When properly and transparently advised, life insurance will promote humanistic values, bringing many great benefits. Besides traditional channels, this product is being distributed at banks - Photo: AI
Leading the insurance business in the bank
According to a report from Boston Consulting Group - a leading global management consulting group, Techcombank is one of the leading banks in implementing the bancassurance model in Vietnam, with a cooperation process with insurance companies lasting more than a decade.
For many years, this bank has always been the leader in sales, becoming the most successful unit in the block, making an important contribution to diversifying fee collection channels.
After launching the TCGI non-life insurance company, Techcombank has recently been licensed by the Ministry of Finance to establish a life insurance company called Techcom Insurance. This shows that the bank is expanding and aiming to build a more comprehensive financial ecosystem for customers.
As one of the largest banks in Vietnam, Techcombank said it always strives to provide optimal and personalized customer experiences through the application of modern technology.
Focus on providing safe and effective financial solutions to create peace of mind and trust for customers. Thanks to that, the bank's satisfaction and new customer referral index (NPS) are continuously improved.
The “value” ecosystem helps banks reach a large, quality customer base with superior financial solutions. For example, in 2023, Techcombank maintained stable growth with the second position in the industry in terms of new life insurance sales.
In addition to fee revenue, the bank is also respected by the market for its second-year insurance contract retention rate, which is superior to the banking industry average, reaching about 50% compared to the average of commercial banks, which is usually 12-20%.
Invest heavily in digitalization
Not only has Techcombank invested a large amount of money in technology, up to 500 million USD, to lead digitalization, but it also shared that it has built a solid foundation for the insurance business, which has been a focus in the bank's strategic transformation process for the past 10 years.
In addition to pioneering in joining hands with major partners to develop bancassurance in Vietnam, the bank also established a separate insurance division to deploy systematically and on a large scale nationwide.
Techcombank leaders shared that to realize the vision of "Transforming the financial industry, enhancing the value of life", the bank is strongly transforming data and comprehensively digitizing, where customers are always the focus.
"With the growing and changing demand for insurance in the post-pandemic world , enabling our sales force to have personalized conversations with each customer on a digital platform is a top priority for us," said a bank representative.
Addressing the right needs, the bank develops a multi-channel - multi-utility ecosystem. The one-stop-shop model helps customers access services more conveniently, from banking to insurance.
Along with the development of the system, this bank has cooperated with "big guys" in the field of data digitization (AWS, Salesforce...) to build a team and technology platform. At the same time, it has applied tools (Adobe, Personetics...) to better understand the needs and enhance intelligent interactions with customers.
According to many experts, banks proactively reviewing their insurance business strategies demonstrates their long-term vision. This increases adaptation to market fluctuations and diversifies options in the ecosystem.
Source: https://tuoitre.vn/hang-bao-hiem-nhan-tho-thuoc-techcombank-duoc-cap-phep-hoat-dong-20250723164653703.htm
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