Improve processes and enhance experience to rebuild trust in life insurance

VCN - In Vietnam, the space and potential of the life insurance industry is still very large, so it is necessary to focus on implementing new solutions, improving product quality, and helping the market develop sustainably.
How much do banks make from selling insurance? How much do banks make from selling insurance?
Investment business of insurance enterprises are managed more strictly Investment business of insurance enterprises are managed more strictly
Insurance market maintains growth momentum Insurance market maintains growth momentum
Improve processes and enhance experience to rebuild trust in life insurance
Workshop "Rebuilding trust in the Life Insurance industry: Vision and solutions".

Life insurance benefit payouts rose by 35% in the first quarter

According to report from the Ministry of Finance on the insurance market, total insurance premium revenue in the first four months of the year is estimated at VND71.2 trillion, down 3.9% over the same period last year. By the end of April 2024, total assets of insurance businesses are estimated at VND942.7 trillion, a year-on-year increase of 8.8%; investment back into the economy is estimated at VND781.9 trillion, up 8.5% year-on-year.

Speaking at the Workshop "Rebuilding trust in the Life Insurance industry: Vision and solutions" organized by the Vietnam Insurance Association on May 16, the association’s chairman Mr. Nguyen Xuan Viet, said member businesses of the association highly appreciate solutions from management agencies to overcome shortcomings and limitations of the market, helping the market develop healthily and sustainably.

According to data from the Vietnam Insurance Association, as of March 2024, total assets of the entire life insurance industry are estimated to reach VND 801,307 billion, an increase of 9.1% over the same period last year. Notably, total insurance benefit payouts in the first quarter of 2024 reached VND 15,483 billion, an increase of 35% compared to the same period in 2023.

According to many assessments, the current legal framework for insurance business in Vietnam has been fully and synchronously formed, ensuring an open, transparent and equal legal environment.

In particular, the Law on Insurance Business 2022 was passed by the National Assembly on June 16, 2022 and takes effect from January 1, 2023, along with guiding documents, decrees, and circulars to create the basis for a transparent and professional Vietnamese insurance market.

Improving contracts, enhancing customer experience

Sharing more about the impact of insurance on economic development in Vietnam, Ms. Wai-duen Lee, Deputy Director of PwC Hong Kong commented that affordability and demand for health care products and insurance in Vietnam is increasing.

Therefore, to take advantage of the above opportunity, regarding solutions to develop a safe and healthy insurance industry, Mr. Ngo Trung Dung, Deputy Secretary General of the Vietnam Insurance Association, said that solutions have been implemented including improving products to make them easier to understand and more accessible to people; the professional processes of appraisal and issuance of insurance contracts have been improved by many businesses to enhance transparency and customer experience.

According to analysis by PwC experts, the insurance industry plays an important role in maintaining the stability of the financial system as large investors in the financial market, with close links with banks and other financial institutions and contribute to protecting the stability of the balance sheets of households and businesses.

In addition, the settlement of insurance benefits is faster and more convenient for customers. Businesses also actively improve the quality of consulting teams as well as control consulting quality; enhance customer experience to bring added value to insurance products and services.

In addition, in the market, life insurance businesses have also launched many solutions and products that bring practical results to customers.

For example, Manulife launches the process of verifying information and monitoring the issuance of M-Pro insurance contracts; Prudential applies an independent inspection process before issuing insurance contracts and a tNPS survey process at each customer transaction; FWD launches instant insurance glossary feature; Generali launches electronic customer identification and authentication tool; AIA launches AIA+ application; Dai-i-chi launches 24/7 Voicebot and 24/7 Chatbot services to support customers...

By Huong Diu/ Huyen Trang

Related News

Enterprises expect the stock market to be upgraded by 2025

Enterprises expect the stock market to be upgraded by 2025

VCN - Vietnam is in the final stages of completing the remaining criteria for the stock market to be upgraded to an emerging market after nearly 10 years of starting the stock market upgrade process. According to assessments, the upgraded stock market to an emerging market will bring benefits in many aspects, especially in terms of reputation as well as the ability to attract foreign capital flows. Currently, enterprises are very hopeful about the market's upgrade ability in 2025.
The outlook for maturing real estate corporate bonds might be more positive in 2024 compared to 2023

The outlook for maturing real estate corporate bonds might be more positive in 2024 compared to 2023

VCN - Customs News interviewed financial expert Nguyen Tri Hieu (Photo).
Developing specialty coffee to enhance the value and reputation of Vietnamese coffee

Developing specialty coffee to enhance the value and reputation of Vietnamese coffee

VCN - Investing in the high-end segment is a way to increase value for the coffee industry, in which specialty coffee is a direction that businesses and cooperatives are interested in and is bringing positive results.
The two "main drivers" in agricultural export still have weaknesses

The two "main drivers" in agricultural export still have weaknesses

VCN - Exporting rice and vegetables have many advantages in the market. These are two key products that continue to help agricultural exports earn more foreign currency. However, there are still limitations and weaknesses in growing areas, unequal quality and business linkages.

Latest News

Banks estimate large extraordinary revenues from debt recovery

Banks estimate large extraordinary revenues from debt recovery

Some banks, including MSB, Sacombank, VIB and Saigonbank, are expecting extraordinary revenues worth up to trillions of Vietnamese dong from debt recovery this year. In a recent report, Vietcombank Securities Company (VCBS) said Vietnam Maritime Commercial Joint Stock Bank (MSB) this year will record extraordinary income growth from bad debt recovery and capital divestment of its financial company TNEX Finance.
Clarifying issue of exit ban for tax debt cases

Clarifying issue of exit ban for tax debt cases

VCN - Sharing with the press about the issue of exit ban for tax debt cases, at the Press Conference Q2 of the Ministry of Finance, Deputy Director General of the General Department of Taxation Dang Ngoc Minh said that the exit ban mainly focuses on legal representatives of legal entities that owe taxes.
Proposing to empower the Minister of Finance to regulate application of 0% VAT on export goods

Proposing to empower the Minister of Finance to regulate application of 0% VAT on export goods

VCN- According to Minister of Finance Ho Duc Phoc, the draft Law on Value Added Tax (VAT) (revised) helps solve problems arising during the implementation of the VAT Law and meets international tax reform trends.
Credit growth remains far from government’s target

Credit growth remains far from government’s target

Credit within the banking system to the end of May 2024 increased by only 2.41% against the end of 2023, far from the credit growth target, the Government reported.

More News

Completing site clearance and accelerating disbursement of public investment in key transportation projects

Completing site clearance and accelerating disbursement of public investment in key transportation projects

VCN - By the end of April 2024, the total disbursed capital of nine important national projects in the transportation industry reached 17.6% of the assigned plan, reported by the Ministry of Finance.
Fed’s latest rate decision won

Fed’s latest rate decision won't have significant impact on Việt Nam

The dollar depreciation is also a good sign for Việt Nam’s import activities, with global raw material prices expected to decrease and inflationary fears for imports receding.
Developing State budget estimates for 2025: carefully taking factors increasing, decreasing and shifting revenues into account

Developing State budget estimates for 2025: carefully taking factors increasing, decreasing and shifting revenues into account

VCN - The Ministry of Finance is developing a circular guiding the development of state budget estimates for 2025 and the 3-year state budget and financial plan for the 2025-2027 period; 5-year financial plan for the 2026-2030 period.
Ministry of Finance proposes seven solutions for combating tax evation for e-commerce

Ministry of Finance proposes seven solutions for combating tax evation for e-commerce

VCN - Vietnam e-commerce will reach US$30.5 billion in 2035 hence according to Minister of Finance Ho Duc Phoc, it will pose challenges to the management of tax, quality of goods, and anti-fraud.
Banks are ready to deploy biometric authentication

Banks are ready to deploy biometric authentication

VCN - According to Decision No. 2345/QD-NHNN dated December 18, 2023 of the State Bank, which will take effect from July 1, money transfer transactions over 10 million VND/time or over 20 million VND/day will require facial authentication. Accordingly, banks are urgently preparing to be ready to implement new regulations within the set deadline.
Review the tax payment of sales livestream individuals

Review the tax payment of sales livestream individuals

VCN - The General Department of Taxation has just issued an official letter directing local tax departments to drastically manage e-commerce taxes and electronic invoices generated from cash registers.
13 cases subject to direct tax registration with Tax authority

13 cases subject to direct tax registration with Tax authority

VCN – The Ministry of Finance collects comments on a draft Circular guiding tax registration to replace Circular 105/2020/TT-BTC. According to the draft, if the National Population Database
Ministry of Finance: Focusing on improving independent audits

Ministry of Finance: Focusing on improving independent audits

VCN - According to Minister of Finance Ho Duc Phoc, in recent times, the Ministry of Finance has focused on improving the quality of independent audits through training, inspection, and examination.
Digitizing the process, banks actively lend online

Digitizing the process, banks actively lend online

VCN - Many banks promote online lending to save time and costs for both parties and creating conditions to promote credit growth.
Read More

Your care

Latest Most read
Banks estimate large extraordinary revenues from debt recovery

Banks estimate large extraordinary revenues from debt recovery

Some banks, including MSB, Sacombank, VIB and Saigonbank, are expecting extraordinary revenues worth up to trillions of Vietnamese dong from debt recovery this year. In a recent report, Vietcombank Securities Company (VCBS) said Vietnam Maritime Commercial Joint Stock Bank (MSB) this year will record extraordinary income growth from bad debt recovery and capital divestment of its financial company TNEX Finance.
Clarifying issue of exit ban for tax debt cases

Clarifying issue of exit ban for tax debt cases

VCN - Sharing with the press about the issue of exit ban for tax debt cases, at the Press Conference Q2 of the Ministry of Finance, Deputy Director General of the General Department of Taxation Dang Ngoc Minh said that the exit ban mainly focuses on legal
Proposing to empower the Minister of Finance to regulate application of 0% VAT on export goods

Proposing to empower the Minister of Finance to regulate application of 0% VAT on export goods

VCN- According to Minister of Finance Ho Duc Phoc, the draft Law on Value Added Tax (VAT) (revised) helps solve problems arising during the implementation of the VAT Law and meets international tax reform trends.
Credit growth remains far from government’s target

Credit growth remains far from government’s target

Credit within the banking system to the end of May 2024 increased by only 2.41% against the end of 2023, far from the credit growth target, the Government reported.
Completing site clearance and accelerating disbursement of public investment in key transportation projects

Completing site clearance and accelerating disbursement of public investment in key transportation projects

VCN - By the end of April 2024, the total disbursed capital of nine important national projects in the transportation industry reached 17.6% of the assigned plan, reported by the Ministry of Finance.
Mobile Version