How Techcombank innovates its life insurance business

A pioneer in Bancassurance - Insurance via banks, Techcombank has spent a decade providing comprehensive insurance protection solutions to customers.

With the establishment of TCGI non-life insurance company and the continued granting of a license to establish and operate Techcom life insurance company by the Ministry of Finance on July 16, this bank has completed a "seamless financial experience", preparing for greater strides in a comprehensive financial ecosystem.

The bank is "chosen to entrust gold"

For many years, Techcombank has always been a leader in the banking insurance business, becoming one of the most successful banks in the banking insurance business, making an important contribution to diversifying Techcombank's fee collection channels.

With the prestige and advantages of a leading bank in Vietnam, Techcombank has not only brought values, optimized and personalized customer experiences thanks to the application of leading technology, but more importantly, peace of mind thanks to safe and superior financial solutions for customers, contributing to the continuous increase of NPS index (net promote score - customer satisfaction and new customer referral index).

In addition, Techcombank's "value" ecosystem has helped the bank reach a large, quality customer base with superior financial solutions, making the bank a natural choice for customers, helping Techcombank achieve impressive indicators. In 2023, Techcombank will maintain stable growth with the second position in the industry in terms of new life insurance sales .

In particular, in addition to fee revenue, Techcombank is also respected by the market because TCB's 2-year insurance contract retention rate is superior to the banking industry average, reaching ~50 % compared to the average of commercial banks, which is usually 12%-20%. This shows that Techcombank has "correctly - accurately" advised real needs and created value for customers so that they continue to maintain insurance contracts through Techcombank's distribution channel.

Pioneering strong investment in digitalizing insurance business

The "sweet fruits" in Techcombank's banking insurance business did not come naturally. Not only did it invest a huge amount of money in technology, up to 500 million USD to lead digitalization, Techcombank also built a solid foundation for the insurance business, which was a focus in the bank's strategic transformation process 10 years ago.

According to analysts, Techcombank's success comes not only from its strategic orientation of investing heavily in technology and digitalization, but also from its steadfast commitment to implementing platforms to serve "customers at the center".

In addition to pioneering in joining hands with major partners to develop the Bancassurance sector in Vietnam, Techcombank is the first bank to establish a separate Insurance Division to deploy it systematically and on a large scale nationwide.

According to Techcombank's leaders, "To realize the vision of "Transforming the financial industry, Enhancing the value of life", Techcombank is strongly transforming data and comprehensive digitalization, where customers are always the focus. With the increasing and changing demand for insurance in the post-pandemic world , helping the sales force have personalized conversations with each customer on a digital platform is our top priority."

This touches the needs of users when "just one touch point" from Techcombank, they can be served for many purposes through the bank's ecosystem. Multi-channel - multi-utility and added value, the One-stop-shop model will be a better choice for customers when approaching the bank. And of course, the values from a strong ecosystem will be an advantage for Techcombank to bring comprehensive and best solutions to customers including life insurance.

Along with the growth of the system, Techcombank has cooperated with big names in the field of data digitization such as AWS, SaleForce... to build a team as well as to understand the needs and interact with customers more intelligently through Adobe, Persionetic...

According to experts, Techcombank's proactive review of its insurance business strategy demonstrates the bank's long-term vision in adapting to the market context and providing continuously improved values and experiences.

According to the bank's leadership representative, the new and different insurance model will focus on fully addressing the needs, experiences and accompanying customers and their relatives. With the existing foundations, the market is waiting for important steps for Techcombank to continue to be a pioneer in creating a different insurance model where customers have the best benefits and experiences.

Source: https://nld.com.vn/cach-techcombank-lam-moi-mang-kinh-doanh-bao-hiem-nhan-tho-196250723111027327.htm