Allianz announces its intention to enter the general insurance sector in Vietnam through a digital joint venture (JV) to be set up with the FPT Group – driving long-term success in the market and expanding Allianz’s footprint in Asia.
FPT Group, as the strategic technology partner, will support Allianz in the fast-growing Vietnamese insurance market to develop innovative digital insurance products and services to meet the protection needs of local customers.
The memorandum of understanding (MOU) proposes bringing the two complementary businesses together, with Allianz providing expertise and advice on best practices in insurance product customization, financial technology, and asset management, explained Allianz. On the other hand, FPT will provide access to its distribution channels and affiliates, advise and assist Allianz with local market knowledge, and connect the firm with FPT’s subsidiaries and partners.
The MOU details both Allianz and FPT Group’s intention to enter into a joint-venture agreement for the establishment of a newly incorporated general insurance company in Vietnam. In line with local regulations, regulatory approval will be sought at the appropriate time, said Allianz.
The MOU signing ceremony took place on the sidelines of the World Economic Forum in Davos and was attended by Prime Minister of Vietnam Nguyen Xuan Phuc, Allianz SE Board Member Sergio Balbinot, and FPT’s Founder & Executive Chairman Dr. Truong Gia Binh.
“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,” said Balbinot. “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 and Allianz are the perfect match to address the needs of the growing Vietnam market,” said Gia Binh, founder & executive chairman of FPT Group, said Binh.
“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,” Binh added. “Our partnership is exciting for the future growth potential of Vietnam, and we look forward to many successes.”
“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, 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,” Sartorel continued. “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.”
As a leading IT corporation in Vietnam with more than 10 years of experience in the insurance industry, FPT is well-placed to assist clients with end-to-end services, which are trusted by customers worldwide, said Allianz.
Vietnam is one of the fastest growing economies in Asia, said Allianz, noting that its general insurance market is expected to experience robust growth. Combined with Vietnam’s high internet and mobile penetration, the country is well placed for increased access to digital insurance solutions.
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