at over 30 million merchant points and can be used to withdraw money at 1.8 million ATMs of Citibank and MasterCard worldwide. It also offers clients with thousands of privileges and incentives in over 30 countries. According to Van, launched last…... [read more]

Vingroup, insurers cut deal to cover Times City Thuy Trieu By Thuy Trieu - The Saigon Times Daily HCMC – VinGroup Company on Monday signed an agreement with BIDV Insurance Corporation (BIC) and Petrolimex Insurance Corporation (Pjico) to provide insurance service for Times City project with the total cover of VND7 trillion. According to a statement released by BIC on Monday, the contract includes insurance packages for asset risks, fire and explosion, business interruption, public liability and machine collapse. Located in Hanoi City’s Hai Ba Trung District, the Times City urban complex covers 37 hectares with many facilities such as high-class condos, amusement park, commercial center, cuisine area, hospital and school. The project is expected to start operating this month. BIC since 2006 has provided insurance services for many projects developed by VinGroup such as Vincom Centre Hanoi, Vincom Eden B, Vinpearl Land and Vincom Village. On July 17, VinGroup appointed BIC and Pjico to provide insurance service for Royal City project with the total liability of nearly VND13 trillion.... [read more]

ACE Life launches new insurance package Dinh Duy By Dinh Duy - The Saigon Times Daily ACE Life staff members join a training course on “The Gift for Life” insurance package - Photo: Courtesy of ACE Life HCMC – ACE Life Insurance Company on June 5 introduced a new insurance package in which parents can have more options to plan a secure future for their children against unexpected risks. “The Gift for Life” is an enhancement of the Premier Universal Life 2013 product which now offers the added feature of comprehensive protection for the whole family in one policy. The package includes Parents Term, Parents Waiver due to Death and Parents Waiver due to Critical Illnesses features. Aside from standard benefits of the base plan, customers selecting the package can enjoy additional benefits for extensive protection such as receiving up to 200% of the Parents Term face amount upon death of either or both father and mother. Moreover, after deducting all prescribed fees of the main plan and the supplementary benefits, the policy account value is contributed by the total deposited premiums, while the policyholder will receive the investment benefits from the Universal Life Fund.... [read more]

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