Bancassurance has grown rapidly worldwide over the past few decades. Starting in France in the 1960s, the model has since expanded to other countries around the world, including Europe, Asia and North America. In the 1990s, bancassurance became the main business model of many banks around the world, especially in Europe and Asia, after these banks learned about their customers' insurance needs and began to cooperate with insurance companies to provide suitable insurance solutions. In Vietnam, bancassurance has developed since 2005 and is now growing strongly with the participation of most major banks in Vietnam.
Bancassurance has been developing in Vietnam due to the many benefits it brings.
What are the benefits for customers?
The flexible development of bancassurance brings many benefits to customers. First, customers are financially protected against risks in life. Second is convenience: customers can buy insurance at bank branches/transaction offices where customers still make withdrawals, deposits, asset management transactions, etc., minimizing time and travel costs. Third is the preferential policies that customers can receive from both banks and insurance companies: as customers of both banks and insurance companies, customers will of course be taken care of by both banks and insurance companies as well as provided with preferential policies. Fourth is the variety of forms of insurance purchase: customers can buy insurance through financial consultants of insurance companies working at insurance consulting counters located at bank transaction offices or can also proactively learn and buy insurance on digital banking applications or online insurance sales pages of insurance companies.
Successful bancassurance model in the region
When it comes to bancassurance in Vietnam or Asia, it is impossible not to mention FWD Insurance, a company that holds many large-scale bancassurance partnerships in the region. FWD Group is currently distributing insurance through 22 banking partners in Asia, of which 09 are exclusive partners. Typically, FWD is implementing bancassurance in Hong Kong with Bank of Communications, China Construction Bank, in Thailand with Siam Commercial Bank, in the Philippines with Security Bank Corporation, in Malaysia with HSBC, in Indonesia with Commonwealth of Australia and BRI (Bank Rakyat Indonesia), in Vietnam with Vietcombank, Agribank, HDBank, NamABank.
FWD's scale and reputation in the bancassurance market are increasingly proven through actions and results achieved.
FWD's success in bancassurance is attributed to many factors, including the scale and reputation of the banks it chooses to cooperate with; FWD's insurance products are simple, easy to understand, creative and suitable for customers' needs; FWD's customer care service is highly appreciated thanks to the application of modern technology. In addition, FWD has the advantage of applying digital technology quickly and comprehensively, thereby being able to offer differentiated and personalized insurance solutions according to each customer's needs.
Advantages of digital bancassurance
In Vietnam, the cooperation between FWD and Vietcombank has always been considered a large-scale bancassurance cooperation with many differences thanks to the advantage of capital bancassurance being the strength of both parties.
In addition to 100% online insurance products, Vietcombank - FWD also deploys new features that allow customers to design their own insurance packages or make insurance consultation appointments via the Digibank application. Thanks to strong investment in technology, Vietcombank - FWD customers are consulted, receive contracts and manage insurance contracts completely online, withdraw money online anytime, anywhere 24/7 from their insurance contract accounts; request insurance compensation online 24 hours a day...
Vietcombank - FWD bancassurance cooperation has many differences thanks to the advantage of digital bancassurance.
In addition to leading digital bancassurance, customer experience is always the top priority of the Vietcombank - FWD cooperation. The two sides have set up a monitoring department to conduct customer surveys, ensuring that customers are fully and accurately consulted and feel comfortable when participating in insurance contracts. Thanks to that, the Vietcombank - FWD cooperation has achieved the highest renewal rate in the current bancassurance market. The customer experience index when participating in insurance at FWD has also led the Vietnamese insurance market for 2 consecutive years (according to KPMG's report in 2021, 2022).
Bancassurance is growing strongly in Vietnam and bringing practical benefits to customers.
If you intend to participate in insurance through bancassurance, some of the following tips can help you make the right decision: (1) learn about the different types of life insurance that banks and insurance companies are offering, (2) consider your needs and financial situation, (,) carefully read the rules and terms of the life insurance product you are interested in to understand your rights and responsibilities, (4) if you still have questions, ask for full advice until you really understand the product you are participating in.
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