For the long-running and deep collaboration in its partnership with Manulife Vietnam which has resulted in astonishing results through the aligned vision and strategy of placing the customer first, Techcombank was awarded Bank Partner of the Year at the 4th Asia Trusted Life Agents & Advisers Awards.
Manulife and Techcombank penned their 15-year exclusive partnership in 2017 to bring comprehensive solutions to meet the insurance needs of Vietnam’s 93 million people.
The seeds of success for this collaboration were planted 10 years ago in 2009 when Techcom Securities partnered with Manulife and began offering personal accident policies to its customers. In 2012, Techcombank and Manulife Vietnam began cooperating on bancassurance. In that year, total APE for Techcombank was a mere VND 221 million Vietnamese dong (~US$10,000).
The collaboration has yielded impressive results since then, with APE growing 21 times and customers growing 44 times over five years since 2013.
In 2018, Techcombank and Manulife Vietnam combined to deliver bancassurance APE of VND 917 billion, a 77% growth over 2017.
As a result, both partners have more firmly solidified their market leadership, with Manulife Vietnam garnering 22% share and Techcombank gaining 19% share of the bancassurance market in the first nine months of 2018.
The aligned vision and consistent strategy of putting the customer first by tailoring unique insurance solutions to market demands for both protection and wealth management are part of a comprehensive portfolio of solutions. Manulife’s and Techcombank’s technological and analytical capabilities have enabled the creation of more predictive propensity models, generating more cross-selling opportunities and further benefiting both partners.
The partners are aligned in their vision of putting the customer first, their commitment to the long-term and healthy living. Both brands are associated with endurance sports. The old phrase ‘it’s a marathon, not a sprint’ is an appropriate expression of its partnership. Both partners are dedicated to the long-term, sustainable growth of the bancassurance market in Vietnam, and are working together to support the state’s target of ensuring that 15% of the population has a life insurance policy by 2025.
Its deep partnership can also be observed in 2018 when Manulife Vietnam and Techcombank worked together to begin moving to a dedicated, in-house sales force. More than 400 sales personnel from Manulife Vietnam became Techcombank employees as part of this joint strategic decision to move from a referral-sales model to establish a direct sales force – a decision made with the customer in mind to improve the customer experience further.
Check out what judges have to say about the Awards in this video: http://bit.ly/AANjudges2019
The 4th Asia Trusted Life Agents & Advisers Awards was made possible by organisers Asia Insurance Review and Asia Advisers Network, co-organiser LIMRA, and strategic partner AIA. Winners were selected in an independently-audited judging process. More information on the Awards and winners can be found here.
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Check out the other winners here:
Insurance Agent of the Year 2019 - Chia-Chun Liu
Insurance Agency Leader of The Year 2019 - Wave Chow
Executive Champion of the Year 2019 – Sara Lamsam
InsurTech of the Year 2019 - Goalsmapper
Young Executive of the Year 2019 - Sabrina Ong
Digital Agency Leader of the Year - Calvin Lee
Rookie Insurance Agent of The Year 2019 - Shiu Ling Po