In step with statistics from the Vietnam Insurance coverage Affiliation, general existence insurance coverage get advantages bills in Vietnam within the first quarter of 2024 reached VND 15,483 billion, an build up of 35% over the similar duration.
The above knowledge got on the convention “Restoring consider within the Lifestyles Insurance coverage business: Imaginative and prescient and answers”, lately arranged via the Vietnam Insurance coverage Affiliation.
In step with the Vietnam Insurance coverage Affiliation, as of March 2024, the overall property of the existence insurance coverage business are estimated to succeed in VND 801,307 billion, an build up of 9.1%/12 months over the similar duration ultimate 12 months. Overall funding quantity is estimated at 703,031 billion VND, an build up of 8.7%; Overall operational reserves reached VND 581,857 billion, an build up of 6.5%; Overall fairness reached VND 159,409 billion, an build up of 10.8%.
Lifestyles insurance coverage in Vietnam has simply long gone via a 12 months of 2023 with incidents associated with a sequence of shoppers being given incorrect recommendation or missing data. Alternatively, via the tip of 2023, the existence insurance coverage business in Vietnam has greater than 12 million insurance coverage contracts.
Mr. Ngo Trung Dung, Deputy Normal Secretary of the Vietnam Insurance coverage Affiliation, stated that lately, existence insurance coverage companies have get a hold of many answers to regain consider from consumers. Enhance merchandise in order that they’re more straightforward to know and extra out there to other folks; Enhance trade processes to assist appraise and factor insurance coverage contracts. Resolving insurance coverage advantages is faster and extra handy for patrons. Enhance the standard of the consulting workforce in addition to regulate the standard of consulting to make stronger buyer revel in to carry added worth to insurance coverage services;…
Mr. Dung gave an instance: prior to now, many shoppers complained of no longer being given ok recommendation. In the past, companies have strict rules on welcome calls. Necessarily, this can be a name to test and ensure buyer data when issuing a freelance.
“Previously, there have been instances the place the insurance coverage corporate referred to as the client 5 or seven instances however could not get via, after which they’d forget about it. However the brand new rules now require companies to name consumers correctly, 100% of welcome calls should be made and feature buyer affirmation,” Mr. Dung stated.
Round 67/2023/TT-BTC stipulates that from July 1, 2024, companies should make necessary recording of a few content material all over the consulting procedure for existence insurance coverage merchandise. Alternatively, many insurance coverage companies have proactively recorded the consulting procedure for patrons since mid-2023.
Ms. Tina Nguyen, Normal Director of Manulife Vietnam, shared that companies should make adjustments and put in force more potent methods in order that the insurance coverage marketplace turns into increasingly clear, skilled and efficient.
From the position of existence insurance coverage purchaser to the position of felony guide for the insurance coverage corporate itself, legal professional Truong Thanh Duc, Director of ANVI Regulation Company, stated that with the exchange in consciousness and Criminal framework, in addition to the operating procedure of companies, definitely the gross sales scale of existence insurance coverage will build up someday, however that’s not as essential as the standard will exchange basically and obviously. transparent.
“That would be the long run of sustainable construction of the insurance coverage business,” stated legal professional Duc.
Mr. Nguyen Hong Son, Normal Director of Chubb Lifestyles Vietnam, stated that essentially the most tough issues have already came about. Possibly the primary and 2nd quarter of 2024 won’t get better strongly, however the marketplace will definitely get better and broaden.