The urban segment with a young population and improved living standards were fertile ground for those who were passionate about insurance business.
Potential of urban areas
Urban areas played a pivotal role in the process of economic development, with the attraction of foreign investment and higher growth than the national average. The urban population continued to be rejuvenated by the attraction of young and educated human resources. Urban areas accounted for less than 40 percent but contributed more than 70 percent of the national GDP, which meant that on average, each urban resident contributed 3.5 times higher than the average rural population. This led to higher levels of income, expenditure, and higher demand for services aimed at improving the quality of life of urban people such as health care, study abroad, tourism, retirement, or insurance. financial protection, etc.
One of the service trends of Vietnamese people is investment and accumulation, as people increasingly understand the importance of long-term benefits. In the past, contingency in the minds of Vietnamese people was simply savings. Meanwhile, Vietnamese people are now more proactive in developing contingency plans to minimise the impact of life risks.
Therefore, the life insurance market promises to grow strongly with the increase of urban customers, who have better living standards, high intellectuals, and tend to pay more and more attention to security solutions of financial protection and assets increasing. This opportunity was more pronounced as the urbanisation rate in Vietnam was getting higher and higher. The representative of Vietnam Urban Planning Association predicted that about 50 percent of Vietnamese population would live in urban areas by the 40s of the 21st century.
According to the customer behavior survey of life insurance group of users aged 20 to 40 in Hanoi, Hochiminh City and Da Nang, more than 60 percent of surveyed people shared the motivating factor for them to buy insurance was to protect health, and ‘prepare in advance’ in case of the unfortunate risk of accident, illness, and so on. This result was reflected immediately in the revenue of the insurance industry in the first half of 2019.
Specifically, the Vietnam Insurance Association said that life insurance revenue increased by 28 percent over the same period in 2018, of which personal insurance products were 47.747 trillion dong (27 percent higher). Insurers said that insurance products related to the health of the whole market increased about 30 percent in the first half of this year.
Opportunities for young salesman
The segment of urban customers was very potential for life insurance, but also extremely challenging, because this was a fastidious group of users who always sought out information thoroughly and required high quality of service. The key for businesses to well exploit this customer group was to train a team of professional and dedicated consultants who always wanted to bring practical and sustainable values to customers. The above context opened fertile ground for young people who were passionate about the sales industry, challenging themselves in a difficult environment.
The insurance market was very thirsty for young people who were passionate about business and had a few years of experience to seize the opportunity to reap unlimited income, as well as improve themselves to move on to business owners. A door for the salesman to enter this potential field was The Galleriea special model of Prudential to train young salesman with entrepreneurial aspiration in FinanceInsurance.
The Gallerie’s intensive training and development (EDP) programme met the professional criteria and management knowledge through a comprehensive roadmap. There, the salesman was trained the essentials of an entrepreneur, the development roadmap with a clear milestone, including cultivating professional knowledge, understanding the market, perfecting sales skills, building business strategies and hiring, honing leadership ability.
Not only were they firmly trained in theory, salesman also had companionship from their predecessors who led the way, trained and even directly advised and helped candidates reach their full potential. After 24 months, the salesman became a professional Financial Planning Specialist (PruPlanner), knew how to put knowledge into practice, was ready to work with Prudential and gradually realised the entrepreneurial aspirations.
The market with great potential was available, opportunities and methodical roadmap for success were also clear. Success would be only a determination to step forward, grasp all the necessary and sufficient conditions, step by step to business owning.
