Many life insurance companies have drawn out ambitious business plans.
In 2009, ACE Life Insurance Co (ACE Life) posted a year-on-year increase of 159 percent in insurance premium, marking a record growth since ACE Life started operation in Vietnam from 2005.
Lam Hai Tuan, ACE Life's general director said that profit is the key factor impacting the existence and development of any enterprise. And the satisfaction of customers will be the most goal of ACE Life in the strategy of building and developing business in the future.
Also showing optimism on insurance market in forthcoming time, Jack Howell, Prudential Vietnam Life Insurance Co's general director, said that Prudential will continue to introduce new creative insurance products to the market in near future. In addition, in order to exploit the market potential in next year, Prudential plans to perfect customer care services, especially in premium collection activities and service quality in 150 customer care centres nationwide.
Specialists said that, the Prudential's acquisition into AIA Insurance Co showed Prudential's interest in Asia including Vietnam. According to Tidjane Thiam, Prudential Group's general director, Asia is an important region for Prudential. In 2009 alone, Asia contributed up to 44 percent into the group's profit.
"After merging into AIA, the group will receive 60 percent profit from new contracts in Asia and this acquisition will help us take the key place in all key markets in this region" said Tidjane Thiam.
Bao Viet Life Insurance Corp said that the company targets to reach insurance premium growth of 40 percent in 2010 from new contracts. The company's total premium is expected at four trillion dong in 2010, growing 9 percent year-on-year.
In order to gain 2010's business plan, Bao Viet has carried out many promotion programmes to attract customers and build its image. Of which, the latest promotion programme is being launched till the end of March 31 with total investment of up to 600 million dong with nearly 400 prizes.
Liao Chih Chiang, chair of Cathay Life Insurance Co's director board said that in the future his company plans to launch "banking-insurance" dual strategy and cross-selling model to provide more perfective products to customers.
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