Manulife Vietnam forges bancassurance partnership with ACB

The Manulife Vietnam-ACB partnership aims to help more Vietnamese people lead better lives

The bank (ACB)’s VIP customers can now access Manulife life insurance solutions at one-stop counters in convenience.

Taking effect from September 9, 2019, the first wholly foreign-owned life insurance company in Vietnam will distribute life insurance products through ACB’s Privilege Banking, meeting the diversified needs of premium customers.

While still a relatively new distribution channel in Vietnam, bancassurance is proving to be a real gamechanger for the banking and life insurance industries.

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

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

ACB's bancassurance channel is widely respected in the market thanks to its impressive growth rate as well as quality of business that is constantly improved.

Tu Tien Phat, deputy CEO of ACB

“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 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,” Phat added.

The strategic alliance is a part of Manulife Vietnam’s efforts to meet the country’s growing demand for life insurance, especially from high-net-worth customers.

Also, the company is adopting a multi-channel distribution approach that allows customers to access Manulife services and products via a channel 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 customers,” said 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, the Unit Linked Insurance Plan and the Enhance critical illness product. ACB customers will also have access to best-in-class professional advice on insurance solutions to meet their unique needs.