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VietinAviva becomes Aviva Vietnam

Released at: 11:29, 31/08/2017

VietinAviva becomes Aviva Vietnam

Photo: Aviva

Insurer to also boost strategic investment in Vietnam with a focus on digital.

by Quynh Nguyen

Aviva Vietnam Life Insurance (Aviva Vietnam) has launched the Aviva brand name in Vietnam and announced a long-term development strategy with the aim of becoming a fully digital-integrated insurer in the country.

After increasing its charter capital by VND850 billion ($37.4 million), to VND1.65 trillion ($72.6 million), Aviva Vietnam has officially changed its brand name to Aviva from VietinAviva and has among the highest charter capital among insurers in Vietnam.

Aviva’s strategy in Vietnam will focus on growing bancassurance with VietinBank, a channel with significant potential. “The strategy will leverage Aviva’s expertise and VietinBank’s strong network,” Mr. Chris Wei, Executive Chairman of Aviva Asia & FPI and Global Chairman of Aviva Digital, told VET. “We aim to become the dominant bancassurance option by 2020, with the best services and with digital and simplicity at its heart,” he said.

Aviva Vietnam’s development strategy is to invest substantially in building digital capabilities and information technology infrastructure in order to meet the evolving needs of Vietnamese customers.

It also completed the signing of a long-term exclusive distribution agreement with VietinBank, which attests to its long-term commitment in Vietnam as it continues on its growth trajectory in the region.

In line with its multi-channel approach, Aviva Vietnam will continue to leverage the strategic partnership with VietinBank while building a professional agency channel. Aviva Vietnam will focus on building an agency force with in-depth product understanding and best-in-class digital sales tools, to provide customers with the most convenient insurance purchase experience.

In addition to driving growth in Vietnam’s insurance market, Aviva Vietnam is also investing in various community development initiatives during 2017, such as the Aviva Community Fund (ACF) and Aviva Scholarship.

The first to launch ACF in Southeast Asia, Aviva Vietnam will fund projects that can bring about a positive impact on the Vietnamese community in three aspects: Environment, Community Health, and Education. It has already been launched in numerous markets around the world and has achieved great success in the UK, France, Canada, Italy, Poland, and Hong Kong.

Aviva Scholarship is an exclusive program created by Aviva for its customers in Asia. Partnering with eleven prestigious universities in the UK, the scholarships aim to promote British education in Asia and assist outstanding students in the region to further their studies at leading UK universities, by covering up to 20 per cent of tuition fees. It also provides students with opportunities to apply for Aviva’s internship program and the global postgraduate program of the Aviva Group.

“Vietnam is a market of great potential in Asia, with one of the world’s lowest insurance penetration rates, stable economic growth, a rising middle class, and high-income individuals,” said Mr. Wei. “As a leading insurer with more than 300 years of experience, we are confident that our strategic partnership with VietinBank will propel Aviva’s future growth in Vietnam. Together, we will strive to bring the best of insurance products and services to Vietnamese consumers while continuing to invest in community programs that promote greater societal development.”

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