Orient Commercial Joint Stock Bank has tied up with Generali Vietnam Life Insurance LLC for a 15-year strategic exclusive bancassurance partnership.
It will distribute the Italian insurer’s life, health, savings, and investment products.
The partnership is also to promote the application of advanced digital technologies and enhance the customer experience, it said.
Generali’s main products such as VITA – Live Confidently, VITA – Golden Shield, VITA – Live Optimistically, and VITA – Live Prosperously will be distributed through its country-wide network and online channel.
Nguyen Dinh Tung, CEO of OCB, said: “The exclusive partnership between OCB and Generali recognises the increasing development and success of the bancassurance model in Viet Nam to leverage and enhance the strengths of both sides, bringing mutual efficiency as well as benefits to customers.
“I hope this signing ceremony will be the foundation for OCB and Generali’s co-operation in developing and distributing high-quality life insurance products to meet the needs of each customer segment and earn long-term trust from customers.”
Tina Nguyen, Generali Vietnam’s CEO, said her company has enjoyed and valued its partnership with OCB for the last two years and now looks forward to achieving excellent business performance together under this new exclusive partnership.
“This strengthens our relationship even more and highlights our commitment to work together to develop customised solutions and products that will cater to different OCB customer segments. This commitment is based on our mutual strengths in data analysis, digital capabilities and shared focus on customer centricity.”
OCB, established in 1996, has charter capital of VND10 billion ($250 million), nearly 200 trading units in all major cities and economic zones in the country and more than 6,000 employees.
Generali is one of the largest global insurance and asset management companies.
After eight years in Vietnam, Generali has a nation-wide network of over 60 agency offices and customer service centres, which serve around 200,000 clients. — VNS