This collaborative model involves three parties: the business, the insurance company, and the consumer. Detech Bio is responsible for distributing the product in accordance with its stated specifications and marketing authorization. Agribank Insurance will be the insurer responsible for assessing, evaluating, and paying out claims in the event that Detech Bio's product poses a risk to the user.
A representative from Agribank Insurance stated that the signing of the agreement followed an assessment of the quality, origin, and legality of the products supplied by Detech Bio. For Detech Bio, this is a step in its strategy to expand its responsibility to consumers, especially in the context of increasing consumer concerns about the transparency and safety of healthcare products.
According to the agreement, Detech Bio will prioritize the use of Agribank Insurance's insurance products in its production and business activities and will introduce them to partners and suppliers. At the same time, Agribank Insurance commits to designing suitable insurance products and collaborating with Detech Bio in consulting, policy issuance, after-sales service, and claims assessment and compensation.
The highlight of this collaboration is the product liability insurance contract – a solution specifically designed for Detech Bio to protect the company against legal risks when customers use the milk and nutritional food products distributed by the company.
Detech Bio will prioritize using insurance products from Agribank Insurance.
According to Pham Vinh Quang, Deputy Director of the Corporate Customer Department of Agribank Insurance, the cooperation with Detech Bio is an important milestone, demonstrating Agribank Insurance's capacity to deploy high-tech insurance products according to international standards beyond its traditional agricultural market.
Conversely, "proactively purchasing product liability insurance is a clear and strong commitment to consumers. Not only do we provide quality products, but we also protect our customers' rights to the fullest extent," affirmed Hứa Trung Hiếu, IMF Project Director of Detech Bio.
The two sides also agreed to establish a dedicated focal point to coordinate the implementation of cooperation, providing comprehensive mutual support in terms of information, resources, and security, while strictly adhering to the law. The agreement is effective from the date of signing and will be automatically renewed annually unless otherwise notified.
This signing affirms the increasingly important role of product liability insurance in protecting businesses against legal and commercial risks in a competitive market.
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