Prudential Vietnam and UOB vietnam establish strategic alliance

Mô hình kinh doanh bảo hiểm qua ngân hàng

Thoả thuận hợp tác chiến lược bancassurance

Mô hình kinh doanh bảo hiểm qua ngân hàng
Thoả thuận hợp tác chiến lược bancassurance

Ho Chi Minh City, May 20th 2019 – Prudential Vietnam Assurance (Prudential Vietnam) and United Overseas Bank (Vietnam) Limited (UOB Vietnam) have signed a strategic bancassurance agreement to distribute Prudential Vietnam’s life insurance products to customers of UOB Vietnam.

The collaboration is part of the regional strategic alliance between Prudential Corporation Asia and Singapore-based United Overseas Bank Limited, which began in 2010. In January 2019, both companies renewed their agreement, extending the alliance to 2034 and broadening the geographical scope to include a fifth market, Vietnam, alongside the existing footprint across Singapore, Indonesia, Malaysia and Thailand.

Vietnam is a market with significant potential for insurance products given its steady economic growth, increasing number of middle-income families and low insurance penetration. The country is also seeing a rise in demand for life insurance products in recent years.

Prudential Vietnam and UOB Vietnam have a common objective of helping local consumers achieve their financial goals and aspirations. Under their alliance, both companies will offer a comprehensive suite of financial products to customers, fulfilling their evolving savings and protection needs, while helping develop the potential of the Vietnam’s insurance market.

Mr. Clive Baker, CEO of Prudential Vietnam, said: “Our strategic bancassurance alliance with UOB underscores the importance of our multi-channel distribution strategy in Asia, which has been core to our success in Asian markets, including Vietnam. Bancassurance has been an integral pillar of this strategy in reaching and serving Vietnamese customers. We look forward to building a strong relationship with UOB Vietnam as we continue to fulfil our commitment to provide long-term financial protection to individuals and families across the country.”

Mr Harry Loh, CEO of UOB Vietnam, said: “The collaboration enables us to offer our growing customer base access to Prudential’s range of products and supports our efforts to provide financial solutions that are essential to their lifestyles and life stages. We look forward to working with Prudential and to providing consumers in Vietnam greater value through our combined product and omni-channel capabilities.”

Back to Top