Ho Chi Minh City, 26 September 2022 – Chubb Life Vietnam and Medici Insurance Technology Joint Stock Company (Medici) today announce they have signed a strategic partnership agreement. The new partnership gives Medici’s customers access to Chubb Life Vietnam’s insurance products, diversifying Chubb Life Vietnam’s distribution channels and allowing Medici to significantly expand its portfolio of life insurance products and health services.
Under this partnership framework, Medici – a technology firm endeavoring to provide accessible, trustable, and affordable life insurance products and healthcare services to every Vietnamese – has been appointed as Chubb Life’s non-exclusive corporate agency meaning Medici will work closely with Chubb Life Vietnam to facilitate training activities, create, support, and promote business, helping Medici's nationwide sales team quickly master Chubb Life Vietnam's products, thereby distributing Chubb Life Vietnam's solutions (including Senior Universal Life, Premier Choice Universal Life, Premier Youth Universal Life and Chubb Care) to Medici’s existing customers and a wider range of new customers throughout Vietnam.
According to the statistics from the Insurance Association of Vietnam, as of 2021, only around 11% of the population has life insurance protection. However, the demand for life insurance has seen double-digit growth in both new premiums and contracts over recent years. This demand is driven by the increased awareness of life insurance and the need for more comprehensive health and financial insurance protection due to the uncertainties people have experienced during the global pandemic. The partnership of Chubb Life Vietnam and Medici is a response to that need, it will make life insurance more easily accessible as Chubb Life’s superior life insurance products are made more widely available through Medici’s system of professional consultants and advanced technology platform which provides the customers with a seamless experience.
«Our goal is to deliver the true value of life insurance through the right distribution channels. At Chubb Life Vietnam, we select our partners very carefully and our new partnership agreement with Medici is a perfect example of our well-thought-out process. We believe Medici's experienced team of professionals, modern business model, and solid technology foundation will complement Chubb Life Vietnam in accelerating our plan to bring more life insurance protection to Vietnamese customers.» said Mr. Nguyen Hong Son, Country President of Chubb Life Vietnam.
From Medici, Mr. Ngo Duc Anh, Founder and CEO of Medici said: «The partnership with Chubb Life Vietnam – a member of Chubb Group, one of the world's leading insurance companies, is one of Medici's strategic steps in diversifying our portfolio with market-leading life insurance products. Chubb Life Vietnam's digital platforms will support our team in improving the efficiency of consultations, care and support to settle claims for our customers. We believe this partnership will help both parties achieve their shared vision of protecting millions of Vietnamese families.»
Health and a solid financial foundation have always been the key concerns for Vietnamese families, especially after the events of the Covid-19 pandemic. And this strategic partnership is a strong demonstration of the common values that Chubb Life Vietnam and Medici share. The new partnership will help bring life insurance closer to customers of Medici so they can live their lives with confidence, offering the support of good health protection and safeguarding strong financial standing.
-Ends-
About Chubb Life in Vietnam
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 34,000 people worldwide. Additional information can be found at: www.chubb.com
Chubb Life is the international life insurance division of Chubb. In Asia, Chubb Life operates in Hong Kong SAR, Indonesia, Korea, Myanmar, Taiwan, Thailand and Vietnam, and participates in a joint-venture in China. Chubb Life has been in Vietnam since 2005, and launched its Fund Management Company (Chubb Life Fund Management Company Limited) in 2013. To meet the financial protection and security needs of its broad range of customers, Chubb Life in Vietnam (Chubb Life Insurance Vietnam Company Limited) offers a range of life protection, health, savings, and investment-linked insurance solutions through its agents and its wide network of offices.
Additional information can be found at: https://life.chubb.com/vn
About Medici
Medici is a technology firm endeavoring to provide accessible, trustable, and affordable insurance and healthcare services to every Vietnamese. Medici’s ecosystem embraces the entire customers' protection and care journey with a nationwide insurance and healthcare partner network over 37 branch offices across almost 40 provinces in Vietnam. Medici has been invested by prestigious regional venture capitals known as Jungle Ventures, Insignia Ventures Partners, and Wavemaker Partners.