Global insurer Chubb has partnered with Vietnam Technological and Commercial Joint Stock Bank (Techcombank), one of the largest retail banks in the country, for a five-year partnership to co-create innovative insurance products.
The collaboration is noted to be one of the first in the country. Through it, Chubb and Techcombank will co-create insurance products for the latter’s 10.8 million banking customers under its digital general insurance business, TechCare. TechCare is expected to leverage the underwriting expertise and distribution capabilities of Chubb to offer a convenient way for consumers in Vietnam to get protection tailored for their various needs.
The first product launched under the new partnership is TechCare Me, a unique accident product for Techcombank’s Inspire customer base, which consists of young and digitally savvy Vietnamese. TechCare Me is an in-path offering during their payments on Techcombank Mobile.
TechCare Me is one of the first insurance payments to be made available in a mobile banking app in Vietnam via the Techcombank Mobile app. The customer journey is also fully digitalized and the experience fully personalized for all Inspire customers.
“We are very excited to be partnering with Chubb in developing and offering embedded, innovative general insurance products within the Techcombank Mobile Banking App. It is not only aligned with our strategy to source market leading solutions that meet the needs of our growing base of retail customers, but also to help make insurance more accessible and convenient, lowering the barriers to access affordable financial protection for people in Vietnam,” said Techcombank chief retail banking officer Darren Buckley (pictured, third from right).
In the same statement, Chubb Southeast Asia head Edward Ler (pictured, second from right) noted that Vietnam is one of the fastest-growing countries in the region. As the country is also home to a large middle class, Techcombank is in a prime position to offer insurance protection to digitally savvy customers.
“Techcombank has been leading digital transformation in the banking industry in Vietnam. As we continue on the journey to becoming a next-generation bank, we are pleased to work with partners like Chubb who are aligned with our digital strategy, and able to co-create and deliver customer-centric propositions,” said Techcombank chief digital officer Pranav Seth (pictured, second from left).
“Bancassurance partnerships are very effective in making insurance accessible and affordable for consumers in Vietnam, many of whom have very thin layer of protection against unexpected risks like accidents,” said Chubb country president of general insurance business in Vietnam Khue Dinh (pictured, third from the left). “While the consumers have the means to fulfil their lifestyle needs, seeking insurance protection may not be their priority. Chubb is known for building a simplified in-path and tailored insurance experience through embedded insurance. The partnership also represents our contribution to raise awareness of the value of insurance protection so that consumers can continue to live their dreams.”
Chubb has also notably partnered with Korean Air to supply the latter’s travel insurance packages, further solidifying the insurer’s foothold in the Asian insurance market.
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