partners
Manh Hai
Bancassurance: A spotlight amidst Covid-19 orientation of BIDV's leadership for insurance activities. Since the establishment of BIC, BIDV's leadership has identified insurance as one of the two main business pillars in its commercial banking business. That role continues to be maintained and developed over the years. In the Business Strategy to 2025 with a vision to 2030, BIDV identifies insurance as a key driver in the bank’s business ecosystem. Over the years, insurance has become an indispensable part of the business operation of BIDV.
In the last 5 years, the bancassurance channel at BIDV has been continuously changing for the better and has reaped many encouraging results.
Significant growth In the first 8 months of 2021, total bancassurance revenue through BIC (BIDV Insurance Corporation) across BIDV's system reached VND447 billion (USD19.5 million), up 47 percent compared to the same period last year, contributing VND152 billion (USD6.6 million) to BIDV's net service income. In a broader view, in the last 3 years, BIC’s bancassurance revenue has also grown impressively at 70 percent per year. It can be said that BIDV and BIC have been entering into the "golden period" in terms of cooperation in developing insurance distribution channels through banks. This once again confirms the vision and correct
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B I D V revie w
Following the orientation of BIDV's leadership, the relationship between BIC and BIDV has evolved towards BIC being both a subsidiary but also a key business partner of BIDV. Becoming a major partner has bolstered the cooperation relationship between BIDV and BIC, demonstrating mutual understanding of benefits, and at the same time, gearing activities towards more professionalization, evidenced by efforts and commitment to bringing breakthrough developments to the whole BIDV system. In efforts to improve bancassurance revenue flow to the bank, BIDV's Headquarters continuously issues motivational mechanisms, policies, and programs to promote cross-selling of products across the system. The rapid development of the fourth industrial revolution as well as the impact of the Covid-19 pandemic poses urgent requirements to increasing the
