On August 2, 2024, the Insurance Association of Vietnam, in collaboration with IEC Group, organized the Vietnam Insurance Summit 2024. This event serves as a platform for discussions between top regulators and leading enterprises, aiming to develop optimal digital transformation strategies for the insurance industry. In his opening remarks, Mr. Nguyen Xuan Viet, Chairman of […]
On August 2, 2024, the Insurance Association of Vietnam, in collaboration with IEC Group, organized the Vietnam Insurance Summit 2024. This event serves as a platform for discussions between top regulators and leading enterprises, aiming to develop optimal digital transformation strategies for the insurance industry.
In his opening remarks, Mr. Nguyen Xuan Viet, Chairman of the Insurance Association of Vietnam, emphasized that recent market fluctuations have had a significant impact on consumer demand for insurance products. Additionally, there are growing concerns regarding information security and data privacy in the digital transformation process. Therefore, building and maintaining customer trust in the insurance sector is of utmost importance during this critical period.
To address this, companies must focus on enhancing service quality, innovating products to meet customer needs, and leveraging technology to optimize the customer experience on digital platforms. By implementing advanced technologies such as virtual assistants (chatbots), artificial intelligence (AI), and big data analytics, insurance companies can improve transparency, reinforce customer trust, and enhance customer experience.
Sharing insights on providing technological solutions for digital transformation in the insurance industry, Mr. Tran Dang Hoa, Chairman of FPT IS Company, stated that the company is prioritizing breakthroughs in the insurance service experience through AI and cloud technologies. Moreover, based on each insurance company’s stage in the digital transformation journey, FPT IS offers tailored advice and solutions aligned with the partner’s strategy. FPT IS also collaborates with leading technology partners to ensure the most suitable solutions for every challenge presented by clients.
Thanks to these digital solutions, despite challenges like rising inflation and declining customer incomes, the domestic insurance industry still anticipates promising growth prospects. Mr. Ngo Viet Trung, Director General of the Insurance Supervisory Authority under the Ministry of Finance, noted that the Vietnamese insurance market currently comprises 82 insurance companies. As of June 2024, total assets in the life insurance sector are estimated to exceed VND 951 trillion, reflecting a growth of approximately 7.1% compared to the same period in 2023. Investment capital is estimated at nearly VND 800 trillion, a 9.3% increase compared to the same period in 2023. The total equity of companies across the market is projected to surpass VND 200 trillion, marking a growth of over 5% year-on-year. Total insurance premium revenue is estimated at VND 109 trillion.
Digital transformation has also accelerated service delivery, enabling customers to access insurance services 24/7 through mobile applications and virtual assistants. Insurance companies are now collecting data from customers via IoT devices and wearables, facilitating more accurate decisions on underwriting, policy offerings, and the introduction of new products and services.
The rising expectations and stringent demands of customers necessitate continuous innovation from businesses. However, investment in digital technology and dedicated human resources has yet to be prioritized accordingly. Information security remains a significant challenge. Regulatory bodies, organizations, and insurance companies need to enhance their efforts in developing suitable digital transformation strategies that ensure value creation aligned with customer expectations. This requires a synchronized approach that balances key factors such as a robust legal framework, experienced human resources, streamlined operational processes, and the application of modern technology. Additionally, there must be clear strategies to ensure information security, business continuity, and data protection.
With the positive results achieved through the digital transformation efforts of insurance companies and the consistent regulatory policies from state agencies, the insurance market is expected to witness stable recovery and sustainable growth in the coming period, Mr. Ngo Viet Trung affirmed.
Parallel to the Plenary Session and thematic workshops, the Vietnam Insurance Summit 2024 also features a national exhibition with the participation of over 20 leading regional and global solution providers, including Viettel Cyber Security, FPT IS, Chubb, Perfios, IBM, Sapiens, and CMC. The event showcases key solutions such as Mobile Insurance Applications, Chatbots/Virtual Customer Service Assistants, Customer Relationship Management (CRM) Systems, Insurance Fraud Management, Identity and Access Management Systems, Application Programming Interfaces (APIs), Digital Insurance, Optical Character Recognition (OCR), and Data Center Security.
FOR FURTHER INQUIRIES, PLEASE CONTACT:
Mr. Phi Anh
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E: phianh.nguyen@www.iecgroup.com.vn
M: (+84) 903 276 538
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