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CHAPTER 2

FINANCIAL
INSTITUTION

GROUP 1

Quynh Anh Phuong Anh Minh Nhat

Linh Chi Thuy Anh

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PRESENTATION OUTLINE
01 Theory review

02 Article overview

03 Article analysis

04 Conclusion

01
Theory review
1. Financial institution
2. Insurance company
3. Banks: How banks create money
4. Bancassurance

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1. FINANCIAL INSTITUTION

Definition

A financial institution is an establishment that conducts financial

transitions such as investments, loans, and deposits.

Role

They help channel funds from savers to borrowers, facilitate efficient

resource allocation, and support economic growth in general.

Classification
Financial institutions are divided into
two groups

Depository

two groups

Non-depository

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Depository

Depositories are financial institutions that allow consumers

Definition and businesses to deposit money, securities, and other
valuable assets for safekeeping (Kenton, 2023).

Depositories provide security and liquidity in the market.

They use money deposited for safekeeping to lend to
Role others, they invest in other securities, and they provide a
funds transfer system (Kenton, 2023).

Example Commercial banks

Non-depository

Non-depositories are financial institutions that do not

Definition primarily rely on customer deposits for their main income
(Kenton, 2023).

Non-depositories are the middleman between two parties

Role in a financial transaction and do not provide traditional
depository services.

Example Insurance companies

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2. INSURANCE COMPANY

DEFINITION

An insurance company is a financial intermediary that offers direct insurance or

reinsurance services, providing financial protection from possible hazards in the
future (European Central Bank, 2022).

Insurance policies

premium deductible policy limits

Customers pay regular premiums, and if covered events occur, the

insurance company covers costs (within policy limits) (Kagan, 2023).

Financial risk Health

Life Insurance services Home

Shop company Vehicles

Products

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3. COMMERCIAL BANKS

Commercial banks are financial institutions that offer full

banking services to individuals and businesses.

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Loans and Credit

Facilities

Deposit Accounts
Investment
(Storing money &
Products
earning interest)

SERVICES
OF COMMERCIAL BANKS

Insurance
Other services
Products

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Safe deposit boxes

Foreign exchange

Other services Financial planning

Trade finance

Online and mobile banking

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4. BANCASSURANCE

Bancassurance is an arrangement between a bank and an insurance company

through which the insurer can sell its products to the bank's customers
(CFI Team, 2023)

This partnership arrangement can be profitable for both companies

15

This partnership arrangement can be profitable for both companies

The bank earns a fee amount Insurance firm increases

(non-interest income) from the its market reach and
insurance company apart from customers
the interest income

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ALL OVER THE WORLD

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Especially in the Asia-pacific region

The research and consulting firm IMARC Group says
the global bancassurance market reached a value of
$1.268 trillion in 2021
(Banton, 2023)

VIET NAM
Selling insurance products is also a golden egg for banks

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THE INSURANCE ASSOCIATION OF VIETNAM (IAV)

2022
more than a million life insurance policies were
distributed via the bancassurance channel

46%

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Example of Bancassurance partnership in Vietnam

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Example of Bancassurance partnership in Vietnam

The exclusive Bancassurance partnership

between Prudential Vietnam and VIB is extended
until 2036

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Example of Bancassurance partnership in Vietnam

Techcombank and Manulife Techcombank and Manulife

Vietnam in 2017 entered into an exclusive 15-year
bancassurance agreement.

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The report on socio-economic development in the third quarter and first nine months of 2023
General Statistics Office (GSO)

insurers are meeting difficulties because of state management

agencies’ tighter control over bancassurance

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02
Article overview
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1. Title
How insurance policies become banks' golden egg

2. Author
Minh Son
3. Source
Son, M. (2023, February 24). How insurance
policies become banks’ golden egg. VnExpress
International.
https://e.vnexpress.net/news/business/data-
speaks/how-insurance-policies-become-banks-
golden-egg-4574139.html

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4. Article summary
The article “How Insurance Policies Become Banks' Golden Egg” by Minh Son paints a
nuanced portrait of bancassurance in Vietnam. While acknowledging its undeniable
advantages, Son raises critical concerns about its potential pitfalls and advocates for
responsible practices to ensure its long-term sustainability. The article opens by
highlighting the meteoric rise of bancassurance, a mutually beneficial partnership
between banks and insurers. By citing data and figures, the author has indicated how
banks reap substantial commissions from selling insurance alongside loans and
deposits, making it their second-largest revenue stream while insurers gain access to a
vast customer base through banks, substantially boosting their sales. A prime example
would be MB Bank, which leads the pack with over VND10 trillion in annual insurance
revenue, and Vietcombank boasts a $400 million exclusive deal with FWD. However, this
win-win model has a dark side. Customers complain of feeling pressured into buying
insurance to secure loans, with bank employees pushing policies worth millions for
relatively small loans. Banks incentivize aggressive sales with hefty bonuses, leading to
accusations of mis-selling and confusion among customers. As insurance revenue
booms, the Ministry of Finance warns against forced sales and lack of transparency,
urging banks to respect the "voluntary" principle in insurance agreements

(204 words)

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5. Glossary

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Translation and meaning in

Terms & Concepts Pronunciation
Vietnamese
Phân phối bảo hiểm qua
Bancassurance (n) /ˌbæn.kəˈʃʊər.əns/
kênh ngân hàng

Insurance policy (n) /ɪnˈʃɔː.rəns ˌpɒl.ə.si/ Hợp đồng bảo hiểm

Premium (n) /ˈpriː.mi.əm/ Phí bảo hiểm

Loan (n) /ləʊn/ Khoản vay

Lender (n) /ˈlen.dər/ Bên cho vay

Insurer (n) /ɪnˈʃɔː.rər/ Bên cung cấp bảo hiểm

Depository institution (n) /dɪˈpɒz.ɪ.tər.i, ˌɪn.stɪˈtʃuː.ʃən/ Tổ chức nhận tiền gửi

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Translation and meaning in

Terms & Concepts Pronunciation
Vietnamese
Tổ chức tín dụng phi ngân
Non-depository institution (n) /nʌn, dɪˈpɒz.ɪ.tər.iˌɪn.stɪˈtʃuː.ʃən/
hàng

Financial intermediary (n) /fɪˈnænʃəl ɪnˈtərmiːdiərɪ/ Định chế tài chính trung gian

Reinsurance service (n) /ˌriːɪn.ʃʊər.əns ˈsɜːrvɪs/ Dịch vụ tái bảo hiểm

Policyholder (n) /pɑː.lɪsɪˌhoʊ.ldə(r)/ Chủ hợp đồng bảo hiểm

Pooling risk (n) /ˈpuːlɪŋ ɹɪsk/ Chịu chung rủi ro

Mortgage (n) /ˈmɔː.ɡɪdʒ/ Thế chấp

Safe deposit box (n) /ˈseɪf dɪˌpɒz.ɪt ˌbɒks/ Hộp ký gửi an toàn

Denounce (v) /dɪˈnaʊns/ Tố cáo

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PRESENTATION OUTLINE
01 Theory review

02 Article overview

03 Article analysis

04 Conclusion

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03
Article analysis

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Objectives

Advantages Disadvantages
of Bancassurance of Bancassurance

Recommendations

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Advantages of Bancassurance

A win-win for both lenders and insurers

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Advantages of Bancassurance

INSURANCE COMPANIES BANKS CUSTOMERS

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INSURANCE COMPANIES

Achieve more sales through the Increase operational efficiency

distribution network of banks and reduce costs
(Joshi, 2023)
(Dichevska et al., 2018)

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Advantages of Bancassurance

INSURANCE COMPANIES BANKS

CUSTOMERS

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Urge their customers to make deposits or acquire loans

(Son, 2023)

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Gain big from the commission of successful sales

(Son, 2023)

Profits from bancassurance rank second behind lending

Banks can earn extra income by selling insurance services in large volumes

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In 2022

l0 trillionVND from insurance revenue

Insurance accounted for 70% of MB’s revenue

from services

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Gain big from the commission

of successful sales (Son, 2023)

Reduce the reliance of banks

on interest rates from loans
(Dichevska et al., 2018)

Provide product variety

(CFI Team, 2023)

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Advantages of Bancassurance

INSURANCE COMPANIES BANKS

CUSTOMERS

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Convenience

Concessionary price rates (Dichevska et al., 2018)

A support system Financial advisors

CUSTOMERS
Bank employees

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Disdvantages of Bancassurance

INSURANCE COMPANIES CUSTOMERS

BANKS

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Increase dependence on banks

(Banton, 2023)

Report the law violations of insurers

(Chung, 2023)

INSURANCE COMPANIES

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In June 2023, the Ministry of Finance (MOF) released a report on the results
of the inspections at four life insurance companies

They did not They did not Bank officers

They did not
strictly follow collect exact did not
ensure the
the information observe the
quality of the
procedures from clients regulations
consultancy
for selling during the on using
on insurance
insurance consultancy insurance
policies.
policies process agent codes.

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Face pressure

Face the possibilities of negative

brand image

Scrutiny from authority

BANKS

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Being forced to buy insurance policies

when applying for loans

Susceptible to scams

CUSTOMERS

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Being forced to buy insurance policies when

applying for loans

HAVE TO BUY

for a VND2 billion loan an insurance policy of VND60 million

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The lengthy and complicated

nature of contracts

Susceptible to scams

Customers’ inexperience

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Product comprehension

Evaluation of necessity

Comparison strategies

RECOMENDATIONS
Credibility assessment

Reviews and further inquiries

Customer service and support system

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CONCLUSIONS

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financial institutions

insurance companies

KEY CONCEPTS
banks

bancassurance

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Insurance companies

THE BENEFITS

Banks

THE DRAWBACKS
Customers

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THE BENEFITS

Insurance companies Banks Customers

Increased sales Increased commissions Convenience

Increased operation Reduced dependence Cost savings

efficiency on interest rates

Diversified product range Personalized support

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THE DRAWBACKS

Insurance companies Banks Customers

Risk of losing Sales pressure Forced insurance

independence purchases
Reputational risks
Misconducts and Susceptibility
law violations Regulatory scrutiny to scams

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REFERENCE

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REFERENCE

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REFERENCE

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REFERENCE

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EXERCISE 1

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1. Bancassurance is an __________between a ______ and an ______through

which the insurer can sell its products to the bank's customers.

A. Arrangement, bank, insurance company

B. Cooperation, bank, insurance companies

C. Commitment, bank, insurance companies

D. Agreement, insurer, insurance company

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1. Bancassurance is an __________between a ______ and an ______through

which the insurer can sell its products to the bank's customers.

A. Arrangement, bank, insurance company

B. Cooperation, bank, insurance companies

C. Commitment, bank, insurance companies

D. Agreement, insurer, insurance company

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2. Financial institutions are divided into ____ groups.

A. 5

B. 2

C. 4

D. 3

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2. Financial institutions are divided into ____ groups.

A. 5

B. 2

C. 4

D. 3

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3. Which statement best summarizes the advantage of

bancassurance for achieving more sales?

A. Banks can endorse specific insurance products to their customers

B. The bank's distribution network provides access to a new market.

C. Bancassurance eliminates the need for insurance marketing altogether.

D. Bancassurance eliminates the need for insurance marketing altogether.

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3. Which statement best summarizes the advantage of

bancassurance for achieving more sales?

A. Banks can endorse specific insurance products to their customers

B. The bank's distribution network provides access to a new market.

C. Bancassurance eliminates the need for insurance marketing altogether.

D. Bancassurance eliminates the need for insurance marketing altogether.

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4. What specific violations were found among insurance

consultancy agents involved in bancassurance in Vietnam in June
2023?

A. Not strictly follow the procedures for selling insurance policies.

B. Not ensure the quality of the consultancy on insurance policies.

C. Not collect exact information from clients during the consultancy

process

D. All of the above.

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4. What specific violations were found among insurance

consultancy agents involved in bancassurance in Vietnam in June
2023?

A. Not strictly follow the procedures for selling insurance policies.

B. Not ensure the quality of the consultancy on insurance policies.

C. Not collect exact information from clients during the consultancy

process

D. All of the above.

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5. Which statement does BEST summarize the drawbacks of

bancassurance?

A. Banks may pressure customers to buy unsuitable insurance.

B. Insurance companies may lose control over their brand and distribution.

C. Bank-trained agents may lack sufficient insurance expertise to consult

customers.

D. All of the above.

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5. Which statement does BEST summarize the drawbacks of

bancassurance?

A. Banks may pressure customers to buy unsuitable insurance.

B. Insurance companies may lose control over their brand and distribution.

C. Bank-trained agents may lack sufficient insurance expertise to consult

customers.

D. All of the above.

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EXERCISE 2

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mortgage cancellation premiums bank

policyholder intermediary insurance policy

1. When looking for a new __________, consider consulting an independent __________.

2. Remember to review your __________ regularly to ensure it provides adequate coverage.

3. They were forced to give up their home because they couldn't pay the __________.

4. Missing __________ payments can jeopardize your coverage and lead to policy __________.

5. Some __________ products offer bundled insurance options for convenience and savings.

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mortgage cancellation premiums bank

policyholder intermediary insurance policy

1. When looking for a new insurance policy consider consulting an independent intermediary

2. Remember to review your insurance policy regularly to ensure it provides adequate coverage.

3. They were forced to give up their home because they couldn't pay the mortgage.

4. Missing premiums payments can jeopardize your coverage and lead to policy cancellation.

5. Some bank products offer bundled insurance options for convenience and savings.

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TRANSLATION
CÁCH HỢP ĐỒNG BẢO HIỂM TRỞ THÀNH
“GÀ ĐẺ TRỨNG VÀNG” CỦA CÁC NGÂN HÀNG

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Selling insurance products fetch banks trillions of Vietnamese dong (VND1 trillion = $42
million) in revenues each year, but with this comes dissatisfaction from customers who
say they are "forced" to pay premiums to acquire loans.

Mỗi năm, việc bán sản phẩm bảo hiểm đem về hàng nghìn tỷ đồng (1 nghìn tỷ đồng = 42
triệu USD) cho các ngân hàng doanh thu. Tuy nhiên, nhiều khách hàng cũng bày tỏ sự
mất thiện cảm khi cho rằng mình bị "ép buộc" phải trả phí bảo hiểm để vay vốn.

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At the end of 2017, Vietnamese lender Sacombank and Japanese insurer Dai-ichi Life
signed an exclusive bancassurance deal with a record-long duration of up to 20 years.
Bancassurance is an arrangement between a bank and an insurance company through
which the insurer can sell its products to the bank's customers.

Cuối năm 2017, ngân hàng cho vay Sacombank tại Việt Nam và công ty bảo hiểm Dai-ichi
Life của Nhật Bản đã ký hợp đồng Phân phối bảo hiểm qua kênh ngân hàng
(bancassurance) độc quyền với thời hạn dài kỷ lục lên tới 20 năm. Phân phối bảo hiểm
qua kênh ngân hàng (Bancassurance) là một thỏa thuận liên kết giữa ngân hàng và công
ty bảo hiểm, trong đó công ty bảo hiểm có thể cung cấp sản phẩm của mình cho khách
hàng của ngân hàng.

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Since then many lenders in Vietnam have signed exclusive deals with insurers to sell
their products through such a business arrangement. The list of major partnerships
include Techcombank and Manulife, VPBAnk and AIA Vietnam, ACB and Sun Life
Vietnam, MSB and Prudential, Vietcombank and FWD and SHB and Dai-ichi Vietnam.

Những năm sau đó, nhiều tổ chức cho vay ở Việt Nam đã ký các thỏa thuận kinh doanh
độc quyền với các công ty bảo hiểm để phân phối sản phẩm bảo hiểm. Những thương vụ
lớn này bao gồm Techcombank và Manulife, VPBAnk và AIA Việt Nam, ACB và Sun Life
Việt Nam, MSB và Prudential, Vietcombank và FWD, và SHB và Dai-ichi Việt Nam.

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The bancassurance arrangement has been growing in Vietnam as it is a win-win for both
lenders and insurers.

Phương thức liên kết Phân phối bảo hiểm qua kênh ngân hàng đang trên đà phát triển ở
Việt Nam bởi đặc điểm đôi bên cùng có lợi đối với cả bên cho vay lẫn bên cung cấp bảo
hiểm.

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Insurers can approach a large customer base at banks, while banks take advantage of
insurance policies to urge their customers to make deposits or acquire loans. Most banks
task their employees with selling these policies to customers under the supervision and
quality control of the insurers.

Các tổ chức bảo hiểm được tiếp cận một lượng khách hàng lớn thông qua hệ thống
ngân hàng, trong khi các ngân hàng lại có thể tận dụng chính sách bảo hiểm để thôi
thúc khách hàng gửi tiền hoặc vay vốn. Phần lớn các ngân hàng phân công nhiệm vụ
bán hợp đồng bảo hiểm cho khách hàng cho nhân viên dưới sự giám sát và kiểm soát
chất lượng của công ty bảo hiểm.

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In the first half last year, revenues from bancassurance accounted for 41% of total
revenues from new insurance contracts. The ratio is forecast to reach 50% soon, which
means banks will overcome insurance companies’ salespeople as the main revenue
contributor for insurers.

Trong nửa đầu năm 2022, doanh thu qua Phân phối bảo hiểm qua kênh ngân hàng đã
chiếm 41% tổng doanh thu khai thác hợp đồng mới của doanh nghiệp bảo hiểm. Tỷ lệ
này được dự báo sẽ sớm đạt tới 50%, giúp ngân hàng vượt qua các đại lý khác để trở
thành kênh kiếm tiền chủ lực cho các công ty bảo hiểm.

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Banks, in turn, gain big from the commission of successful sales. In fact, profits from
bancassurance rank second behind lending for many lenders.

Nhờ vậy, các ngân hàng sẽ được chi trả lợi nhuận hoa hồng cao từ việc bán sản phẩm.
Trên thực tế, lợi nhuận từ mảng này với nhiều ngân hàng hiện chỉ đứng thứ hai sau hoạt
động cho vay.

Lender MB is leading the sector in terms of bancassurance revenues, even though it does
not have an exclusive deal with any insurer. The bank is the majority shareholder in two
insurers, MIC and MB Ageas Life, which cover both life and non-life insurance.

Hiện tại, MB đang là cái tên dẫn đầu về doanh thu Phân phối bảo hiểm qua kênh ngân
hàng, mặc dù ngân hàng này chưa có thỏa thuận độc quyền phân phối với bất kỳ công ty
bảo hiểm nào. MB là cổ đông chính của hai công ty bảo hiểm MIC và MB Ageas Life, cung
cấp bảo hiểm ở cả hai phân khúc nhân thọ và phi nhân thọ.

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Last year, MB recorded over VND10 trillion from insurance revenue, up 20% year-on-year,
and nearly double from 2020. Insurance accounted for 70% of MB’s revenue from
services.

Ở năm vừa rồi, MB đã ghi nhận từ doanh thu bảo hiểm vượt ngưỡng 10 nghìn tỷ đồng,
tăng 20% so với cùng kỳ và gần gấp đôi so với năm 2020. Mảng kinh doanh bảo hiểm
chiếm 70% thu nhập từ dịch vụ của MB.

Private lender VPBank posted over VND3.3 trillion from insurance last year, up 40% from
2021, accounting for 30% of revenue from services.

Ngân hàng cho vay tư nhân VPBank đã ghi nhận hơn 3,3 nghìn tỷ đồng từ bảo hiểm vào
năm trước, tăng
Techcombank 40%
saw so với from
revenue năm insurance
2021 và chiếm
risinghơn 30%
12.4% tổng thutrillion
to VND1.75 từ mảng last dịch
year.vụ của
ngân hàng.
Techcombank chứng kiến doanh thu từ hợp tác bảo hiểm tăng 12,4%, lên tới 1,75 nghìn tỷ
đồng trong năm 2022.

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Techcombank saw revenue from insurance rising 12.4% to VND1.75 trillion last year.

Techcombank chứng kiến doanh thu từ hợp tác bảo hiểm tăng 12,4%, lên tới 1,75 nghìn tỷ
đồng trong năm 2022.

HDBank did not release its insurance revenue for all of last year, but in the first six
months it saw the figure double year-on-year to VND1 trillion.

HDBank, tuy không công bố con số doanh thu bảo hiểm cụ thể của cả năm 2022, nhưng
trong 6 tháng đầu năm đã chứng kiến doanh thu từ hoạt động môi giới bảo hiểm đem
về 1 nghìn tỷ đồng, tăng gấp đôi so với cùng kỳ.

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Analysts of Rong Viet Securities said that HDBank’s revenue came from selling products
of Dai-ichi Life and FWD. They added that if the lender is able to sign an exclusive deal
with an insurer, the value of the deal could be equal to that of big private and state-
owned lenders.

Giới phân tích của Công ty Chứng khoán Rồng Việt cho rằng, doanh số của HDBank đến
từ việc bán sản phẩm của Dai-ichi Life và FWD. Đồng thời, nếu người cho vay có thể ký
thỏa thuận với một đối tác chiến lược độc quyền, giá trị của thỏa thuận còn có thể ngang
bằng với các các ngân hàng tư nhân lớn và ngân hàng quốc doanh.

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Among state-owned banks, Vietcombank’s exclusive partnership with FWD for 15 years is
worth $400 million, the biggest value in bancassurance deals in Vietnam to date.

Trong số các ngân hàng nhà nước, quan hệ hợp tác độc quyền của Vietcombank với
FWD trong 15 năm, trị giá 400 triệu USD, đã đạt giá trị cao nhất trong các thương vụ
Phân phối bảo hiểm qua kênh ngân hàng tại Việt Nam cho đến nay.

Vietcombank leaders told a general meeting in 2021 that bancassurance brought the
lender nearly VND3 trillion that year.

Tại phiên họp cổ đông thường niên năm 2021, ban lãnh đạo Vietcombank cho biết Phân
phối bảo hiểm qua kênh ngân hàng đã mang lại cho người cho vay gần 3 nghìn tỷ đồng.

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However, as banks make more money from bancassurance, issues with customers are
also rising.

Tuy nhiên, đi cùng với việc kiếm được nhiều lợi nhuận hơn từ Phân phối bảo hiểm qua
kênh ngân hàng, các vấn đề với khách hàng của nhiều tổ chức cũng ngày càng gia tăng.

With high revenues comes big pressure for bank employees to meet their sales targets,
and many bank customers have been complaining that they are forced to buy insurance
policies when applying for loans.

Với doanh thu cao kéo theo áp lực lớn đối với nhân viên giao dịch trong việc đạt chỉ tiêu
về mặt doanh số. Đồng thời, nhiều khách hàng lại phàn nàn rằng họ bị buộc phải mua
bảo hiểm khi đăng ký vay.

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"This is not compulsory, but if you buy an insurance policy your chances of getting the
loan will be greater and it will be easier for me to convince my boss," a bank employee
told a customer who was applying for a loan last November.

"Đây không phải là điều kiện bắt buộc, nhưng nếu anh/chị mua kèm bảo hiểm thì khả
năng được giải ngân sẽ nhanh hơn, và bọn em cũng sẽ dễ thuyết phục sếp hơn", một
nhân viên tín dụng tư vấn với khách vay mua nhà khi làm hồ sơ vào tháng 11/2022.

The employee said that for a VND2 billion loan, the customer should buy an insurance
policy of VND60 million.

Theo nhân viên này, khoản vay hơn 2 tỷ đồng nên được mua thêm với bảo hiểm có giá trị
tới 60 triệu đồng

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To encourage employees to sell more insurance policies, banks are not hesitant in giving
out big bonuses.

Để thúc đẩy nhân viên bán thêm hợp đồng bảo hiểm, các ngân hàng không ngần ngại
đưa ra những khoản thưởng hoa hồng lớn.

MB, for example, spent over VND1.8 trillion in commissions for insurance sales last year.
VPBank spent VND1 trillion.

Chẳng hạn, trong 2022, MB đã chi hơn 1,8 nghìn tỷ đồng tiền hoa hồng cho việc môi giới
bảo hiểm. Với VPBank, khoản tiền này lên tới 1 nghìn tỷ đồng

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The Ministry of Finance repeatedly gave warnings about this trend. It said that many
bank employees force customers to buy insurance policies without giving them
sufficient information, making them confused between making deposits and buying
policies.

Bộ Tài chính nhiều lần đưa ra cảnh báo về xu hướng này. Nhiều nhân viên ngân hàng ép
khách hàng mua hợp đồng bảo hiểm mà không cung cấp, tư vấn đầy đủ thông tin, khiến
một số khách hàng nhầm lẫn giữa việc gửi tiền cọc (sản phẩm ngân hàng) và mua hợp
đồng (sản phẩm bảo hiểm).

This violates the "volunteer" principle which is stated in legal documents related to the
insurance business, it added.

Hoạt động này đã vi phạm nguyên tắc "tự nguyện" được quy định tại các văn bản pháp
luật liên quan tới kinh doanh bảo hiểm.

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THANKS FOR LISTENING

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