INSURERS ACCELERATE BUSINESS STRATEGIES IN VIETNAM

Vietnam life insurance companies have developed business and marketing strategies as the economy begins to show signs of recovery.

French life insurance company Prevoir Vietnam, through an agreement with the Vietnam Post and Telecommunications Group, is exclusively providing life insurance products over a 10-year period through the nationwide network of post offices and banks.

The service is designed to create greater access to life insurance products.

"Although the new insurance system has not been easy to introduce, Prevoir Vietnam remains optimistic that the personal insurance market will develop in the near future," said Le Thuy Binh, general director of Prevoir Vietnam.

The company had strongly invested in training sale officials for future growth, she added.

Korea Life joined the Vietnamese insurance market in March this year, and is now accelerating its growth and branding countrywide.

The company will focus on developing a strong network of specialists, said Pham Truong Khanh, marketing director of Korea Life Vietnam.

To help promote its work, the company has paid attention to supporting community projects, including supporting poor patients at Paediatric Hospital 2 in HCM City and the Hanoi Paediatric Hospital. In addition it has organised programmes to support Agent Orange victims in Hoa Binh (Peace) Village in Hanoi.

According to Korea Life Vietnam, a large amount will be spent on developing their corporate social responsibility programmes.

AIA Vietnam and ACE Life are focused on developing the quality of their services.

Along with opening the first customer service centre, AIA Vietnam has made high-quality service the centre of their business strategy.

With a population of more than 85 million people, encouraging economic growth figures and a decreasing poverty rate, Vietnam remains an attractive market for life insurers. Less than 10 per cent of the population currently have insurance.