Manulife Vietnam, ACB cut bancassurance deal
Life insurer Manulife Vietnam signed a bancassurance cooperation agreement with Asia Commercial Bank (ACB) today, September 9, to sell life insurance to ACB’s customers.
ACB customers will be able to purchase two key types of life insurance: unit-linked insurance and a critical illness product.
The partnership was part of Manulife’s strategy to meet the increasing demand for life insurance in the Vietnamese market, especially among high-income customers, Manulife Vietnam stated.
The deal is also expected to help the firm diversify its distribution systems.
Despite remaining new in the local market, the bancassurance channel provides many opportunities for both banks and insurers, promising significant potential for development.
ACB is among the banks whose revenue from bancassurance has grown rapidly, surging by 250% in the first six months of this year.