BIC, SGIC sign MoU on guarantee insurance services

BIDV’s Insurance Corporation (BIC) and South Korea’s State Government Insurance Corporation (SGIC) have inked a memorandum of understanding (MoU) in guarantee insurance services, the local online Thoi Bao Kinh Te Sai Gon reported October 19.

BIDV’s Insurance Corporation (BIC) and South Korea’s State Government Insurance Corporation (SGIC) have inked a memorandum of understanding (MoU) in guarantee insurance services, the local online Thoi Bao Kinh Te Sai Gon reported October 19.

Under the MoU, BIC and SGIC will cooperate in marketing, product development, training, insurance, compensation and customer services.

The two sides also tied a partnership in re-insurance, in which SGIC committed to be BIC’s re-insurer for its guarantee insurance and credit insurance products.

Guarantee insurance products, despite its popularity in other Asian countries, are still new to Vietnamese people.

BIC have launched guarantee insurance service on trial at all branches from September 2009, including bidding guarantee, guarantee for contract implementation, guarantee for refunding the advanced money, payment and warranty guarantee. – Stoxplus.com

Tags: BIC, guarantee insurance services, SGIC