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Banking & Finance

Manulife Vietnam & SCB partnership bears fruit

Released at: 14:19, 10/09/2018

Manulife Vietnam & SCB partnership bears fruit

Photo: Manulife

Two celebrate third anniversary of exclusive partnership in bancassurance.

by Linh San

Manulife Vietnam and the Saigon Joint Stock Commercial Bank (SCB) have celebrated the third anniversary of their exclusive partnership in the bancassurance sector, marked by impressive growth.

The annual premium equivalent of the partnership channel has increased more than 100 per cent in the three years compared to the initial plan. 2018 continued to see remarkable success for both sides, with business results exceeding the whole-year target by the end of the third quarter.

“We are very pleased with the growth and major benefits this close partnership brings to both customers of Manulife and SCB,” said Mr. Hoe Shin Koh, Chief Partnership Distribution Officer of Manulife Vietnam. “We will continue to invest in improving our services and product offerings to further enhance our customer experience. Building trust with SCB and our bancassurance customers will continue to be our key focus as we continue to progress in this close partnership for many years to come.”

“SCB highly appreciates the stable bilateral cooperation with Manulife Vietnam,” Mr. Dang Duc Huy, Head of Retail Banking, added. “We are committed to providing the most comprehensive and optimal financial products and services. We are also dedicated in serving our customers to ensure the greatest benefit and to best meet all their needs.”

The cooperation during the three years also marks a consensus in setting up and deploying a development strategy and professionalizing business activities. The two parties have stepped up the application of technology in order to improve the quality of services and to build unique products that meet the increasingly diverse financial needs of customers.

The efforts and success of the bancassurance partnership between Manulife Vietnam and SCB in the first three years are also recognized by the international market, with the “Top 5 Bank Partners with the Best Bancassurance Services in 2017” award at the Asia Trusted Life Agents & Advisers Awards.

SCB is Manulife’s first exclusive bancassurance bank partner and is one of the fastest-growing joint-stock commercial banks in the bancassurance sector. It is the distributor of various Manulife Vietnam life insurance products that best meet customer demand for protection, savings, and investment, through its network of branches and transaction offices throughout the country.

In 2018, the two parties will introduce new products to the market to better meet the increasing demands of customers for superior financial solutions to protect their families against life’s risks.

According to figures from the Insurance Association of Vietnam, Manulife is currently the leader in the bancassurance channel in terms of annual premiums (up to Q2 2018). The company is confident it will continue to thrive in the future, catching up with bancassurance development trends in the insurance market and helping provide one-stop financial services to customers.

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