01:25 (GMT +7) - Wednesday 25/04/2018

Banking & Finance

Hanwha Life Vietnam partners with Movin

Released at: 18:37, 04/04/2018

Hanwha Life Vietnam partners with Movin

Photo: Hanwha Life Vietnam

Life insurer adds telemarketing to distribution channels after agreeing to terms with insurance distributor.

by Linh San

The Hanwha Life Vietnam Co. announced its entry into a strategic partnership with the Movin Co. to market life insurance products through tele-sales (telemarketing) channels. The partnership is expected to help install a comprehensive and inclusive financial service distribution channel that adds values to consumers. At the same time, it will help Hanwha Life Vietnam diversify and expand its distribution base in addition to existing channels such as bancassurance and traditional financial consulting agents.

“Network expansion and distribution channel diversification remain a key objective for Hanwha Life in the way we do business in Vietnam,” said Mr. Back Jong Kook, CEO and Chairman of Hanwha Life Vietnam’s Member Council. “The purpose of the partnership is to deliver our products to consumers in the most convenient and professional way possible.”

An affiliate of the Hanwha Group, one of south Korea’s Top 10 business groups, Hanwha Life Vietnam enjoys advantages in impressive financial capacity, with nearly $103 million in charter capital, rich governance experience, and premium quality products and services.

Movin, meanwhile, is a subsidiary of South Korea's DTA Co. and specializes in distributing life insurance products. It arrived in Vietnam in 2017.

Hanwha Life Vietnam is currently one of the leading life insurance firms in distribution channel diversification and network expansion. It teamed up last year with Shinhan Bank and Woori Bank, two major South Korean banks with a presence in Vietnam, to distribute insurance offerings through their branch networks. Hanwha Life Vietnam now has nearly 120 sales outlets around the country and more than 40,000 financial consultants serving over 200,000 customers nationwide.

At the close of 2017, Hanwha Life Vietnam recorded gross premium revenue of VND1.534 trillion $65.57 million), a 44 per cent increase year-on-year, including VND660 billion ($29.07 million) from new policies, for growth of 34 per cent year-on-year. This was made possible by the company’s strong investments in IT infrastructure, enhanced customer services, effective network expansion, and distribution channel diversification.

With strong support from the Hanwha Group in terms of experience and finances, the company continues to show solid financial might and integrity, with total assets as at December 31, 2017 of VND3.622 trillion ($159.5 million), a 21 per cent increase over 2016, which helps cement its foothold in the local market.

Given such robust underpinnings, Hanwha Life Vietnam looks set to advance forward to achieving a major goal in 2018 - launching itself as one of the foremost life insurance firms in terms of service quality, productivity, and revenue growth.

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