Chubb, Techcombank launch bancassurance partnership

American insurance company Chubb and Vietnam’s Techcombank have embarked on a new five-year partnership to offer insurance solutions in Vietnam.

The two sides will jointly work out insurance solutions and products for Techcombank’s 10.8 million customers under the major private bank’s digital general insurance business, TechCare.

Leveraging Chubb’s underwriting expertise and distribution capabilities, TechCare will offer a convenient way for consumers in Vietnam to get protection tailored to their lifestyle needs.

TechCare Me, the first product launched under the new partnership, is an accidental product for Techcombank customers. It will be available on Techcombank Mobile, a combined app for insurance payments and mobile banking, making the product digitalized for customers.

Darren Buckley, chief retail banking officer, Techcombank, said: “Partnering with Chubb is aligned with our strategy to offer market leading solutions that meet the needs of our growing base of retail customers, while making insurance more accessible and convenient.”

Edward Ler, Chubb’s head of Southeast Asia, said: “Vietnam is one of the fastest-growing countries in the region… By continuing to leverage our strengths in product innovation and digital distribution, we expect to help Techcombank enrich their digital offerings and stay a step ahead of their customers' needs.”

Khue Dinh, country president of Chubb’s general insurance business in Vietnam, said: “While consumers can fulfill their lifestyle needs, seeking insurance protection may not be their priority. Chubb is known for building a simplified in-path and tailored insurance experience through embedded insurance. The partnership also represents our contribution to raise awareness of the value of insurance protection.”

Underwritten by Chubb as a value-added protection feature when paying their bills via Techcombank Mobile, TechCare Me provides coverage for accidental death and permanent total disablement on a subscription basis.

From March 9, 2023, customers who sign up online for TechCare Me will receive complimentary coverage for the first month.

More products will be offered under the Chubb-Techcombank partnership like money transfers, travel bookings, and others.