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Economic News

Last updated: Tuesday, July 17, 2018

 

Hanwha Life Vietnam in Strategic Partnership with Movin to Diversify Distribution Channels

Posted: Wednesday, April 04, 2018


Hanwha Life Vietnam Co., Ltd. on April 3 announced its entry into a strategic partnership with Movin Co., Ltd. to market life insurance products through tele-sale (telemarketing) channels.

By closing this deal, Movin becomes a business partner of Hanwha Life Vietnam to deliver the latter’s insurance products to clients through Movin’s professional tele-sale (telemarketing) distribution routes in Vietnam.

The partnership is expected to help install a comprehensive and inclusive financial service distribution channel that adds values to consumers. At the same time, it will help Hanwha Life Vietnam to diversify and expand its distribution base in addition to existing channels such as bancassurance and traditional financial consulting agents.




An affiliate of Hanwha Group, one of Korea’s top 10 business groups, Hanwha Life Vietnam enjoys the advantage of impressive financial strength with nearly US$103 million in charter capital, rich governance experience and premium quality products and services.

On the other side, Movin is a subsidiary of Korean DTA Co., Ltd., and is specialized in distributing life insurance products. Movin debuted in Vietnam in 2017.

Addressing the signing ceremony, Mr. Back Jong Kook, CEO cum Chairman of Member Council of Hanwha Life Vietnam said: “I'm confident that this partnership between Hanwha Life Vietnam and Movin will help propel the full potentials and strengths of both sides, thus enhanced competitive edge in the market."

“Network expansion and distribution channel diversification remain a key objective at Hanwha Life in the way we do business in Vietnam. The purpose of this partnership is none other than delivering our products to consumers in the most convenient and professional way possible”, he stressed.

Hanwha Life Vietnam is currently one of the leading life insurance firms in distribution channel diversification and network expansion. In 2017, Hanwha Life Vietnam teamed up with Shinhan Bank and Woori Bank, two Korean major banks with presence in Vietnam, to distribute insurance offerings through the outlet systems of these banks. Hanwha Life Vietnam now has nearly 120 sales outlets across the country and more than 40,000 financial consultants serving over 200,000 customers nationwide.

At the close of 2017, Hanwha Life Vietnam Co., Ltd. recorded a gross premium revenue of VND1,534 billion, a 44% YOY growth, including VND660 billion from new policies, a 34% YOY growth over 2016. This was made possible by the company’s strong investments in IT infrastructure, enhanced customer services, effective network expansion and distribution channel diversification.

Beyond that, with the strong support of Hanwha Group (Korea) in terms of experience and finances, the firm continues to show solid financial might and integrity, with total assets as of December 31, 2017 worth VND3,622 billion, a 21% increase over 2016, which helps cement its foothold in the local market.

Given such robust underpinnings, Hanwha Life Vietnam looks set to advance forward to achieving a major goal in 2018 - launching itself as one of the foremost life insurance firms in terms of service quality, productivity and revenue growth.

On a “Think big, Do great” pathway, Hanwha Life Vietnam is expected to rake in VND1,000 billion of premium revenue from new policies in 2018.

Nam Pham








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