ACB X SUN LIFE - Harmonious resonance after two years of cooperation

In the parallel two-year journey of two unique and strong personalities, Asia Commercial Bank (ACB) and Sun Life Vietnam Life Insurance Company (Sun Life) have made positive impressions and are being watched. is a model partnership of the market

1.Two unique personalities resonate

If comparing ACB as vibrant and trendy music, Sun Life is contemplation, sophistication and optimism. The harmony of the two personalities has created resounding tones for the bancassurance market.

Sun Life Vietnam has a strong legacy from Sun Life Group operating globally with a history of more than 155 years. With outstanding experience in life insurance, wealth management (Sun Life Group manages total assets of up to C$1.440 billion by the end of 2021) and the strength of capital with strong commitment The power of Sun Life Group brings a better life to people.

ACB is considered as one of the banks with the best risk management system with more than 30 years of development based on understanding and sharing. With a strategy of focusing on retail in both lending and deposits, ACB currently has a retail proportion of about 93% of its credit portfolio and also up to 80% of capital mobilization from individual customers. This strategy has helped ACB build a distinct advantage, when cooperating in the exclusive distribution of Sun Life's insurance products, it will bring outstanding benefits to users.

As experienced and advantageous institutions, Sun Life and ACB aim to change the way consumers experience banking and insurance services, and lead the market with innovative ideas. from products, technologies, services to every point of contact with the user. Both promote culture and unleash creativity to bring value to customers with different experiences and beliefs.

The partnership in exclusive distribution between the two units not only meets the needs of conventional financial products and services, but also builds a comprehensive financial services ecosystem including banking services. , insurance, investment ..., to meet the diverse needs of each customer's life stage. From the extensive network of the banking system, people everywhere have access to insurance. The insurance penetration rate will therefore increase from 1.4% in 2014 to 3% in 2020, according to the Insurance Supervisory Administration. The banking-insurance symbiosis clearly benefits many different customer groups.

According to Mr. Tu Tien Phat - General Director of ACB: "Taking advantage of each party's strengths has created a resonance in terms of speed of deployment, quality of products and services... to bring customers the best experiences. from the time of approaching, serving in the sale to the after-sales service”.

2.Start with impressive results

In the second year (as of November 2022), ACB brought in more than VND 1437.4 billion in insurance revenue, making it the 3rd bancassurance market.

After only two years of cooperation, ACB and Sun Life have had impressive business results. In the first year, ACB brought in more than VND 1246 billion in insurance revenue, making it the 5th bancassurance market. In the second year, by the end of November 2022, ACB's insurance premium revenue reached VND1,437.4 billion, ranking third in the market. After two years of cooperation, more than 95,000 customers have joined Sun Life's insurance solutions through ACB with a total fee revenue of more than VND 2700 billion.

“Sun Life's unremitting efforts and the smooth coordination of the two sides help bring interesting solutions and experiences to customers throughout the journey from approaching, serving in sales to service. after-sales service," said Mr. Tu Tien Phat.

The results that the two sides have achieved together are very proud of the two financial institutions on the journey to elevate their market leadership position in the bancassurance segment. Not only achieving outstanding growth, the quality of bancassurance implementation as well as customer-oriented activities have been focused by ACB and Sun Life from the very beginning.

Sharing about this cooperation, Mr. Luc Nhon Ly, General Director of Sun Life Vietnam said: “We highly appreciate the determination, capacity and speed of implementation of ACB. These are the factors that have helped the partnership to achieve impressive business results from the first days until now.”

3. Sing along to the chorus' tunes

Sharing the same beliefs, the same vision, sharing the values, Sun Life and ACB are writing choirs that mark the success of the bancassurance model in Vietnam.

Both units are leaders in creativity, innovation and effective use of resources for collaboration. ACB is one of the banks with a digital transformation strategy from many years ago, focusing on customers and focusing on improving user experience. New technologies and modern features are also continuously updated by the Bank to meet the increasing demands of customers. With a comprehensive digital transformation model from infrastructure, data and people, the number of ACB's customers increased rapidly to nearly 4 million people. This is the premise for ACB to bring suitable Sun Life insurance products and services to meet the unique needs of each of these millions of customers.

The digitalization process not only improves the customer journey, but also saves time and brings efficiency to all parties. Such as the insurance claim processing system via SunSmart, helping the business team to advise and submit insurance claims anytime, anywhere; automatic contract issuance and processing system – Sun Express so that in 30 minutes, customers will have a set of insurance policies with financial protection quickly, safely and effectively; or Claim Express automatic payment process - the time to pay insurance benefits from the time the customer submits the claim to the time the insurance is received is only 15 minutes, saving nearly 2 working days.

The products and services performed by both parties throughout from consultation, care, services after completing an insurance contract, to payment of benefits ... all bring the best experience to customers. Client. Customers participating in Sun Life insurance under the VIP Care program will enjoy an exclusive package when becoming an ACB Privilege Banking member: Priority transactions throughout the ACB system; 24/7 priority call center; experience high-class service with a separate, luxurious transaction space; a team of specialized and elite financial advisors; enjoy the right to use the service at more than 1,200 airport lounges around the world… Or a very unique and interesting gift that Sun Life gives to customers is a portrait made with the technique of "overlapping letters" customers will also experience the cultural and artistic programs of the two sides as spiritual food towards a brighter future.

Mr. Luc Nhon Ly, General Director of Sun Life Vietnam said: “In the past two years, with the cooperation and harmony from strategy to action, and the enthusiasm of the teams of both sides, we aspire to contribute. positive, new values into the insurance market, bringing a brighter life to Vietnamese families”.