Dai-ichi Vietnam partners with Sacombank

ME - Dai-ichi Life Insurance Company of Vietnam (Dai-ichi Vietnam) has announced a strategic partnership agreement with Sacombank to sell its life insurance products through the local bank’s network.

The agreement enables Dai-ichi Vietnam to work with Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) to jointly develop suitable bancassurance products for distribution via the bank’s network across Vietnam. The insurer will provide courses on life insurance and customer’s services for consultants of Sacombank.  

As part of the partnership deal, Dai-ichi Vietnam and Sacombank launched a new bancassurance product for the bank’s individual customers to have their loans from this bank guaranteed without having to undergo any health check. If there is any unfortunate happening to the customers, Dai-ichi Vietnam will represent them to pay their remaining money they owe to the bank.  

Dai-ichi Vietnam said in a statement that the new bancassurance product was the first fruit of its long-term partnership with Sacombank and would help attract more individual customers to insured financial products and services, as they were able to arrange and decide their plans.

Takashi Fujii, chairman and general director of Dai-ichi Vietnam, said in the statement that the deal with Sacombank was one of the company’s strategic partnerships this year. “This is an opportunity for us to reach out to more customers and bring proper life insurance products to borrowers of Sacombank,” he said.

Dai-ichi Vietnam has provided its life insurance products to nearly 700,000 Vietnamese customers and expanded its presence through more than 80 offices and general sales agents nationwide five years after the Japanese company entered this market.

Last year, Dai-ichi Vietnam reported new premiums of more than VND472 billion (over US$22.5 million), up 24% versus 2010 and more than doubled that of 2009.