MB reaches top spot in Vietnam's bancassurance market

The life insurance industry in Vietnam currently has 19 businesses, serving about 11 per cent of the population out of 96 million people.

Among the different players in this category, MB Bank recently recorded a breakthrough in sales. According to a representative, the bank's APE sales in February reached $4.7 million, and then $8.3 million in March. With these results, MB cements its triumph in the local bancassurance market.

“MB always puts customers at the centre of all innovative endeavours. We continuously develop and upgrade suitable products for different customer segments, while at the same time building other features which are relevant to customers' preferences in an ever-evolving background," the representative noted.

Through consulting programmes, MB identifies target customers who need to deposit money, make lucrative investments, and hedge risks.

In the onboarding process, customers are advised on appropriate services catering for their needs and preferences. Products and contracts are designed in a way that customers can actively self-monitor and pay fees. Incentives include zero per cent interest rates for instalments with MB credit cards and up to 17 per cent cashback for MB Bank app purchases.

At the same time, MB enhances the customer experience through incentive programmes for family members and relatives, including up to 12 per cent cashback for family combos, plus up to 0.4 per cent savings in interest rates, and other physical gifts.