Friday, November 24, 2017

Sun Life inks insurtech deal with Vietnam’s GOFS

Sun Life Financial of Canada has forged a three-year insurtech partnership with Global Online Financial Solutions (GOFS), the operator of Vietnam’s first digital bank Timo.

The three-year partnership deal comes as Sun Life Financial acquired 25% stake in Crescent Asia Limited, the holding company of GOFS.

In a statement, Sun Life said the partnership will be implemented directly through the insurer’s Vietnam-based unit.

The partnership will allow Timo to offer life and health insurance products to its members.

It also allows Timo members to apply for Sun Life Vietnam’s products directly in the Timo mobile app or be referred to a Sun Life advisor.

The collaboration with Timo will reinforce Sun Life’s growth across Asia through new ways of distribution, said Sun Life Financial Asia president Kevin Strain.

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