Generali Vietnam Life Insurance LLC ("Generali Vietnam") and Orient Commercial Joint Stock Bank ("OCB") has officially announced their 15-year strategic exclusive bancassurance partnership which aims to develop financial and insurance solutions, expand distribution channels, promote the application of advanced digital technology, and enhance customer experience.
Under the agreement, OCB will be the exclusive distributor of Generali Vietnam's life and health insurance products to meet customers' needs in healthcare, protection, savings and investment. Generali's pre-eminent products such as VITA - Live Confidently; VITA - Golden Shield; VITA - Live Optimistically; VITA - Live Prosperously; and etc., will be distributed via OCB's country-wide network and online channels.
Ms. Tina Nguyen - Generali Vietnam CEO said: "We have enjoyed and valued our partnership with OCB over the last two years and now look forward to building on our excellent business performance together under this new exclusive partnership. This strengthens our relationship even further and highlights our commitment to work together to develop customised solutions and products that will cater different OCB customer segments. This commitment is based on our mutual strengths in data analysis, digital capabilities and shared focus on customer centricity."
Mr. Nguyen Dinh Tung, CEO of OCB, said: "The exclusive partnership between OCB and Generali recognizes the increasing development and success of the bancassurance model in Vietnam to leverage and enhance the strengths of both sides, bringing mutual efficiency as well as benefits for customers. I hope this signing ceremony will be the foundation for OCB and Generali's cooperation in developing and distributing high quality life insurance products to meet the needs of each customer segment and earn long-term trust from customers."
Generali is one of the largest global insurance and asset management providers from Italy. Established in 1831, Generali is present in over 50 countries, with total premium income exceeding EUR 66 billion in 2018. With nearly 71,000 employees serving 61 million customers globally, Generali has a leading position in Europe and an increasingly significant presence in Asia and Latin America.
Generali Vietnam is a member of Generali Group. After 8 years of operation, Generali Vietnam currently has a nationwide network of over 60 GenCasa (agency offices) and customer service centers, serving approximately 200,000 clients including individuals and insured members of domestic and foreign businesses in Vietnam.
With the motto of "Simpler, Smarter and Customer centric", Generali Vietnam commits to bringing world-class insurance solutions through innovative product offerings, wide distribution network and revolutionary customer experience. Generali Vietnam takes pride in our strong focus on customer experience and won 2017 & 2018 "Best Customer Service" award and 2018 "Most Innovative Insurance Company" award by International Finance Magazine, 2017 "Excellent Brand" award by Vietnam Enterprise Development Science Union and 2017 & 2018 "Golden Dragon" award by the Vietnam Economics Times.
Orient Commercial Joint Stock Bank (OCB)
OCB was established in 1996, after 23 years of operation and development, OCB has nearly 200 trading units in all major cities and economic zones in the country with more than 6,000 staff and VND 10 billion in equity (equivalent to approx. USD 450 million).
With the motto of "customer centricity, research and develop appropriate financial products and services to meet various customers' demands", OCB is focusing all current resources in expanding transaction networks, increasing competitiveness, strengthening risk management activities, implementing the development strategy from 2016 to 2020 with a vision of becoming one of the leading banks in Vietnam.
OCB is a pioneer in digital technology application with regards to all of its operations and products activities. The upgrade of the application software, technology infrastructure and security system has also contributed to OCB being one of the first Vietnamese banks to have completed risk management project under Basel II (2017). OCB has been rated Ba3 - the highest credit ranking for commercial banks in Vietnam by Moody's (one of the three most prestigious credit rating agencies in the world).