At the first anniversary of the 20-year exclusive bancassurance partnership between UK-backed life insurer Prudential Vietnam and Hanoi-based commercial lender Southeast Asia Bank (SeABank), the two companies signed an MoU to distribute Prudential Vietnam’s digital insurance product PRU-Guard 24/7 through SeABank’s e-banking platform.
|Prudential Vietnam and SeABank signed the agreement on digital product distribution |
With its modern digital platform, SeABank will be the first bank partner of Prudential Vietnam to distribute this product.
Launched in mid-November 2020, PRU-Guard 24/7 is designed to provide coverage against normal risks in the customers’ daily life such as hospitalisation due to accidents, income support if hospitalised for a long time, food poisoning, burn and permanent disability illnesses, or death at an affordable premium: VND144,000 ($6.26) per year for a basic package and VND374,000 ($16.2) per year for an advanced package.
The product is open for sale on Prudential’s insurance eCommerce page (ePrudential) and e-commerce partners’ platforms such as Shopee, Grab and will soon be distributed via SeABank’s e-banking platform including: digital application SeAMobile, online banking SeANet.
|The MoU marks a milestone in Prudential and SeABank’s digital transformation to offer customers products and services in line with the market’s rapid pace of digitalisation. |
The MoU marks a milestone in Prudential and SeABank’s digital transformation to offer customers products and services in line with the market’s rapid pace of digitalisation.
“After nearly a year of our strategic collaboration, SeABank has become a very important partner of Prudential Vietnam as we expand our distribution channels,” said Phuong Tien Minh, CEO of Prudential Vietnam. “The MoU, which will extend our product distribution via SeABank’s digital platforms, reflects the long-term commitment of the two companies in continuously enhancing customer experience through providing diversified products and services to stay on top of the digital trends in the market.”
Le Thu Thuy, CEO of SeABank, said, “Prudential Vietnam's strategy to accelerate digital transformation and develop technology solutions is in line with SeABank's digital-convergence approach to transform customer journeys and deliver a compelling suite of innovative products and services to the customers of its ecosystem partners."
“Along with upgrading the SeAMobile App to offer unified and seamless experiences for customers; with outstanding feature of finance management and other benefits for individual customers, the distribution of Prudential’s digital product via banking digital solutions would help to enhance experience and benefits for SeABank customers,” Thuy added.
Since the beginning of 2020, Prudential Vietnam and SeABank have entered into an exclusive bancassurance partnership with a 20-year term with the distribution of Investment-linked and life insurance products. After nine months of strategic partnership, 10,000 of SeABank customers were supported to achieve their financial and protection goals.