With strong support from parent companies, many foreign life insurers are expanding their distribution networks and diversifying insurance products and services to utilise the potential of the Vietnamese market.
Along with the strong growth of revenue (81 per cent in the first half of 2017), Generali Vietnam, a member of the Italian Generali Group, is rapidly expanding its distribution network with one headquarter and 45 branches all over Vietnam.
Apart from increasing the number of branches, Generali Vietnam has expanded its distribution network by teaming up with two new partners, Orient Commercial Joint Stock Bank (OCB) and CenGroup, an enterprise in the real estate industry.
According to Tina Nguyen, general director of Generali Vietnam, her enterprise is one of the Generali Group subsidiaries with the highest growth rate.
Supported by the parent company in experience, technology, and finance, Generali Vietnam is raising investment in products and services to enhance quality.
Similarly, in the first half of 2017, US insurer Chubb Life Vietnam has been constantly making investments to expand its infrastructure, upgrade and open 18 new offices in Vietnam. As of August 2017, Chubb Life Vietnam had more than 220 employees and more than 22,000 sales representatives working in 59 offices.
In the coming period, Chubb Life Vietnam will implement many important projects, expand its distribution channels and diversifying its products and services.
From early 2017 till now, Sun Life Vietnam has launched 12 new modern business and customer service centres in some cities and provinces in Vietnam. Recently, Sun Life Vietnam has raised its chartered capital to more than VND1.5 trillion ($66 million) to spur development by strengthening distribution channels and enhancing service quality.
Earlier, this Canadian insurer has signed a cooperation agreement with Global Online Financial Solutions Limited, a Vietnamese fintech enterprise holding the well-known banking service Timo. This partnership has given Sun Life Vietnam more opportunities to introduce its products and services to Timo’s customers.
An insurer from South Korea, Hanwha Life Vietnam, announced that it had opened its 100th customer service centre. This achievement was reached four months earlier than expected. This demonstrates that Hanwha Life Vietnam is gradually completing its distribution and customer service system, as well as raising its coverage in the Vietnamese life insurance market.
Currently, Hanwha Life Vietnam’s customer service centres are present in northern, southern, and central Vietnam. As of June 2017, Hanwha Life Vietnam has generated VND301 billion ($13.2 million) of revenue, an increase of 59 per cent compared to the same period last year.
Besides the expansion of its distribution network, Hanwha Life Vietnam has also managed to diversify its distribution channels. In early 2017 till now, Hanwha Life Vietnam has teamed up with two big South Korean banks in Vietnam – Woori and Shinhan to distribute its insurance products through two banks.
According to Back Jong Kook, chairman cum general director of Hanwha Life Vietnam, the expansion taking place four months sooner than the initial plan is thanks to the careful preparation and the efficient business of the enterprise since the beginning of 2017.
“Hanwha Life Vietnam always targets to be a leading qualified insurer. We will not be satisfied with the 100th customer service centre, we will continue to open new centres as well as expand the scale of the existing offices,” Kook said.
VIR