Bancassurance has developed rapidly and helped insurers increase revenue since it was launched in Vietnam in 2007.
Agribank Insurance Joint Stock Co (ABIC) earned 120 billion VND (5.71million USD) in the first 10 months of this year through products itsold using the service, a rise of 53 percent against the same periodlast year, accounting for 47 percent of the company's total revenue.
The cooperation between ABIC and Vietnam Bank of Agriculture and RuralDevelopment had helped the insurance firm increase revenue and createdan opportunity for it to expand its activities through the bank'snetwork and customers, said Mai Sinh, a representative of ABIC.
However, not all bancassurance activities had been successful, due to alack of information sharing, supporting agents and customer care, headded.
"Bao Viet Life Insurance hit its annualtarget of 3 million USD in the first 10 months of this year," QuachThanh Nam, chief of Bao Viet Life Insurance's bancassurance section,told the English-language daily Vietnam News.
BaoViet Life Insurance customers enjoyed user-friendly procedures for allthe services the company provides such as trade loans and mortgages, hesaid.
"The company wants to improve bancassuranceservices to meet customer demand from 2011 to 2013. Our customers willbe able to use online payment and internet transactions," Nam added.
An Binh Bank (ABBank) had cooperated with largeinsurance companies such as Prudential Life Co and Prevoir Life Co toprovide bancassurance services and to meet the demands of customers, arepresentative of ABBank said.
ABBank signed acontract with Prevoir on November 12 under which customers are able totake out insurance for loans over 24 billion VND (1.2 million USD).
So far, 1,600 customers have taken out insurance policies earning thebank 194 billion VND (9.7 million USD) in revenue. The bank is expectedto invest in new facilities, computing applications and managementtechnology to improve service quality for customers.
Insurance companies started using bancassurance to expand their marketshares, increase revenue and save on sales costs, allowing customers tobenefit from increased access to financial services./.
Agribank Insurance Joint Stock Co (ABIC) earned 120 billion VND (5.71million USD) in the first 10 months of this year through products itsold using the service, a rise of 53 percent against the same periodlast year, accounting for 47 percent of the company's total revenue.
The cooperation between ABIC and Vietnam Bank of Agriculture and RuralDevelopment had helped the insurance firm increase revenue and createdan opportunity for it to expand its activities through the bank'snetwork and customers, said Mai Sinh, a representative of ABIC.
However, not all bancassurance activities had been successful, due to alack of information sharing, supporting agents and customer care, headded.
"Bao Viet Life Insurance hit its annualtarget of 3 million USD in the first 10 months of this year," QuachThanh Nam, chief of Bao Viet Life Insurance's bancassurance section,told the English-language daily Vietnam News.
BaoViet Life Insurance customers enjoyed user-friendly procedures for allthe services the company provides such as trade loans and mortgages, hesaid.
"The company wants to improve bancassuranceservices to meet customer demand from 2011 to 2013. Our customers willbe able to use online payment and internet transactions," Nam added.
An Binh Bank (ABBank) had cooperated with largeinsurance companies such as Prudential Life Co and Prevoir Life Co toprovide bancassurance services and to meet the demands of customers, arepresentative of ABBank said.
ABBank signed acontract with Prevoir on November 12 under which customers are able totake out insurance for loans over 24 billion VND (1.2 million USD).
So far, 1,600 customers have taken out insurance policies earning thebank 194 billion VND (9.7 million USD) in revenue. The bank is expectedto invest in new facilities, computing applications and managementtechnology to improve service quality for customers.
Insurance companies started using bancassurance to expand their marketshares, increase revenue and save on sales costs, allowing customers tobenefit from increased access to financial services./.
