Life insurance companies were trying to boost new revenue growth in Q3, because in the first five months of the year, according to preliminary statistics, new premium revenue only increased by about six percent, which was a meager increase compared to previous years.
A representative of an insurance enterprise said that in April, when the whole country went through a period of social isolation, life insurance businesses still operated quite effectively and reached a new level of fee revenue of approximately 90 percent over the same period last year.
However, as insurance companies had acknowledged, the market would face some difficulties shortly, specifically, new fee revenue had leveled off. Therefore, insurance companies were quickly promoting practical solutions to support agents as well as customers.
In the middle of June, HanwhaLife Vietnam had officially launched two promotions.
That was the programme ‘Pay immediately, hand-in-hand’, applied to customers who had a valid insurance contract with Hanwha Life Vietnam, with an annual premium of 8 million dong and the due date was from June 15, 2020, to December 31, 2020. The other was the programme ‘Instant investment; Instant gift,’ which was applied to customers with insurance policies participating in the Universal life insurance product and the option of paying an additional premium for the first policy year.
With generali Vietnam, the company focused on three main areas, including ensuring the efficiency of business activities, maximising the efficiency of technology and digitisation in all fields; strengthening practical support for counsellors by providing them with modern working tools, increasing training and improving skills; and most importantly, investing in customer relationship.
At the same time, generali had also introduced a new product called VITA 2020 Complete Security, with many unique advantages.
The purpose of this product was to give customers more choices. If the customer had previously participated in favour of savings and protection benefits were not high, customers would have the option to buy more or upgrade insurance benefits for their contract with this new product, in order to improve the protection rights and opportunities to increase investment interests in the future.
Improving insurance benefits for customers through the special 2020 VITA product mentioned above was an essential part of generali Vietnam and Global generali Group’s strategy of ‘Be a lifelong friend of customers.’
Meanwhile, the ceremony to announce the exclusive cooperation strategy to develop the Mom and Baby customer channel between Manulife and the Election Community was officially held earlier this week in Hochiminh City.
This event would mark the beginning of a new journey for parents in Vietnam and also open another path in Manulife Vietnam’s customer file development plan.
With a unique ecosystem connecting more than 300 health facilities, products, and services for pregnant women and babies, with thousands of obstetric workshops providing knowledge and skills for all members, this potential product promised to bring Manulife new development.
According to Hoe Shin Koh, Managing director of Manulife Vietnam, the company would organise free consultations that would provide not only pregnant knowledge to mothers but also financial solutions for the future of children.
Manulife currently had a very diverse portfolio of insurance products to meet all our clients’ accumulation, investment, and healthcare needs. Soon, Manulife would conduct surveys to continue developing new insurance products for pregnant mothers and babies, said Hoe Shin Koh.
At BIDV Metlife, with the strategy of digitalisation of 100 percent of business operations, the insurance company was implementing a plan to build an electronic portal, where all information about the case was met. All the customer contracts, payment information, insurance benefits, claims, questions, and answers of customers were integrated through this one-stop system.
According to Gaurav Sharma, general director of BIDV MetLife, along with continuing to pursue a digitalisation strategy, the company had also been building a full-time agency model. This year, the agency channel would earn about 5 percent to 10 percent of total revenue.
The insurance industry continued to grow, but of course, it was challenging to grow as strongly as businesses had expected before the epidemic, the Chief Executive Officer of BIDV MetLife acknowledged.
