Insurance sales at banks boom
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More than a dozen lenders achieved bancassurance revenues of over VND1 trillion ($42,633 million) from new customers last year, according to Vietcombank Securities.
Bancassurance refers to insurance products sold through banks.
Premium income from new customers increased by 45% during the year, and overall premiums at by 16%.
Military Bank led with more than VND2.1 trillion from new customers. It was followed by VIB, Sacombank, Vietcombank, Techcombank, VPBank, HDBank, and VietinBank, who all achieved premiums of more than VND1 trillion.
Banks have an advantage over conventional insurance agents thanks to their existing customer base and financial know-how.
Bancassurance contributed 40% of the insurance industry’s revenues from new customers last year, and this is expected to increase to 50% in the next two years.
Questions & Answers
Q.Which banks were highlighted for achieving significant bancassurance revenues from new customers?
Which banks were highlighted for achieving significant bancassurance revenues from new customers?
Military Bank led with over VND2.1 trillion. It was followed by VIB, Sacombank, Vietcombank, Techcombank, VPBank, HDBank, and VietinBank, all securing more than VND1 trillion from new customers.
Q.How significant is bancassurance to the overall insurance industry's new customer revenues?
How significant is bancassurance to the overall insurance industry's new customer revenues?
Bancassurance contributed 40% of the insurance industry's revenues from new customers last year. This share is projected to rise to 50% within the next two years.