10:18 (GMT +7) - Monday 21/10/2019

Banking & Finance

Manulife Vietnam strikes bancassurance deal with ACB

Released at: 22:29, 09/09/2019

Manulife Vietnam strikes bancassurance deal with ACB

Photo: ACB / Manulife VN

Manulife Vietnam distributing life insurance products through ACB's Privilege banking service from September 9.

by Doanh Doanh

Manulife Vietnam has announced a bancassurance partnership with the Asia Commercial Bank (ACB), signaling its commitment to helping more people live better lives.

From September 9, Manulife Vietnam will distribute life insurance products through ACB’s Privilege banking service, meeting the diverse needs of premium customers. ACB’s VIP customers can now conveniently access Manulife life insurance solutions at one-stop counters.

“The new partnership is expected to deliver significant value to ACB customers, who can benefit from Manulife’s long history of providing life insurance solutions and quality advice,” said Mr. Tu Tien Phat, Deputy CEO at ACB.

“ACB and Manulife’s experience in the market also gives us both a deep understanding of our clients’ unique financial situation so we can better cater to their evolving needs throughout their lives.”

The strategic alliance is part of Manulife Vietnam’s efforts to meet the country’s growing demand for life insurance, especially from high-net-worth customers. The life insurer is also adopting a multi-channel distribution approach that allows customers to access its services and products via channels of their choice.

“Manulife is contributing to the transformation of the life insurance industry and for us it makes sense to partner with someone like ACB, who also shares our ambition to transform and innovate for the customer,” said Mr. Hoe Shin Koh, Chief Partnership Distribution Officer of Manulife Vietnam.

During the initial roll out of the partnership, ACB customers will have access to two key Manulife life insurance products: Unit linked and Enhance critical illness products. ACB customers will also receive professional advice from staff trained by Manulife, ensuring they receive the best solutions for their unique insurance needs.

Bancassurance is still a new distribution channel in Vietnam but is proving to be a real game changer for the banking and life insurance industries.

This growth is being driven by the country’s rapid urbanization as well as the government’s commitment to increasing cashless payment technology.

ACB has a nationwide network of 365 branches and transaction offices and more than 15,000 employees.

Its bancassurance channel is widely respected in the market thanks to its impressive growth as well as constantly-improving quality.

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