Experts note that Vietnamese consumers are pursuing multiple financial goals simultaneously, including saving for the future, funding children's education, protecting health, planning for retirement, and transferring assets to the next generation. As these goals span various life stages, customers expect financial experiences that are seamless, convenient, and tailored to their needs.

Customers are increasingly pursuing multiple financial goals simultaneously. Photo: VIB

This demand indicates a shift in people's financial approach. Instead of addressing individual needs, many are simultaneously building future savings plans, education funds for children, retirement plans, wealth transfer strategies for the next generation, and seeking health protection solutions for their families.

With multiple financial goals coexisting throughout life's journey, accessing individual products or services is no longer optimal. Instead, customers expect seamless experiences where financial needs are connected and supported within a single ecosystem.

This trend is also observed globally. According to the Bancassurance Market Growth & Forecast 2026-2035 report, life insurance products account for over 70% of bancassurance sales in some Asia-Pacific markets, while digital transactions via mobile banking apps contribute about 35% of new policy sales. These figures demonstrate that the bancassurance distribution model is becoming a significant growth channel, driven by the demand for long-term financial protection, existing trust in banks, and the shift towards a digital environment.

Experts note that in Vietnam, this direction aligns with Decision No. 928/QD-TTg, which approves the National Inclusive Finance Strategy for the 2026-2030 period. The document aims to expand access to financial products and services, fostering a modern, secure, and more inclusive ecosystem.

In this context, the bancassurance distribution model increasingly connects needs previously addressed separately. When banking, insurance, and financial advisory services are synchronized, users can more conveniently access long-term protection, savings, and financial planning solutions within the same journey.

VIB and Prudential are building a comprehensive financial ecosystem to meet the growing needs of Vietnamese consumers. Photo: VIB

Building on this, bancassurance cooperation models are also shifting towards emphasizing advisory quality, transparency, and user experience. In Vietnam, this trend is evident in many long-standing partnerships that are continuously refined to meet evolving customer expectations. A prime example is the strategic cooperation between Prudential Vietnam (Prudential) and Vietnam International Bank (VIB), which has spanned over a decade.

Recently, the two parties updated their cooperation agreement to enhance advisory quality and experience within the shared financial ecosystem. This move demonstrates Prudential and VIB's efforts to better meet customers' long-term protection, savings, and financial planning needs amidst increasingly diverse financial demands.

Matthew Min, Deputy General Director of Partnership Distribution at Prudential Vietnam, stated that customers today are not just interested in individual insurance solutions but require financial plans that can accompany them throughout various life stages. "Therefore, building on the cooperation established over many years, we expect the combination of Prudential's insurance expertise and VIB's financial ecosystem to provide customers with more suitable and synchronized financial protection solutions during their decision-making process," said Matthew Min.

The uniqueness of the partnership model between the two parties lies not only in its scale but also in its focus on sustainable development and customer-centricity. VIB and Prudential have integrated "contract persistency rate" as a key criterion into their cooperation mechanism. This metric reflects customer satisfaction and the actual value received, rather than solely focusing on sales growth.

Additionally, a Customer Conduct Standards Committee was established in 2023 to oversee advisory quality and ensure that financial solutions are distributed according to the actual needs of each user group. These steps highlight a clear trend in the bancassurance distribution model, where transparency, solution suitability, and advisory quality are crucial criteria for building trust and long-term customer engagement.

Tuong Nguyen, Deputy General Director and Head of Retail Banking at VIB, noted that customer expectations are changing rapidly. They no longer seek individual financial products but desire a seamlessly connected experience, from daily financial management, savings, and investments to future protection. Strengthening the partnership with Prudential is part of VIB's effort to build a more comprehensive financial ecosystem that meets the growing needs of Vietnamese consumers. Both parties aim to enhance advisory quality and customer experience at every touchpoint.

To date, Prudential and VIB have collectively protected nearly 400,000 customers. According to Tuong Nguyen, this achievement demonstrates the effectiveness of a cooperation model built on complementary strengths. While Prudential offers deep expertise in long-term protection and financial planning through insurance solutions, VIB contributes its retail banking platform, digitalization capabilities, and a financial services ecosystem serving millions of customers in Vietnam.

Through the integrated bank-insurance ecosystem, customers can access flexible financial solutions tailored to each life stage, from health protection, financial savings, and long-term investments to retirement plans or wealth transfer solutions for the next generation. The current product portfolio distributed via VIB includes: Pru - Bao ve toi da (universal life insurance), Pru - Dau tu vung tien (unit-linked insurance), and various supplementary insurance products to increase protection as needed.

Hoang Dan

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