Vietnam Life insurance companies apply flexible bancassurance models such as four models below:
Prudential, Prévoir and Dai-ichi are insurance companies with the largest number of counterpart banks. In terms of bancassurance revenue, Manulife is the best with sales growth of 166% of bancassurance in the past two years.
The bank may charge a commission of about 20-30% on the bancassurance channel. On the part of insurance companies, especially FWD Vietnam, using this model to exploit ABBank's and ABBA's customers exclusively has brought in over 30% of the total premium income in 2017.
However, in long-term agreement, the insurance companies have to pay a certain amount to the banks called the prepaid fee, and this payment is paid once during the time of cooperation. While this payment is recognized as expense for the insurance companies, it is accounted that part of the revenue in the service business segment. Therefore, some insurance companies are still afraid of expanding the bancassurance.
Vietnam Insurance Industry Report 2018 uses data of reputable sources from ISA, IAV, ... and published financial data of insurance companies within 10 years.
This report focuses on analyzing and evaluating the size of the insurance market, insurance companies.
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