AIA and VPBank sign 15-year bancassurance partnership

October 26, 2017 | 10:00
AIA Vietnam has joined up with VPBank in a 15-year exclusive bancassurance partnership on Monday, offering VP Bank customers a comprehensive range of life insurance products and services powered by AIA’s innovative wellness proposition, AIA Vitality.
Wayne Besant and Nguyen Duc Vinh at the signing ceremony

Via this partnership with AIA, the Hanoi-based lender will be the first in Vietnam to offer integrated wellness and insurance services across its entire nationwide network of 215 branches and transaction offices and all bank segments: retail, SME Corporate, household, and digital banking.

“Our strategic partnership with VPBank highlights our commitment to deliver value-added wellness, protection, and long-term savings solutions to VPBank customers—and more importantly, to advance the life insurance market in Vietnam by helping people live longer, healthier and better lives,” said Wayne Besant, CEO of AIA Vietnam.

According to Besant, bancassurance is a major distribution channel of AIA and forming exclusive partnerships will thus allow them to make substantial and long-term investments, such as innovative and tailored propositions that leverage the use of digital technology and customer analytics.

“We are delighted to be working with VPBank, Vietnam’s largest joint stock commercial bank by market capitalisation. We look forward to a highly productive and mutually beneficial long-term relationship.”

VPBank CEO Nguyen Duc Vinh said, “We have always seen bancassurance as an integral and strategic aspiration for the bank. Life insurance is a vital component and product offerings for our target market segments, in particular the affluent and upper mass consumers, as well as SMEs and households.”

The long-term exclusive partnership will also allow AIA Vietnam and VPBank to jointly invest in and commit to creating a market leading bancassurance platform, supported by the integration of digital capabilities, best-in-class training programmes, and service innovation to better serve customers.

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By By Nguyen Trang

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