In the 4.0 era, not only insurance enterprises but also the industry management agencies were digitising efforts to improve customer experience.
As a traditional insurance company, Prudential Vietnam Assurance Private Ltd (Prudential Vietnam) had entered the Vietnamese market from the early years of establishment. Recently, the Company had taken another step in digitising products and services when officially introducing Pulse by Prudential the health care on the first digital platform in Asia.
Built on artificial intelligence (AI) and updating data in real-time, Pulse was considered a ’24/7 health assistant’ to help users understand the body’s condition, from which the owner took care of your health anytime, anywhere.
In the first phase, Pulse provided users two main features, including health check and symptom check (developed by Babylon).
Other features such as online doctors (of MyDoc), personal health care, and insurance policy management would be included in this application soon.
At Manulife Vietnam, after one year of implementing eClaims digitalisation solution, this insurance company continued to offer an improved eClaims upgrade version to give customers a better and more convenient experience in the process of online insurance claiming.
Accordingly, not only fulfilling 100 percent of claims for hospitalisation benefits, the request for insurance benefits on eClaims was extended to medical treatment benefits, including services of inpatient outpatient treatment, dental treatment, and maternity care.
Kevin Kwon, director of Manulife Vietnam Business Division, shared that the experience of customers when making claims for insurance benefits was like ‘the time of truth was proved’ by commitment and trust for the life insurance industry.
Along with the increasing application of information technology in business operations to reach a diverse range of customers and bring more convenience to customers, insurance companies also accelerated the transformation models of online business such as applying insurance claim filler, demonstration software, online collection channels.
Besides, training and recruitment activities had been carried out by many companies through online models such as Hanwha Life Vietnam, Aviva, generali, FWD.
For example, at FWD, through this technology application, this insurer had reduced paper and cash transactions converted 100 percent of digital transactions.
With the development of technology, other distribution channels had also been complimentary over the past time. Notably, the sale of insurance through online channels such as Shopee, Tiki started to bring certain benefits to insurance businesses, although the revenue was not high.
According to the Ministry of Finance, in 2019, direct sales accounted for 0.5 percent and other channels such as online sales, agency agencies accounted for 3.7 percent of revenue.
Or, in the case of selling insurance via banks (bancassurance), in 2014, this channel only accounted for about five percent of the total new mining fee revenue. In 2019 it was estimated to increase to 28%.
In another development, which was also part of the digitalisation strategy, since November 2019, the Ministry of Finance (Insurance Administration and Supervision Department) had piloted several insurance enterprises to settle 24 cases of administrative procedures through the system of online public services at level 3 on the Ministry of Finance Web Portal.
In particular, the life sector had five pilot enterprises, including Bao Viet Life Insurance Corporation, Prudential Vietnam, Daiichi, Manulife, and AIA.
Administrative procedures included approval of principles and granting of licenses to increase charter capital, establishment/change of locations of branches, representative offices of insurance enterprises, appointment, modification of some managerial and executive titles of insurance enterprises.
It was known that shortly, this agency would expand its deployment to all insurance enterprises to facilitate the implementation of administrative procedures.
