Manulife Vietnam celebrates bancassurance milestone with Saigon Commercial Bank

The recent online ceremony marking the sixth anniversary of bancassurance partnership between Manulife Vietnam and Saigon Commercial Bank

The bancassurance milestone underscores a successful collaboration between two market leaders and their focus on enhancing digital capabilities, along with educating customers about the benefits of being financially prepared.

Manulife Vietnam offers insurance and wealth management solutions to SCB customers through a distribution network of nearly 240 transaction offices nationwide. Over the years, the partnership has not only established Manulife Vietnam and SCB as one of the leading bancassurance players in Vietnam, it has also helped build market momentum for the two organisations.

Despite the current pandemic situation, the partnership continues to prosper, further signalling a positive-growth outlook for the bancassurance sector.

As of August 2021, the partnership has successfully grown its APE (Annual Premium Equivalent) by 250 per cent on-year, helping it exceed by threefold the original target set at the beginning of the collaboration.

“This anniversary is about reaffirming our commitment to giving more people greater access to the right information, advice, services and solutions,” said Hoe Shin Koh, chief partnership distribution officer at Manulife Vietnam. “I’m delighted that Manulife Vietnam has a partner like SCB who shares our focus and ambition to deliver exceptional digital experiences throughout the customer journey and offer world-class financial solutions and advice.”

“With safeguarding health and protecting clients' finances top of mind in Vietnam, Saigon Commercial Bank is honoured to be addressing the insurance, savings, and investment needs of customers alongside Manulife Vietnam. Together we have a chance to make a real difference to the lives of our customers and improve their financial wellbeing,” said Nguyen Cuu Tinh, deputy CEO at SCB.

Both Manulife Vietnam and SCB emphasised the importance of continuing to support the community during the ongoing COVID-19 situation. Collectively, the two organisations have donated tens of billions of Vietnamese dong (millions of US dollars) to the government’s COVID-19 Vaccination Fund. Manulife Vietnam has also implemented a support programme for customers and advisers diagnosed with COVID-19.