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Data & Trend: Digital transformation of Vietnam’s Life Insurance companies (2019-2020)

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Life insurance companies in Vietnam are at early stages of digital adoption, and are contemplating a planned and cautious approach to digitalisation. Using Vietnam digital’s data collected in 2019 and compare with industry expert commented in 2017, we can see clear picture for Digital Transformation of Vietnam’s Life Insurance in 2020. This document is a part of Online Marketing Strategy Review toolkits to identify what need to be fixed and priority level of Digital Transformation in your company next year.

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Data & Trend: Digital transformation of Vietnam’s Life Insurance companies (2019-2020)

  1. 1. DATA & TREND: DIGITAL TRANSFORMATION OF VIETNAM’S LIFE INSURANCE COMPANIES (2019-2020) LIFE INSURANCE COMPANIES IN VIETNAM ARE AT EARLY STAGES OF DIGITAL ADOPTION, AND ARE CONTEMPLATING A PLANNED AND CAUTIOUS APPROACH TO DIGITALISATION.
  2. 2. VIETNAM LIFE INSURANCE INDUSTRY STRONG DRIVER FOR FUTURE GROWTH INSURANCE ASSOCIATION OF VIETNAM INSURANCE MARKET’S TOTAL PREMIUMS WAS US$4.7BN IN 2017 AND US$2.6BN IN 1H2018, POSTING A CAGR 2012 – 2017 OF 20.7%. BETTER INCOME AND HIGHER AWARENESS ARE KEY DRIVERS FOR THE MARKET’S PERFORMANCE. COMPARED TO PEERS, VIETNAM HAS MUCH LOWER LIFE INSURANCE PENETRATION RATE AND THE MARKET STILL HAS GREAT POTENTIAL TO GROW COMPANIES CONTINUE PARTNERING WITH BANKS TO ACCESS THE CUSTOMER DATABASE AND UTILIZE BANKS’ NETWORK. THEY ALSO TAKE THE OPPORTUNITIES FROM E-COMMERCE IN OFFERING PRODUCTS VIA ONLINE, MOBILE PLATFORMS. ALONG WITH PRODUCT DIVERSIFICATION, INSURANCE COMPANIES ARE INVESTING IN TECHNOLOGY IN CLAIMS MANAGEMENT TO BRING IN BETTER CUSTOMER EXPERIENCE AND CUT DOWN THE COST FROM FRAUDS JUN 2018
  3. 3. VIETNAM DIGITAL 2019 ALL THE DATA AND TRENDS YOU NEED TO UNDERSTAND INTERNET,SOCIAL MEDIA, MOBILE, AND E-COMMERCE BEHAVIOURS IN 2019
  4. 4. INSURANCE INDUSTRY – DIGITALISATION TRENDS BASED ON A SURVEY ADMINISTERED TO SENIOR TECHNOLOGY AND BUSINESS PROFESSIONALS AT LIFE INSURANCE COMPANIES IN VIETNAM AT A ROUNDTABLE CONFERENCE ORGANISED BY FINTELEKT IN MARCH 2017
  5. 5. TOP INDUSTRY ISSUES CRITICAL ISSUES FACING THE LIFE INSURANCE INDUSTRY IN VIETNAM BASED ON A SURVEY ADMINISTERED TO SENIOR TECHNOLOGY AND BUSINESS PROFESSIONALS AT LIFE INSURANCE COMPANIES IN VIETNAM AT A ROUNDTABLE CONFERENCE ORGANISED BY FINTELEKT IN MARCH 2017 MAR 2017 ▪ LOW POLICY PERSISTENCY / HIGH LAPSE RATES WAS RATED BY 89% OF THE SURVEY RESPONDENTS AS THE MOST CRITICAL ISSUE FACING THE INDUSTRY. ▪ HIGH COST OF BUSINESS ACQUISITION WAS AT SECOND PLACE, WITH 56% OF RESPONDENTS RATING IT AS AMONG THE MOST CRITICAL ISSUES. ▪ 44% OF THE RESPONDENTS CONSIDERED MISSELLING BY AGENTS / DISTRIBUTORS AS A CRITICAL ISSUE.
  6. 6. TOP BUSINESS PRIORITIES TOP BUSINESS PRIORITIES FOR COMPANIES FROM 2018-2019 BASED ON A SURVEY ADMINISTERED TO SENIOR TECHNOLOGY AND BUSINESS PROFESSIONALS AT LIFE INSURANCE COMPANIES IN VIETNAM AT A ROUNDTABLE CONFERENCE ORGANISED BY FINTELEKT IN MARCH 2017 MAR 2017 IN KEEPING WITH THE CRITICAL ISSUES FOR THE INDUSTRY, WHICH ARE LARGELY DISTRIBUTION FOCUSED, THE TOP BUSINESS PRIORITY FOR COMPANIES THAT PARTICIPATED IN THE SURVEY IS TO CREATE NEW DISTRIBUTION PARTNERSHIPS OVER THE NEXT TWO YEARS. UNDERSTANDING CUSTOMER NEEDS BETTER, LAUNCHING NEW PRODUCTS, AS WELL AS IMPROVING OPERATIONAL EFFICIENCY WERE ALSO CONSIDERED AS IMPORTANT BY THE RESPONDENTS.
  7. 7. FUTURE TRENDS DISTRIBUTION CHANNELS EXPECTED TO BE SUCCESSFUL IN THE NEXT 3 TO 5 YEARS BASED ON A SURVEY ADMINISTERED TO SENIOR TECHNOLOGY AND BUSINESS PROFESSIONALS AT LIFE INSURANCE COMPANIES IN VIETNAM AT A ROUNDTABLE CONFERENCE ORGANISED BY FINTELEKT IN MARCH 2017 MAR 2017 AMONG THE INSURANCE COMPANIES THAT PARTICIPATED IN THE SURVEY, 89% FELT THAT AGENCY WILL CONTINUE TO BE THE MOST SUCCESSFUL DISTRIBUTION CHANNEL IN THE VIETNAMESE LIFE INSURANCE MARKET IN THE NEXT 3 TO 5 YEARS. HOWEVER, BANCASSURANCE AND DIRECT BUSINESS THROUGH MOBILE APP ARE ALSO EXPECTED TO CONTRIBUTE TO BUSINESS ACQUISITION IN THE NEXT 3 TO 5 YEARS, SIGNALING A LIKELY TREND TOWARDS MULTICHANNEL DISTRIBUTION
  8. 8. PLANS FOR DIGITALISATION PLANNED INITIATIVES FOR LIFE INSURANCE COMPANIES BASED ON A SURVEY ADMINISTERED TO SENIOR TECHNOLOGY AND BUSINESS PROFESSIONALS AT LIFE INSURANCE COMPANIES IN VIETNAM AT A ROUNDTABLE CONFERENCE ORGANISED BY FINTELEKT IN MARCH 2017 MAR 2017 COMPANIES ARE ALREADY MAKING PROGRESS TOWARDS DIGITALISATION, ESPECIALLY IN DISTRIBUTION ENHANCEMENT, BY INVESTING IN IMPROVING WEB PORTALS AND INCORPORATING PAYMENT MECHANISMS. A SIGNIFICANT MAJORITY AMONG THE COMPANIES THAT PARTICIPATED IN THE SURVEY ARE PLANNING TO INTRODUCE ONLINE SALES OF LIFE INSURANCE PRODUCTS AND INTRODUCE A CUSTOMER APP TO SELL AND SERVICE POLICIES WITHIN THE NEXT 1 TO 2 YEARS.
  9. 9. DIGITALISATION OF AGENCY DIGITALISATION OF AGENCY FOR EFFICIENCY AND PRODUCTIVITY BASED ON A SURVEY ADMINISTERED TO SENIOR TECHNOLOGY AND BUSINESS PROFESSIONALS AT LIFE INSURANCE COMPANIES IN VIETNAM AT A ROUNDTABLE CONFERENCE ORGANISED BY FINTELEKT IN MARCH 2017 MAR 2017 AGENCY IS EXPECTED TO BE THE MOST IMPORTANT DISTRIBUTION CHANNEL FOR COMPANIES IN THE NEXT FEW YEARS. 67% COMPANIES ARE ALREADY IN THE PROCESS OF PUTTING IN PLACE SOLUTIONS AIMED AT IMPROVING AGENCY EFFICIENCY AND PRODUCTIVITY. THE REMAINING COMPANIES PLAN TO INTRODUCE MOBILITY SOLUTIONS WITHIN THE NEXT TWO YEARS.
  10. 10. THANK YOU For more information, contact: Hoang LEMINH – Content/Digital Marketing, Digital Transformation, Phone: (+) 84 911 954 809 aida74vn@gmail.com
  • voducthien

    Jan. 12, 2020
  • TamTran258

    Jan. 7, 2020

Life insurance companies in Vietnam are at early stages of digital adoption, and are contemplating a planned and cautious approach to digitalisation. Using Vietnam digital’s data collected in 2019 and compare with industry expert commented in 2017, we can see clear picture for Digital Transformation of Vietnam’s Life Insurance in 2020. This document is a part of Online Marketing Strategy Review toolkits to identify what need to be fixed and priority level of Digital Transformation in your company next year.

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