The attraction of new insurance products such as Corona insurance once again shows that customers care a lot about insurance, it is important that the insurer must offer products that suit the diverse needs of customers.
According to the Ministry of Finance’s announcement, in 2019, there would be more than 1,500 products of basic insurance operations to meet the insurance needs of organisations and individuals, contributing to stabilising the economy and ensuring social security.
Among the businesses that bring the best revenue to non-life insurance companies are health insurance.
According to insurance companies, in the past few years, when the pollution problem has become serious, people have paid more attention to health insurance.
Accordingly, many insurance products related to health such as cancer insurance and disease insurance have been launched by insurance businesses.
In the first three months of 2020, when the situation of Covid-19 pandemic was increasingly complicated, health and human insurance products were among the most popular products.
“Customers are constantly calling to request an application, even there are some days when hundreds of health insurance applications were sold,” an insurance agent said.
Another business that is also occupying a large proportion of the non-life market is motor vehicle insurance which is considered to be little changed now there are big moves to catch up with the new trend when many new products have been deployed such as accident insurance for people sitting in cars and trip insurance.
The form of online application, even with civil liability insurance products that are using paper certificates, businesses provide two types of certificates simultaneously to create flexibility for customers.
A representative of an insurance company said that changing market trends forced businesses to research and add more new products to diversify choices for customers, create niche markets and increase competitiveness.
In addition to insurance products being actively deployed, in the past year, insurance enterprises also actively participated in the State’s policy insurance programmes, compulsory insurance products, etc., contributing to stability of socio-economic development such as compulsory fire and explosion insurance with prompt and quick compensation process in order to help organisations and individuals damaged proactively overcome the consequences and restore production and business.
With civil liability insurance of motor vehicle owners, after 10 years of implementation, the product has made a positive contribution in compensating for loss of life and property, protecting the legitimate rights and interests of the traffic participants.
However, up to now, this product also needs to be improved to ensure conformity, synchronisation and consistency with the current legal system, and to overcome shortcomings and limitations of policies in reality.
Currently, the Ministry of Finance is drafting a Decree in accordance with the Law on Promulgation of Legal Documents, which is expected to be submitted to the government for consideration and promulgation by 2020.
Previously, in 2019, the Ministry of Finance collaborated with relevant domestic agencies and foreign partners (such as GIZ, WB…) to research policies and develop risk insurance products for natural disaster.
A number of other specialised products such as public property insurance, customs clearance guarantees, etc. are also being adjusted to suit the reality, thereby helping to expand business activities of insurance enterprises, contributing to the development of the insurance market in particular and the economy in general.
