Vietnam

Generali and Orient Commercial Bank Sign Exclusive Agreement

Orient Commercial Bank and Generali Vietnam Life Insurance have announced that they have entered an exclusive 15-year bancassurance agreement, with the aim to develop financial and insurance solutions, promote the development of digital solutions, enhance customer experience, and expand distribution channels.

The agreement details that Generali Vietnam Life Insurance (Generali) will be the sole insurance partner of Orient Commercial Bank (OCB).

OCB will solely distribute Generali products, namely its health and life insurance product offerings, in order to meet the healthcare, protection, savings and investment needs of the bank’s clients, according to a report by Asia Advisers Network.

Generali Vietnam’s CEO, Tina Nguyen, has said of the partnership that “We have enjoyed and valued our partnership with OCB over the last two years and now look forward to building on our excellent business performance together under this new exclusive partnership.”

She elaborated, saying that “This (partnership) strengthens our relationship even further and highlights our commitment to work together to develop customised solutions and products that will cater to different OCB customer segments.”

Dinh Tung Nguyen, the CEO of OCB, added that “The exclusive partnership between OCB and Generali recognises the increasing development and success of the bancassurance model in Vietnam to leverage and enhance the strengths of both sides, bringing mutual efficiency as well as benefits for customers.”