Prudential Vietnam Assurance Private Limited (Prudential Vietnam) has collaborated with Southeast Asia Commercial Joint Stock Bank (SeABank) in an exclusive bancassurance partnership with a 20-year term.

Additionally, Prudential Vietnam will become the preferred life insurance provider to BRG Group Joint Stock Company (BRG Group). The partnership is expected to be effective from April 2020.

SeABank is a Vietnam-based bank with approximately 1.2 million customers and almost 170 branches.

The bank’s strategy of adopting ecosystem connecting to enterprises in the telecommunication, postal and retail segments is underpinned by a digital-convergence approach to transform customer journeys and deliver a compelling suite of innovative products and services.

Prudential Vietnam has operated for over 20 years and is a leading life insurance company in Vietnam. The company has over 1.5 million customers, with more than 360 sales offices across 63 provinces.

Prudential Vietnam and SeABank both aim to aid local consumers achieve their financial protection goals. Consumers will therefore be provided with a comprehensive range of customer-centric life insurance solutions.

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By GlobalData

Prudential Corporation Asia chief executive Nic Nicandrou said: “Vietnam is an important market for Prudential with a compelling long-term growth outlook. Our partnership with SeABank is fully aligned with our mission of helping individuals and families in Vietnam.”

Prudential Vietnam chief executive officer Clive Baker said: “Bancassurance has been a key driver of our recent growth in the country and we are delighted to partner with SeABank. The combination of SeABank will deliver a leading bancassurance franchise in Vietnam. We will continue to invest in our partnership network, alongside our well-established and successful agency force.”

SeABank chief executive officer Le Thu Thuy said: “This partnership enables us to offer our growing customer base access to Prudential Vietnam’s market-leading and innovative product suite. We look forward to collaborating closely with Prudential Vietnam to deliver a superior customer experience.”