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Vietnam Life Insurance Digitalisation Trends – Fintelekt

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Article Synopsis :

The life insurance sector in Vietnam is growing at a dramatic rate, 34% since 2014, and insurers are embarking on digitalisation initiatives such as enhancing web portals, introducing online sales, and incorporating digital payment mechanisms.

 The Digital Insurer reviews Fintelekt’s Report on Vietnam Life Insurance Industry - Digitalisation Trends

Yes, there are smartphones in this picture, and Vietnamese insurers are trying to reach them 

Fintelekt’s report “Vietnam Life Insurance Industry – Digitalisation Trends“ gives a summary view of the specific issues and digitalisation trends in the nation.  The findings are based on a survey administered to senior technology and business professionals at life insurance companies in Vietnam at a roundtable conference organised by Fintelekt earlier this year.

The key findings of the report, in summary, are:

  • Top industry issues: 1) Low policy persistency, 2) High cost of business acquisition, and 3) Mis-selling by agents and distributors
  • Top business priorities: 1) Creating new distribution partnerships, 2) Improving operational efficiency, and 3) Launching new products/services
  • Digitalisation trends: 1) Agency will be the most successful distribution channel, 2) Banca and Direct business via mobile apps will play an increasing role toward multi-channel distribution
  • Drivers for growth include: 1) Low insurance penetration rates, 2) Rapid urbanization, 3) Rising middle class population, 4) Increasing per-capita income, and 4) Favourable regulation

Vietnam life insurers  are still in the early stages of digitization and are cautious in its adoption. Shifting from a product- to a customer-centric approach, investing in people and training, and implementing effective structures to govern digital initiatives are the three main activities driving digitally-ambitious insurers forward.

Link to Full Article:: click here

Digital Insurer's Comments

Whether it’s Vienna, Virginia, or, as is the case with this report, Vietnam, we agree with the authors that there are six benefits of digitalization:

  1. Enhanced reach
  2. Operational cost savings
  3. Improved distributor productivity
  4. Improved persistency
  5. Products tailored to customer expectations
  6. Competitive differentiation

Viewing your own digitalization efforts through the lens of the above six benefits may help you better understand the opportunities in your own organization.

Link to Source:: click here

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