Find direction for IT application in the field of insurance for 2016-2020

Deputy Minister of Finance Tran Van Hieudeliveringa speech at the Vietnam Finance Conference in 2015. Photo: H.V.

In recent years, Vietnam's insurance market has prospered and developed, to meet the increasing requirements of socio-economic conditions, contribute to reducing the burden of the State budget, and stabilize business and production activities of economic entities and people's life through the operations of insurance compensation.

The Department of insurance Management and Supervisioninformed that, in the first 6 months of 2016, total revenue of the insurance market was38.613 billionvnd, up 25.9% over the same periodin 2015. This is the highest growth rate in the last 10 years. Notably, insurers havemobilized long-term funds for the State budget with more than 175,000 billionvnd reinvesting to the economy.

According to this agency assessment, the application of information technology (IT) of insurersis not homogeneous. While foreign insurers were applying IT in business operations and corporate governance, Vietnam insurers’ IT systems generally have not met international standards. The period of 2016 - 2020 is considered as the central stage in completing the objectiveof the insurance marketdevelopment Strategy.

According to the Vietnam insurance market Development Strategy in the period 2011-2020, IT application is considered to be one of the basic solutions to develop the insurance market.

Accordingly, the IT application system will meet the goal of building a common databasestorefor long-term use of the insurance market,with the ability to develop, expand and provide information sufficiently, timely and accurately for responsible agenciesin managing, supervisinginsurance business activities, insurers in corporate governance and their clients in approachingthe insurance products in the fastest way.

After 11 years of successfullyorganizing, the Conference - Vietnam Finance Exhibition 2016 is expected to continue to be a forum forleading experts to discuss, exchange, dialogue and share policies, institutions,management solutions and IT application solutions, especially in the field of insurance.

It is expected that the conference program will include one plenary sessionto provide the overall picture on the status of implementation of the IT application in the insurance sector, especially in the period2016 - 2020. The highlights will be speeches onthe insurance market development Strategy in 2011-2020; IT application in managing the insurance business; and the role of cloud computing technology for the insurance organizations, etc.

There will be twothematic sessions to discussthe policies, andmanagement solutions for the insurance market and IT application in 2016-2020 in this field.

Besides, the Conference, Vietnam Financeexhibition 2016 will introduce modern, optimal IT products and solutions.