Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) and FWD Vietnam Life Insurance Company Limited (FWD Vietnam) have announced the bancassurance partnership to distribute insurance products.
Throughout the bank’s network nationwide, FWD Vietnam can provide customers with more options of tailored and optimal insurance products.
In detail, HDBank will distribute FWD Vietnam’s products, including Universal life product FWD Embracing Changes 3.0, Investment-linked product FWD Double Assets, seven riders including FWD Care Critical Illness Waiver of Premium 2.0, FWD Care Critical Illness insurance 2.0, FWD Care Death and Disability insurance, FWD Care Enhanced Waiver of Premium 2.0, FWD Care Health insurance 2.0, FWD Care Hospitalisation Support Insurance, FWD Care Accident insurance and online product FWD Big 3.
Moreover, through this collaboration, HDBank customers can access unique insurance products and services supported by leading digital technology. Customers will have an easier and faster purchase process, taking just a few minutes to buy insurance, and a few “touches” to claim. Customers can also enjoy the minimised exclusion lists applied in all FWD Vietnam products and receive maximum protection with a flat premium.
Obviously, this partnership enables both players to combine their strengths based on financial acumen, high-tech digital applications, and differentiated products to improve the customer experience, while jointly expanding the development of bancassurance in Vietnam.
HDBank has the advantage of a nationwide network with over 300 banking transaction offices and over 21,000 financial transaction points, and is trusted by 10 million customers. Due to its strong digital transformation and customer-centric strategy, HDBank is able to improve the customer experience through its enhanced products and services. The digitalization strategy has contributed significantly to HDBank’s business results and enhanced the bank’s position and competitiveness.
Pham Quoc Thanh, General Director of HDBank, said: “With a customer-led vision, digitalisation at all stages is one of the driving forces to boost revenue and optimise costs at HDBank. Therefore, we put a great focus on developing and enhancing the customer experience with digital products and services. With that, our partnership with FWD Vietnam is expected to provide millions of HDBank customers with more insurance options on a digitalised platform.”
Meanwhile, Huynh Huu Khang, CEO of FWD Vietnam said: “We’re excited about this partnership with HDBank, one of the leading commercial banks in Vietnam. The fact that FWD Vietnam’s products are distributed through the HDBank system is a great opportunity to expand our operations and provide customers with access to unique insurance products as we continue changing the way people feel about insurance.”