Nam A Bank signs bancassurance partnership with FWD

On August 1, FWD Vietnam Life Insurance Company Ltd. (“FWD”) and Nam A Commercial Joint Stock Bank (“Nam A Bank”) have signed an exclusive 15-year bancassuarance partnership to provide comprehensive and diverse life insurance products for Nam A Bank’s customers. With this agreement, FWD will expand its bancassurance distribution network as it aims to become a leading insurer in Vietnam that changes the way people feel about insurance. Mr Anantharaman Sridharan, FWD’s General Director, said: "FWD has achieved remarkable growth in the last six months, and our bancassuarance distribution channel has been a significant driver of this. Our strength in providing innovative and simple products and a unique customer experience supported by leading digital technologies will complement Nam A Bank’s network for the ultimate benefit of their customers and the availability of insurance. This is aligned with our vision to change the way people feel about insurance and help Vietnamese families to live life to the fullest.” Ms Luong Thi Cam Tu, Nam A Bank’s General Director said: "We have studied many partners to choose the suitable one for cooperating, diversifying services and maximizing Nam A Bank’s internal strength. With a strong financial position and extensive experience in insurance in Asia, FWD has become as our exclusive partner. Through our stable customer base and nationwide network as well as the same strategy of “customer centricity” and mutual trust, I believe that the cooperation between Nam A Bank and FWD will bring good results not…... [read more]

However, Deputy Minister of Industry and Trade Le Danh Vinh said the sector should have its client-caring services further improved in order to make the best use of opportunities and minimise risks brought in by the country’s WTO membership.At a seminar assessing WTO entry impacts on the insurance sector in Hanoi on September 11, it was reported that non-life insurance and life insurance premiums rose 35 percent and 17 percent, respectively, in the past six months.According to Secretary General of the Vietnam Insurance Association Phung Dac Loc, local insurers need further support from legal foundations to promote new products, including insurance for the poor to compete with foreign rivals.The Vietnamese insurance market sees the competition of 31 insurers, including 17 foreign businesses, which are offering a total of 800 non-life and life insurance products for life, asset and responsibility.... [read more]

MSIG Vietnam, a subsidiary of Japanese Holdings (Asia) Private Limited, whose headquarters are in Singapore, is now the first wholly-invested Japanese insurer in Vietnam. It provides a wide range of non-life insurance products, including property, marine cargo, motor and engineering. The new operation is expected to begin in the first quarter next year. Hideki Wake, CEO of MSIG Asia described the decision to establish a wholly-owned subsidiary in Vietnam as a long-term commitment to Vietnam’s post-WTO socio-economy development process. “We recognize the importance of this market and its remendous economic potential. Our business plan is to achieve US$6.7 million in 2010 and US$12 million in 2013,” Wake said. Vietnam opened a representative office in Vietnam in 1995. In 1997, the firm established a joint-venture company here with two other insurers, including Bao Minh Insurance Corporation. MSIG currently operates in more than 40 markets in the Asia Pacific, the United States and Europe. In March, MSIG had total assets of more than US$83.9 billion.... [read more]

Pursuant to the agreement, Citibank will exclusively distribute AIA’s life insurance products in Vietnam – one of 11 major markets in the Asia-Pacific region under a regional strategic cooperation agreement unveiled by AIA and Citibank in December 2013. In Vietnam, AIA’s diverse products including group and individual life insurance products, will be introduced to Citibank’s clients through its distribution channels in an initial period of 15 years. Citibank Vietnam's Consumer Business Manager Raul Paredes said that the deal is expected to meet the increasing demand of Vietnamese people by providing intelligently and creatively financial solutions. AIA Vietnam CEO Stephen Clark said that such a cooperation model will help foster Vietnam’s life insurance market to benefit local people.... [read more]

AIA Vietnam aims to serve customers better AIA Vietnam last week inaugurated four general agency offices in Khanh Hoa, Phu Yen, Tien Giang and Soc Trang provinces, expanding its operational network to over 50 offices throughout the country. Stephen Clark, CEO of AIA Vietnam, talks to local media on the strategy to become what he describes as the most preferred life insurer on the local market. Excerpts follow. The insurance industry in Vietnam is facing the lack of a professional workforce. Therefore, it seems that the fastest way to develop an insurance company is to recruit competitors’ personnel, both employees and agents. What do you think about this practice? - Stephen Clark: The Vietnam insurance industry was only established around 12 years ago. This is a relatively short time for insurance companies to build up the range of skills needed to be successful in this industry. As a result, many multinational insurers such as AIA have developed their human resource capabilities by using a combination of foreign talent as well as bright and enthusiastic local talent. It’s entirely normal in a developing industry to see this talent moving from company to company. Sometimes this is driven by an employee or sales person looking to enhance their skills, or more often than not, this is driven by insurers themselves pursuing experienced talent from a relatively small pool of people. Underwriters, claims experts, IT practitioners, actuaries and finance experts, to name just a few of the specialist roles, are always in short…... [read more]

Ace Life funds school building in Central Vietnam Binh Nguyen By Binh Nguyen in HCMC ACE Life Insurance Company Limited (ACE Life Vietnam) has committed VND2.2 billion to support construction of Quang Thanh No. 2 Primary School in Quang Dien Commune, Quang Dien District in Thua Thien-Hue Province. Through the Central Region Natural Disaster Prevention and Support Fund, ACE Life Vietnam has provided the money for the school, which got off the ground last week. This is the fourth school building project funded by the “Crossing Waves Fund”, which is ACE Life Vietnam’s corporate social responsibility program providing educational support to the community. As the existing rooms and facilities of Quang Thanh No. 2 Primary School cannot meet learning and teaching needs, a new two-storey development will be built on a solid foundation to comprise of eight classrooms among others. Planned for completion in the third quarter of 2013, the new school is expected to serve about 300 students with national-standard classrooms and facilities as well as shelter local residents in case of flooding. Lam Hai Tuan, Chairman and Country President of ACE Life Vietnam, said the company had sponsored construction of primary schools as they provided the foundation for further education and training for children; the stepping stone to achieve success later in life. “ACE Life Vietnam is dedicated to the improvement of learning conditions and facilities for children in impoverished areas so that they have access to quality education,” Tuan said. As part of the ACE Group of…... [read more]

Japan insurer gets local incorporation license By Thanh Trung - The Saigon Times Daily HANOI - The Ministry of Finance yesterday awarded a license for Japan's Mitsui Sumitomo Insurance Group (MSIG) to incorporate a non-life insurance business in Vietnam. With total chartered capital of VND300 billion, MSIG Insurance (Vietnam) Company Limited, or MSIG Vietnam, will start operations in the first half of next year and become the first non-life Japanese insurer in Vietnam. The newly-established company will develop service networks by joining hands with its partner banks to provide the banks' clients with general insurance services, said Hideki Wake, chief executive officer of MSIG Holdings (Asia) Private Limited, or MSIG Asia. He told a press conference after the license award ceremony in Hanoi that MSIG Asia would oversee the operations of MSIG Vietnam. MSIG Vietnam will also promote new services that are appropriate with the Vietnamese market, he said, adding the leading Japanese insurer would offer comprehensive insurance solutions to both enterprises and individuals. "The decision to establish a wholly-owned subsidiary in Vietnam reflects our long-term commitment to the country as we recognize the importance of this market and its tremendous economic potential," he said. MSIG Vietnam will market a wide range of non-life insurance products, including property, marine cargo, motor and engineering. In 1995, MSIG set up a presence in Vietnam through a representative office and in 1997 it formed a joint-venture in Vietnam with two other insurers, including Bao Minh Insurance. MSIG is active in over 40 markets…... [read more]

Sound fundamentals for life insurers to weather global crisis The global economic downturn has dealt a blow to many life insurance companies worldwide. In an interview with the Daily, Dai-ichi Life Vietnam's general director Takashi Fujii said he believed the domestic life insurance sector would continue growing at a projected double-digit rate this year. The Saigon Times Daily: The global economic slump has swept through many industries in Vietnam. How about its impact on the finance sector, especially life insurance firms here? - Takashi Fujii: The global economic slowdown has placed certain impact on the finance and banking sector in Vietnam. However, the finance sector here had showed signs of decline even before the international financial crisis broke out. The VN-Index began falling from the end of 2007 and early 2008. This followed the rule of nature, particularly for the local stock market after a period of overheating. However, the life insurance market continued growing more than 20% last year, and still has good fundamentals to gain further growth as only five million prime life insurance contracts have been sold in a market of 86 million people like in Vietnam. I believe proper life insurance products will turn more attractive in 2009 as the interest rates of bank deposits have tumbled. Although more people have become jobless coupled with the possible damages to crops because of natural disasters, I'm still optimistic that the market will maintain its growth rate of 20% or higher this year. Some experts say less people…... [read more]

Ace Life launches products for enterprises By Dinh Dung - The Saigon Times Daily HCMC - ACE Life Insurance Co. on Thursday launched two new life insurance products that are tailored for enterprises as solutions for them to retain motivated and dedicated human resources for sustainable business development. The new products named Universal Life-Key Person Option and Group Term Life were announced at a briefing held at the five-star hotel InterContinental Asiana Saigon in downtown HCMC. A group of 10 key persons in a company will be eligible for one policy insurance, and after the agreement is made, enterprises are still allowed to adjust the number of the insured given the employer's prevailing human resource base. Tuan explained that in reality many companies have spent a lot of money to train work skills for their key positions, but they sometimes fail to retain good staff at their companies. That not only leads to a great cost for the companies in term of staff training, but also affects their daily business. Therefore, the Universal Life-Key Person Option is tailored to target this segment. Depending on agreement between the company and its staff, the policy insurance will be given as preferential treatment to each staff. In return for that, they must commit to work at the company for a certain time, such as five or ten years upon their deals. Unlike the product for high-ranking personnel, the Group Term Life is a viable financial protection option for other staff within an organization.…... [read more]

AIA, VietBank ink life insurance sale deal By Thai Hang - The Saigon Times Daily HCMC - AIA Vietnam and Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) on Tuesday clinched a deal to promote the sale of life insurance products to the bank's customers. The insurer will send financial advisors to the bank to give advice to customers and train staff of the bank. Cao Van Duc, VietBank's CEO, said the new contract with AIA Vietnam would help his bank diversify its financial services. "We believe that with the strategic cooperation with AIA Vietnam, VietBank's customers will benefit from the life insurance products on offer and save time when transacting with us," he said. Speaking at the signing ceremony, Jamie Rains, general director of AIA Vietnam, said, "With VietBank's potential for development and AIA Vietnam's experience in bancassurance, the cooperation will be surely beneficial to all parties. AIA Vietnam will continue to strengthen the strategic collaboration with VietBank to provide more products to meet the increasing demand for life insurance of the Vietnamese people."... [read more]

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