Prudential Vietnam Assurance, a subsidiary of Prudential plc, and Southeast Asia Commercial Joint Stock Bank (SeABank) have entered into an exclusive bancassurance partnership with a 20-year term.
Prudential Vietnam Assurance (Prudential Vietnam) will also become the preferred life insurance provider to BRG Group Joint Stock Company (BRG Group), a conglomerate in Vietnam with approximately 10 million customers. The partnership is expected to be effective from April this year.
«Vietnam is an important market for Prudential with a compelling long-term growth outlook. Our partnership with SeABank is fully aligned with our mission of helping individuals and families in Vietnam build better lives and a financially secure future,» said Nic Nicandrou, Chief Executive of Prudential Corporation Asia in a media statement on Monday.
Prudential Vietnam is a leading life insurance company in Vietnam and is a household name synonymous with life insurance, built up over 20 years of operations. It serves over 1.5 million customers and has a nationwide footprint, with more than 360 sales offices across 63 provinces.
Bancassurance a Key Driver
«Bancassurance has been a key driver of our recent growth in the country and we are delighted to partner with SeABank. The combination of SeABank's rapidly growing customer base and our proven distribution expertise will deliver a leading bancassurance franchise in Vietnam. We will continue to invest in our partnership network, alongside our well-established and successful agency force,» said Clive Baker, Chief Executive Officer of Prudential Vietnam.
SeABank has adopted a pioneering ecosystem strategy by bringing together a number of market leaders to leverage their respective strengths and customer access, including BRG Group and others in the telecommunication, postal and retail segments. «It is a clear demonstration of our commitment to fulfilling the evolving savings and protection needs of our customers and we look forward to collaborating closely with Prudential Vietnam to deliver a superior customer experience,» said Le Thu Thuy, Chief Executive Officer of SeABank.
Digital Convergence Approach
The bank's strategy is underpinned by a digital-convergence approach to transform customer journeys and deliver a compelling suite of innovative products and services for the customers of its ecosystem partners. Established in 1994, SeABank is a joint-stock commercial bank in Vietnam with 1.2 million customers, over 4,000 employees and almost 170 branches nationwide.
SeABank has a charter capital of 9.369 billion Vietnamese Dong, B1 rating by Moody's and is Basel II compliant. The bank hopes to use its recent digital-convergence approach, to deliver best-in-class solutions to consumers and fulfill its mission to be become «the most favorite leading bank in Vietnam».
