HSBC teams with Bao Viet to push keyman insurance products in VN

Keyman insurance is a type of business insurance that compensates a business if a key member is incapacitated.

The two partners have already successfully launched individual insurance plans, including life and non-life products, as well as Marine Cargo insurance services for corporate customers. Property and Keyman insurance services are the next step in offering more options for corporate customers to protect their businesses.

By identifying the various potential and complex risks facing their businesses, owners of buildings, machinery, inventory and other assets can now buy comprehensive coverage policies from HSBC – in addition to replacing income lost as a result of any business interruption.

David Morton, deputy chief executive officer of HSBC in Viet Nam said, "We are pleased to be at the leading edge of the insurance product market for corporate customers in Viet Nam.

"By working with our strategic insurance partner, Bao Viet, to offer tailored and fully comprehensive coverage, we are demonstrating our commitment to providing insurance services and products that fully support the increasing needs of our banking customers.

" Equally important to Property insurance is Keyman insurance. Keyman insurance is designed to insure a business against the loss of a company’s most valuable assets: its key employees. By identifying and estimating the value of its core people – business owners, directors, partners, project managers, or those guaranteeing business loans or banking facilities – a company can take out Keyman Insurance to relieve the financial burden incurred

by their loss. In the event of illness or accident, a fixed monetary sum will be paid as compensation. Nguyen Duc Tuan, Chief Executive Officer of BaoViet Life said, "More and more companies take investment in people seriously, and it’s a fact that both property and key executives are equally important to a business. With this in mind, it’s fitting that we are launching these two new products simultaneously to establish comprehensive protection for our corporate customers in Viet Nam".

Tran Trong Phuc, Chief Executive Officer of BaoViet Insurance, shared the same view, and added, "BaoViet Insurance will continue to co-operate with HSBC to respond to changing corporate needs and offer insurance solutions for today’s dynamic commercial world."