Techcombank Vietnam chooses CoverGo Insurtech to build & launch iTCBLife

Techcombank, one of Vietnam’s largest commercial banks, and CoverGo, leaders in the field of insurance technology, are joining forces to launch a game-changing tool that will streamline Techcombank’s distribution of life insurance products across more than 300 Techcombank branches and 2,000+ users. Introducing iTCBlife, a digital bancassurance platform that empowers customers to have goal based discussion with Techcombank advisors to match life insurance products specific to their needs and get on-boarded seamlessly.

With iTCBlife, Techcombank will now provide a holistic needs based insurance advisory solution to customers and help them with planning their life goals related to child education, retirement and wealth planning. This solution brings digital bancassurance transformation to Techcombank and to the traditional Vietnamese insurance market as a whole. With this digital tool, Techcombank will propel its customer-centric growth strategy by improving service offering, customer experience and increase in productivity.

The unique features of iTCBLife:

iTCBlife digital bancassurance advisory tool provides an engaging customer journey focusing on an excellent user experience & simple design. Key features are:

  • Simplicity – allows customers and advisors to easily find information, calculate needs, compare options, and choose products.

  • Personalization – recommends the right options based on customers’ needs.

  • Convenience – enables an accelerated process by minimizing the number of steps.

Terry Li, Head of Insurance of Techcombank: Vietnam is one of the fastest growing insurance markets in ASEAN propelled by the young population and strong GDP growth. As one of the leading banks, TCB is committed to serve our customers with the best protection advisory service and solution to meet their different needs efficiently. We are very excited to enable our entire branch network with the game changing tool iTCBLife, with firm belief that this will accelerate our customer-centric growth strategy. We are delighted to have CoverGo be our partner and make this innovative idea a reality together.

Pranav Seth, Chief Digital Officer of Techcombank: To achieve our vision of “Change banking, Change lives”, Techcombank is embarking on a customer-centric, data and digital first transformation. With the increasing demand for insurance in a post-pandemic world, digitally augmenting our front line to have personalized conversations with each client is a core priority. Our partnership with CoverGo will enable this experience and builds on our open innovation approach to partner and co-create with leading fintech companies across the globe.

Tomas Holub, CEO of CoverGo: We are very excited to spearhead digital insurance transformation in the Vietnamese insurance market with the introduction of our cutting-edge technology. We find Techcombank to be an ideal partner to drive innovation thanks to the bank’s scale across the country and likeminded goal of providing the best tools and experience to its agents and customers. Techcombank’s agile speed has not only been impressive but allowed us to launch the full solution within three months of commencing our cooperation. We look forward to more collaboration and new product launches in the Vietnamese market in the future.

About Techcombank

Techcombank was established in 1993, just as Vietnam was beginning its transition from a centrally planned to more market-oriented economy.

Starting with only VND 20 billion in charter capital, Techcombank has come a long way and today is Vietnam’s 3rd largest bank by profit. Our success is driven by our strategy of focusing on customers and their evolving needs. The next five years our focus on customers will not change but our products and services will be further enhanced, being enabled by our stronger than ever investments in digitalization, data and talent.

Techcombank’s customers seek autonomy; they own their desire for success on their own terms. Our mission is to lead the digital transformation of the financial industry, enabling individuals, businesses, and corporations to progress and thrive sustainably. We believe a society can only prosper when its people are financially empowered.

We provide a broad range of products and services to over 8.4 million retail and corporate customers in Vietnam. Our extensive network comprises 312 branches and transaction offices across 45 cities and provinces.

About CoverGo

CoverGo is the insurance industry’s first fully configurable, modular, no-code, enterprise-grade insurance platform powered by 500+ insurance APIs to enable digital insurance transformation. It allows insurance companies and banks to overcome their legacy IT systems, adopt omni-channel distribution strategy and streamline policy admin, customer onboarding, and claim processes.

CoverGo has helped insurance organizations of all sizes launch and scale innovative products across all insurance lines faster and at a lower cost, with personalized user experiences to better serve their customers. CoverGo is already working with insurance companies, banks, and delivery partners across three continents.

Published in the news

Asia Insurance Review: Vietnam:Bank and InsurTech forge a relationship for distribution of life insurance

Fintech Finance: Techcombank Vietnam Partners with CoverGo Insurtech to Launch iTCBLife

The Fintech Times: Techcombank Improve Customer Growth by Offering Personalised Insurance Platform: iTCBlife

Fintech News: Techcombank Vietnam partners with CoverGo Insurtech to launch iTCBLife

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