The Vietnamese financial market is undergoing a significant change as leading life insurance company Manulife Vietnam and prominent commercial bank Techcombank recently announced the termination of their long-standing exclusive insurance distribution partnership. This decision will officially take effect from October 14, 2024, marking a major adjustment in the strategic direction of these two financial giants.
This partnership began in 2013 when Manulife Vietnam and Techcombank established a distribution partnership with shared goals and commitments to provide the highest quality products and services for Vietnam’s growing financial and insurance needs. Over the nearly ten years of collaboration, both parties successfully provided the best life and health insurance solutions to their esteemed customers, which they are proud of and continue to hold each other in high regard.
However, faced with the ever-changing market landscape, new requirements of the Insurance Business Law, and changes in their respective strategies, Manulife Vietnam and Techcombank decided to review the terms of their distribution partnership. After careful consideration, both parties mutually agreed to end this partnership from October 14, 2024. This means that from that date, Manulife insurance products will no longer be distributed through Techcombank channels.
Despite the termination of the partnership, both parties emphasize that this decision will not affect the rights of existing customers. The legal rights of customers who purchased Manulife insurance policies through Techcombank will continue to be protected by Manulife. Policies will remain unchanged and will continue to be serviced by Manulife. Techcombank commits to continuing to assist customers in contacting Manulife and cooperating with Manulife to obtain support related to their Manulife policies.
To ensure a smooth transition, Techcombank states that it will work closely with Manulife to achieve a seamless transition, reassuring customers that their policies are unaffected and they can continue to hold Manulife policies with confidence. At the same time, Manulife’s dedicated staff will provide high-quality care services to customers who purchased Manulife insurance through Techcombank, ensuring the highest level of convenience for customers.
As part of Manulife Financial Group, Manulife Vietnam states that it will continue to provide insurance products to the Vietnamese public through its existing agency distribution channels and other bank partners. The company also plans to further invest in expanding these distribution channels to better meet the diverse needs of customers. Manulife Financial is a leading global financial group from Canada with over 130 years of experience, serving more than 35 million customers in North America, Europe, and Asia.
On the other hand, Techcombank reaffirms its vision of “changing banking, changing lives” and states that it will continue to be committed to its customer-centric strategy. The bank promises to continue bringing valuable financial solutions and the best experiences to customers, including offering life and non-life insurance products in the near future.
Both parties express their deep gratitude for the trust and support of customers, partners, and stakeholders during this collaboration. Although the partnership is ending, both Manulife Vietnam and Techcombank state that they remain committed to fulfilling their responsibilities, always putting customers first, and continuously improving and innovating in the insurance and banking fields to provide better products, services, and experiences for customers.
This decision reflects the dynamic changes in the Vietnamese insurance market and the need for financial institutions to adjust their strategies. For Vietnamese insurance consumers, this may mean more diverse insurance product choices in the future. At the same time, it also highlights the importance of cooperation between financial institutions and its impact on the market landscape.
Key points:
- Manulife Vietnam and Techcombank announce the termination of their exclusive insurance distribution partnership from October 14, 2024.
- Both parties commit that the policy rights of existing customers will not be affected and will continue to be fully protected.
- Techcombank will assist customers in maintaining contact with Manulife, ensuring customers receive necessary policy support.
- Manulife Vietnam will continue to provide insurance products through other channels and plans to expand its distribution network.
- Techcombank promises to continue offering diverse financial solutions, including insurance products, in the future.
- Both parties emphasize that they will continue to be customer-centric, constantly innovating and improving services in their respective fields.
