In addition to selling insurance through agents and banks (bancassurance), cooperating with real estate companies, financial supermarkets and selling online, life insurance continues to diversify distribution channels when selling through pharmacies, partner chains, and supermarkets.
For the first time on the Vietnamese insurance market, there is a health insurance product that customers can buy at pharmacies or partner stores. VITALiving Like Italy of generali Vietnam promises to bring a new experience to customers, because the product is sold directly in pharmacies, first in the Long Chau drugstore chain and later the partner shops of generali Vietnam.
Undeniably, thanks to the technology, the development of products as well as the way to sell insurance to customers in Vietnam market have become more diversified. For example, MAP Life became the first life insurance company to join hands with the F88 pawn chain (F88 Business Joint Stock Company) to create the spread of life insurance products to the community.
This cooperation promises to promote the strengths of both sides, helping F88′s customers easily access life insurance products and services with many advantages based on modern technology.
BIDV MetLife has launched “Filled with Happiness”the first online universal insurance product in Vietnam. Accordingly, in addition to lifelong protection against five common incurable diseases or traffic accidents (both at home and abroad), this product also offers minimum committed interest rates and real investment rates, which are attractive to maximise benefits for customers. This is also the first online product that offers customers the flexibility to withdraw money from the insurance account when needed and receive the full value of the account when the contract expires…
With FWD, after the huge deal with Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), this insurance company continued to cooperate with Asia Commercial Joint Stock Bank (ACB) to establish an e-bancassurance for the first time in Vietnam. With ACB, working with FWD helps this bank become the first bank in Vietnam to provide completely online insurance products on the web platform. Accordingly, with just a few clicks on ACB Online, the customers can join FWD’s online insurance products, first of all is the cancer insurance products.
According to experts, the revolutionary cooperation will help many customers experience the newness, convenience and breakthroughs in bancassurance services and products in Vietnam.
Along with the pioneering and creativity of many life insurance companies in simplifying product design, in the near future, Vietnam’s insurance market promises to receive more insurance products, as well as the new distribution channel.
Of course, with simple products with moderate insurance benefits, in the early stages of introducing products, insurance companies do not expect revenue, but the main purpose is still universalising insurance products to all customer segments.
In addition, with a digitalisation strategy, from product development to customer care, life insurers are also focusing on improving customer experience, followed by building customer data to grow into large data files, for later customer exploitation.
