Techcombank has shifted from selling insurance for foreign partners to developing its own life insurance products through Techcom Life Insurance Company (TCLife). This not only opens up an insurance model tailored to Vietnamese needs but also promises innovation in the industry, akin to its pioneering financial products. Techcombank aims to offer all financial services at a “one-stop shop”, from savings to insurance, while leveraging data and AI analysis for product customization. It is projected that by 2030, Vietnam’s middle class will reach 50 million, increasing demand for insurance and investment. TCLife is set to create a stable funding channel while anticipated insurance payouts will increase by 25% by 2024, affirming the importance of insurance in society. With penetration of life insurance still low, TCLife is expected to enhance customer experience and rejuvenate the sector towards sustainable development.
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