Techcombank, Manulife Vietnam strengthen bancassurance partnership

Techcombank recently completed its transition to a direct sales model with licensed Techcombank advisors now directly advising customers on Manulife Vietnam products, helping ensure they receive the best protection solutions to fit their specific needs.

The partnership will build on the sales model by leveraging digital capabilities to create market-leading and differentiated user experiences specific to Techcombank customers.

Techcombank and Manulife Vietnam have been offering innovative insurance and wealth management solutions since 2017 as part of their exclusive 15-year agreement. A robust governance structure has been put in place to support the partnership and help consistently deliver sound business practices.

"Techcombank is proud of its longstanding partnership with Manulife Vietnam and the opportunity this gives us to better support the health, protection, and investment needs of our customers," said Jens Lottner, CEO, Techcombank.

"The renewed focus will couple Techcombank’s digital capabilities with our partner’s technology, insurance expertise, and resources to offer more market-leading experiences, products, and digital solutions for Techcombank customers."

Inside a Techcombank branch. Photo courtesy of Techcombank

Professionalism, technology and new opportunities

Manulife Vietnam has committed to providing greater access to local and regional training and learning resources, helping enhance the competency and professionalism of the bank’s employees.

As part of the review, Techcombank has increased their investment by recruiting highly qualified staff in Data and Technology disciplines with domain expertise in Artificial Intelligence, Data Science, and Machine Learning.

Recently acquired new skills will enable the joint product development process to be even more customer centric, allowing for a new level of segment focus when designing value-adding features.

Manulife Vietnam’s strategy is focused on delivering market-leading digital and customer experiences like their widely regarded eClaims and ePOS solutions. TCB advisors now have access to the ePOS digital point of sales solution that will help enhance their productivity. TCB customers will also benefit from an improved claims experience with eClaims, enabling them to submit claims digitally while in most cases, the decisions are made automatically. Manulife Vietnam is also set to launch a revamped customer portal that allows customers to transact digitally.

Unique products, platforms and experiences

A comprehensive range of Manulife Vietnam’s product solutions have been made available to Techcombank customers since October 2017. Both Techcombank and Manulife Vietnam have further committed to design and introduce unique products and solutions tailored to customer needs.

To improve the customer experience, Techcombank and Manulife Vietnam are also set to co-develop a shared digital platform. This initiative will involve co-developing an end-to-end sales and advisory model that integrates Techcombank’s digital needs analysis tool (iTCB Life) with Manulife Vietnam’s insurance digital submission solution (ePOS).

The integrated model will support Techcombank Branch and Sales Representatives in providing need-based solutions for customers, paperless document submission, and reduce complexity during the onboarding experience. The new platform is set to launch in the fourth quarter of 2021.

Manulife Vietnam is a foreign-owned insurer granted a license in the market in 1999. As one of the leading insurers in Vietnam, it now has around 1,000 permanent staff and over 57,000 contracted agents, serving more than one million customers.

Techcombank is listed on the Ho Chi Minh Stock Exchange (HoSE) as TCB VN. It was established in 1993 as Vietnam was transitioning from a centrally planned, to a more market-oriented economy.

Techcombank provides a broad range of banking solutions and services to 8.9 million retail and corporate customers in Vietnam through an extensive network of over 300 transaction offices across the country. The bank’s ecosystem approach, which is implemented across multiple key economic sectors, further differentiates Techcombank in one of the fastest growing economies in the world.

Moody’s rates Techcombank the highest among Vietnam banks with a Ba3, Positive Outlook as the only bank constrained by the sovereign rating. The bank is also rated by S&P with a BB-, Stable Outlook.

Techcombank was named "Best Bank in Vietnam" by Euromoney in 2018 and 2021, and "Best Bank in Vietnam" by FinanceAsia in 2020, 2021.