Entering Vietnam’s general insurance market
Allianz announces its intention to enter the general insurance sector in Vietnam through a digital joint venture to be set up with the FPT Group – driving long-term success in the market and expanding Allianz’s footprint in Asia.
FPT is a pioneer in digital transformation and delivers world-class services in Smart factory, Digital platforms, RPA, AI, IoT, Enterprise Mobility, Cloud, AR/VR, Embedded Systems, Managed services, Testing, Platform modernization, Business Applications, Application Services, BPO, and more.
Expanding the market
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.
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.
sergio Balbinot, Member of Board Management, Allianz SE, said, “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. 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.”
Dr. Truong Gia Binh, Founder & Executive Chairman of FPT Group, said, “FPT and Allianz are the perfect match to address the needs of the growing Vietnam market. 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.”
George Sartorel, Regional Chief Executive, Allianz Asia Pacific, said, “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. 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.”