Vietnam has sustained impressive GDP growth for many years. The rise of the middle class, infrastructure development, and government support have made the non-life insurance market increasingly attractive, presenting ample business opportunities, especially with the growing trend of InsurTech in the country.
As one of the leading banks in Vietnam, Techcombank continuously expands its financial ecosystem with a “customer-centric” strategy, aiming to increase benefits and positively contribute to the overall economic growth.
The launch of Techcom Non-life Insurance Company marks a significant step in Techcombank’s journey towards completing its comprehensive financial ecosystem. It further materializes the bank’s vision of “Transforming Finance, Elevating Life Values” and contributes to the dynamic development of the non-life insurance sector in Vietnam.
Techcombank’s financial ecosystem encompasses a range of services, including traditional banking, wealth management, fund management, investment, insurance, and securities. With this approach, Techcombank has been facilitating individuals’ and businesses’ access to financial resources, thereby boosting consumption and investment growth, which are crucial for the economy.
Mr. Nguyen Duc Chi, Vice Minister of Finance, delivered a speech at the event
Attending the ceremony, Mr. Nguyen Duc Chi, Vice Minister of Finance, emphasized, “The entrance of Techcom Non-life Insurance Company into the market is an important step to expand Techcombank’s financial ecosystem and diversify insurance services in line with the Government’s orientation for the development of the insurance market.”
He also expressed his confidence that with a strong financial foundation, along with support from Techcombank and its partners, Techcom Non-life Insurance Company will be able to build and develop its business to meet the expectations of shareholders and regulatory authorities while catering to the needs of the people and enterprises.
Representing Techcombank, Mr. Nguyen Anh Tuan, Director of Retail Banking, shared, “Inheriting Techcombank’s modern technology platform, large-scale quality customer base, and advanced governance methods, along with strategic partners, Techcom Non-life Insurance Company is well-positioned to offer the best experiences to customers, not only as an essential part of Techcombank’s ecosystem but also as a robust player in the non-life insurance market.”
With Techcombank’s capital contribution, Techcom Non-life Insurance Company becomes the 31st company in Vietnam and is expected to officially commence operations on November 14, 2024, at its head office located in Tower C5 D’Capitale, 119 Tran Duy Hung, Trung Hoa Ward, Cau Giay District, Hanoi. The company will provide core non-life insurance products such as property insurance, cargo insurance, aviation insurance, motor vehicle insurance, fire and explosion insurance, hull and liability insurance, credit insurance, and other specialized insurance products.
Mr. Nguyen Quang Vinh, General Director of Techcom Non-life Insurance Company
The company places a particular focus on developing tailored insurance products to meet the diverse needs of its customers, leveraging modern digital processes optimized through advanced digital platforms and integrated across banking applications.
According to experts, the non-life insurance market in Vietnam has significant growth potential. With the country’s robust economic growth and ongoing digital transformation, along with the commitment and support from Techcombank, the presence of Techcom Non-life Insurance Company is expected to positively contribute to the industry’s development and create insurance products that align with practical needs.
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