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Banking & Finance

Prudential Vietnam & Shinhan Bank establish bancassurance partnership

Released at: 14:02, 11/09/2019

Prudential Vietnam & Shinhan Bank establish bancassurance partnership

Photo: Prudential Vietnam

Insurer to offer comprehensive financial protection and wealth solutions to bank's customers.

by Hung Cao

Prudential Vietnam Assurance and Shinhan Bank Vietnam Ltd announced the signing of a long-term strategic bancassurance agreement on September 9. This exclusive partnership will enable Prudential Vietnam to distribute its life insurance solutions to Shinhan Bank’s customers around the country.

The partnership combines Shinhan Bank’s modern banking services and Prudential Vietnam’s market-leading and innovative insurance solutions to provide the bank’s customers with one-stop access through which they can fulfil their health, protection, and savings needs.

For 20 years, Prudential Vietnam has been providing comprehensive financial protection and wealth solutions to its customers, as well as continuously enhancing its services to offer a seamless experience.

The alliance with Shinhan Bank extends Prudential Vietnam’s bancassurance network to seven partners, comprising both regional and local banks.

“Bancassurance is one of the key strategies of Shinhan Bank and an important channel to expand the insurance market in Vietnam,” said Mr. Shin Dong Min, CEO of Shinhan Bank in Vietnam. “As the leading South Korean bank, we aim to provide the best financial solutions to customers and bancassurance is key to protecting customers and their family as well as to invest for the future.”

“We believe that Shinhan’s customers will receive the best customer service and benefits with Prudential’s extensive experience in this industry. The partnership with Prudential to launch insurance solutions through Shinhan’s network is considered a strategic step to expand our market.”

“Prudential has enjoyed significant success in operating a multi-channel distribution strategy to serve the growing demands of urban customer segments in Vietnam,” Mr. Clive Baker, CEO of Prudential Vietnam, told the signing ceremony. “As a pioneer in bancassurance in Vietnam, we are delighted to partner with Shinhan Bank to deliver valuable and holistic benefits with quality services to Vietnamese customers, as we have done for the past 20 years.”

“With this exclusive partnership, Shinhan Bank and Prudential Vietnam will provide comprehensive and world-class savings and protection solutions to a growing base of bank customers, supporting their needs as well as the further development of the insurance industry.”

According to the Ministry of Finance’s Insurance Supervisory Authority, Vietnam’s insurance industry continued to maintain strong growth in the first half of this year, with total revenue increasing 24 per cent year-on-year to nearly $3 billion. The industry is forecast to grow 20 per cent for the full year, while the bancassurance segment will grow 30 to 40 per cent.

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