Allianz has unveiled plans to enter the general insurance sector in Vietnam through a digital joint venture with Vietnam-based reseller FPT Group.
"FPT and Allianz are the perfect match to address the needs of the growing Vietnam market,” said Dr Truong Gia Binh, founder and executive chairman of FPT Group, when speaking on the sidelines of the World Economic Forum in Davos.
"Allianz has the protection expertise to provide accessible and innovative insurance services, while FPT provides the local knowledge and a digital network reaching an expanding, educated and youthful population.
"Our partnership is exciting for the future growth potential of Vietnam, and we look forward to many successes."
This joint venture will see FPT Group support Allianz in entering the fast-growing insurance market in Vietnam through the development of digital insurance products and services to meet the protection needs of local customers.
The agreement proposes bringing the two complementary businesses together, with Allianz providing expertise and advice on best practices in insurance product customisation, financial technology, and asset management.
On the other hand, FPT will provide access to its distribution channels and affiliates, while advising and assisting Allianz with local market knowledge, in addition to connecting the firm with its subsidiaries and partners.
“We are delighted to embark on the next stage of our partnership with FPT Group at an exciting time for the development of the Vietnamese economy,” added Sergio Balbinot, member of board management at Allianz SE. “Allianz is well-placed to support the protection needs of local consumers by delivering innovative digital insurance solutions for a demographic ready to adopt them."
FPT brings more than 10 years of experience in Vietnam’s growing insurance industry to the table, assisting clients with end-to-end services and a growing ecosystem of partners and technological expertise.
Vietnam is considered one of the fastest growing economies in Asia, and combined with the country’s high internet and mobile penetration is well placed for increased access to digital insurance solutions.
“Today’s announcement outlines our intention to expand Allianz’s world-leading digital insurance products and services into Vietnam – a key emerging market and one of the fastest growing economies in Asia,” said George Sartorel, regional chief executive at Allianz Asia Pacific.
“FPT is the right partner for Allianz to enhance its ability to build a strong market position in the country, and further underscores our ambitious growth strategy in the wider region.
“We look forward to contributing to the continued development of Vietnam’s fast-growing insurance sector, boosting financial inclusion for the under-protected, and reaching an expanding pool of digitally-minded consumers."