As demand for healthcare continues to rise in Vietnam, insurance companies must partner with customers on their health and wellness, guiding them on how to prevent and postpone the onset of disease, the chief executive of Prudential Vietnam has said.
Speaking at a ceremony to mark its 20th anniversary in Vietnam last Friday in Hanoi, Clive Baker, said for the past 20 years Prudential Vietnam has been committed to making insurance more accessible to Vietnamese and improving their financial knowledge.
“Having operated in Vietnam over the past 20 years, Prudential is one of the pioneering enterprises in expanding the market and changing people’s perception of insurance.”
Alongside economic development and an increase in per capita income, Vietnam is also becoming one of the fastest ageing countries in the world.
As people live longer and become more affluent, demand for quality and personalised healthcare is on the rise.
At the same time the financial burden on families seeking treatment for accidents and critical illnesses is set to increase due to escalating medical costs.
According to a 2018 report by Prudential Vietnam, while Vietnamese believe unexpected accidents and illnesses will have the biggest impact on them financially, only one sixth of them are financially prepared to cope with a possible crisis.
This explains why the health protection gap remains high despite an increase in incomes.
Nic Nicandrou, chief executive of Prudential Corporation Asia, said Prudential was the first British insurer to set up operations in Vietnam, reflecting its confidence in the vast potential of the country’s financial services sector.
“Prudential Vietnam provides comprehensive solutions to make healthcare more affordable and accessible for Vietnamese and help narrow the country’s health protection gap, which currently amounts to $36 billion.”
AI technology
As part of its growth strategy, Prudential Vietnam plans to combine its leading capabilities in life insurance, broad market footprint and wide range of offerings with partnerships around artificial intelligence technology and experience in partnering with the government.
The company will soon be introducing its health app, Pulse by Prudential, which will provide 24/7 access to a comprehensive set of AI-powered tools and personalised services.
With the app, Prudential seeks to empower its customers to manage their health and wellness more holistically and thus reduce their medical expenses.
Launched in Malaysia in August, Pulse will be introduced across 11 of Prudential’s markets in Asia, including Vietnam, early next year.
Prudential Vietnam also offers solutions to support its customers in protecting their families’ “financial health”. New products have been developed based on research on customers’ healthcare needs and concerns.
PRU-SafePlus, launched in October, combines savings and protection benefits as well as protects customers against 99 critical illnesses.
Prudential Vietnam (Prudential Vietnam Assurance) is a member of Prudential plc, a global financial group headquartered in the Britain.
In Vietnam, Prudential has been helping over 1.5 million people achieve their protection needs and wealth aspirations in life.
It now has over 200,000 financial consultants, 360 general agency offices, 1.5 million customers, over VND100 trillion in assets under management, and charter capital of more than VND4.13 trillion.
It also partners with seven banks and 127 hospitals and clinics across the country.
It is deeply focused on social responsibility, contributing VND175 billion across education, health, and safety in 2012-18 period.
