Life insurance continues the two-digit growth

30-Oct-2020 Intellasia | Dau tu Chung khoan | 6:02 AM Print This Post

Starting 2020 with the same difficulties as many other economic sectors caused by the Covid-19 epidemic, but in the first nine months of 2020, life insurance still had a growth rate of 14 percent thanks to the rapid adaptation and exploitation of potential.

Promote cooperation and expand distribution channels

According to the General Statistical Office’s official data, by the end of nine months of 2020, the whole market’s insurance premium revenue was estimated to increase by 14%, higher than the rate of 12 percent of the same period in 2019. In which, only premium revenue of the life insurance had risen by 17%.

In addition to maintaining double-digit growth, businesses in this bloc had also stepped up the implementation of new business cooperation plans in the context of new normal status. Cooperation with partners other than banks was the preferred strategy.

Typically, Bao Viet Life Insurance Company cooperated with Viettel to sell insurance for the first time on this system, or Dai-ichi Vietnam Life Insurance Company shook hands with Mai Linh Corporation to sell insurance through a car company. Recently Sun Life Vietnam officially signed an exclusive five-year partnership with California Fitness & Yoga Fitness Centre.

It was well-known that this partnership would have been started since Sun Life Vietnam organising extensive training courses for the sales staff and personal trainers of California Fitness & Yoga nationwide. After being certified as an insurance agent, the staff of California Fitness & Yoga would introduce members to the financial advisors of Sun Life Vietnam.

Another insurance company, Hanwha Life Vietnam, previously announced a strategic relationship with YAN Financial, a business whose primary industry was insurance agency and brokerage. Under the cooperation agreement, YAN Financial would be a partner of Hanwha Life Vietnam to distribute all insurance products to customers through this agency’s distribution channel.

The insurance company from Korea hopes that this cooperation would create a comprehensive and widespread financial service distribution channel, bringing more added value to customers and helping Hanwha Life Vietnam diversify and expand distribution channels through Corporate Agency, in addition to existing channels such as selling insurance through banks and traditional financial advisory agents.

It was known that Hanwha Life Vietnam had more than 170 customer service points by the end of 2020 and was expected to open more than 180 service points nationwide.

The cooperation model of Sun Life and Hanwha Life had been deployed in Vietnam before. At the same time, that of Bao Viet Life Insurance Company or Dai-ichi Vietnam Life Insurance Company had been a new model implemented for the first time. Although these insurance companies had not expected much about new exploiting sales in the first phase of cooperation, expanding cooperation with new partners would be an indispensable strategy for most life insurance companies in Vietnam.

Especially, generali Vietnam Insurance Company was one of the insurance companies with positive performance in the first nine months of 2020 thanks to improving customer-oriented services such as expanding the network of medical facilities to guarantee hospital fees, supporting customers to collect medical documents, shortening the claim process in just a few minutes, upgrading fee payment services at 7,000 stores and supermarkets across the country. Tina Nguyen, generali Vietnam said that this was the result of efforts to focus on improving customer experience and turning challenges into opportunities for the whole company.

The pandemic preventing times had provided a one-thousand-year opportunity for generali to accelerate digitisation, improve customer service, deploy intelligent flexible work models, innovate training processes and enhance quality of agents, as well as progress in developing new products and distribution channels. In the last quarter of the year, generali would continue to focus on digitising, improving customer service quality, expanding distribution channels and developing new products, said Tina Nguyen.

Increase the digitisation of business processes

In fact, along with expanding the distribution system, each insurance company’s digital transformation strategy was also entering a more complete stage. Together with Prudential or AIA that had developed AI (artificial intelligence) applications in business activities, Chubb Life recently officially put into use the new version of SmartAgency application, also known as SmartAgency’ virtual assistant’.

This was considered the central application of Chubb SmartAgency digital technology ecosystem of Chubb Life Vietnam, an intelligent system fully integrated with features such as eCard (electronic business card), eRecruitment (recruitment programme online sales team), eApplication (online insurance claim page), eLearning (business team online training programme), and so on.

According to Chubb Life Vietnam, continuously upgrading and updating new features in SmartAgency applications not only contributed to optimising the company’s digital technology platform, but also the way Chubb Life Vietnam constantly renewed its image and affirmed a strong investment in technology, leading to superior experiences for customers and sales team.

Meanwhile, right after the launch of the Sun Fast insurance advisory model (a tool to support the financial advisory team in accessing, consulting and completing the insurance claims of customers, without face-to-face required), the Canadian insurance company, Sun Life Vietnam, continued to introduce SunSmart. This new digital application was a tool for sales teams to advise and submit applications for insurance claim form.

According to Larry Magde, general director of Sun Life Vietnam, with the Lifetime customer strategy, Sun Life Vietnam not only helped customers achieve lifetime financial security and enjoy a healthier life but also offerred many digital tools and applications to boost business operations and enhance the customer experience.

In fact, the promotion of technology application had been considered by insurance companies as the core strategy, a race without end in the era of the 4.0 industrial revolution. This race was to improve the customer experience and help the insurance market become more and more complete.

However, it was also argued that, although most insurance companies were aiming to gradually reduce direct interaction with customers and shift focus to online experiences, it was essential to maintain the level of personalisation. When insurance companies encourage customers to change their behaviour and accept online experiences, they also need solutions to help customers use these facilities regularly.

As a life insurance company that had made many changes to enhance the guest experience, Kevin Kwon, director of Manulife Vietnam Operations Division, said that insurance was a service industry and Manulife Vietnam was on the right track with the direction to improve customer experience.

Positive customer feedback could not only drive loyalty but also help insurance companies retain customers and encourage branding. The customer’s satisfaction was a never-ending journey, something that every insurance company needed to work hard to achieve, emphasized Kevin Kwon.

 

Category: Finance, Vietnam

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