Global insurer Allianz has announced its intention to enter the general insurance sector in Vietnam through a digital joint venture (JV) to be set up with the IT services group 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 insurance market in Vietnam to develop innovative digital insurance products and services to meet the protection needs of local customers.
Both sides signed a Memorandum of Understanding (MOU) proposing to bring the two complementary businesses together, with Allianz providing expertise and advice on best practices in insurance product customisation, financial technology, and asset management. 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 JV agreement for the incorporation of a new general insurance company in Vietnam. In line with local regulations, regulatory approval will be sought at the appropriate time, the two sides said in a joint statement.
Headquartered 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.
Vietnam is one of the fastest growing economies in Asia, with a general insurance market which 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.