LienVietPostBank and Dai-ichi Life Vietnam have held a signing ceremony for an exclusive 15-year bancassurance agreement expected to come into effect in December.

Dai-ichi Life Vietnam will become the exclusive provider of all innovative life insurance products and superior add-on benefits chosen by customers of LienVietPostBank. Customers will be introduced to a wide range of Dai-ichi Life Vietnam’s insurance products through its network of bank branches and transaction offices in the country’s 63 cities and provinces and its fast and convenient digital banking system, thereby enhancing the customer experience. This is in line with LienVietPostBank’s digital transformation strategy towards becoming Vietnam’s top retail bank.

Building on the achievements and strengths of both sides, Dai-ichi Life Vietnam and LienVietPostBank will extend their existing commitment to long-term and sustainable cooperation on the basis of equality, win-win principles, and mutual trust, and have macro-level strategies to invest in the robust growth of bancassurance operations in Vietnam.

According to Mr. Pham Doan Son, Permanent Vice Chairman of the Board of Directors and CEO of LienVietPostBank, leveraging the success of their first-time collaboration and the track records in banking and insurance of both sides, LienVietPostBank and Dai-ichi Life Vietnam are committed to offering millions of customers of LienVietPostBank comprehensive life insurance solutions through the digital platform. Such solutions are tailored to each segment’s demand at a truly competitive pricing and best-in-class quality owing to their simplicity, swiftness, and convenience.

With nationwide coverage as its special advantage, LienVietPostBank will promote the distribution of Dai-ichi Life Vietnam’s Japanese-quality financial protection products to customers, thereby diversifying its portfolio of such products and services. Both sides will continue to expand their partnership in multiple areas to bolster each other’s strengths.

To make more effective use of the partnership, Mr. Son said, LienVietPostBank will closely work with Dai-ichi Life Vietnam to hold in-depth training courses on products and customer consultation and care skills for bank employees, to ensure that its personnel are fully equipped with knowledge, information, and experience. The sales force will be capable of providing optimal advice that best fit customers’ needs and financial conditions.

Mr. Tran Dinh Quan, Chairman and General Director of Dai-ichi Life Vietnam, said that following the fruitful results from the first six years of partnership, this exclusive 15-year agreement between Dai-ichi Life Vietnam, a Japanese life insurance brand with market-leading experience, reputation, and position, and LienVietPostBank, a bank with a nationwide network, will help reinforce the solid foundation of the relationship, thereby achieving the goal of better satisfying the long-term financial and security needs of customers and their families through Dai-ichi Life Vietnam’s Japanese-quality life insurance products and services.

This becomes even more significant given that there is ample room for growth in the insurance market as penetration in Vietnam remains low. Along with socio-economic development, especially since the outbreak of Covid-19, the diversity of insurance products with favorable benefits has been attracting more life insurance participants. According to figures, the life insurance penetration rate (measured as total life insurance premiums per GDP) is less than 2 per cent, which is much lower than the worldwide average of 3.3 per cent.

“We expect to see more impressive milestones in the upcoming 15 years of partnership between Dai-ichi Life Vietnam and LienVietPostBank,” said Mr. Quan. “Not only will we offer superior financial solutions and the highest level of trust and satisfaction to our customers, we will also contribute to the sustainable growth of bancassurance in Vietnam.”