The Vietnam Actuarial Conference 2018 hosted by Prudential with the attendance of over 200 actuaries and insurance professionals discussing Big Data More insurance businesses are now planning to apply new technologies in their management systems and improve customer services, while many also plan to develop new products to meet market demand as well as diversify insurance sales channels, according to a survey released by Vietnam Report in June last year. In particular, 82.4 per cent of insurance companies said they were building a Mobile Internet development strategy and 64.7 per cent have adopted strategies based on two key factors in Industry 4.0: the Internet of Things (IoT) and Big Data. Disruptive technology Big Data provides new insights from social networks, telematics sensors, and other new information channels. As a result, it allows understanding customer preferences better, enabling new business approaches, product development, and enhancing existing internal models, … [Read more...] about How can Big Data drive the future of insurance?
Lead way insurance
While preparing dinner recently, Ms. Nguyen Thanh Tam received a phone call from a potential customer asking for advice on insurance policies. The call lasted more than 15 minutes and arrangements were made to meet the next day. Since becoming a team leader at Prudential Vietnam, she receives an average of two calls about insurance each day. “I never hesitate to spend time advising clients, whether they go on to buy our products or not,” she said. Ms. Tam, a 38-year-old preschool teacher in northern Bac Ninh province, decided to become an insurance agent with Prudential Vietnam as an extra job four years ago. “I’ve wrapped up more than 100 insurance policies,” she said. “I earn a commission of 30 to 40 per cent on each policy, depending on what type it is.” She is now considering moving to another insurer as a team leader. “It’s time for a change,” she said. No rose without thorns “The salary of a preschool … [Read more...] about VN insurers need capable agents
Twenty-four-year-old Ms. Trinh Van Anh, the manager of an international school in Hanoi, does not have a life insurance policy and hasn’t thought about getting one, even though her monthly salary of $1,000 is higher than most of her peers. “No one recommends I take out a policy,” she said. “No one knows what life insurance covers, what it gives the policyholder, or what the benefits are.” Like Ms. Anh, many other Vietnamese people remain confused about what life insurance can actually bring. Even though premiums in Vietnam are on track for yet another record year, the gains are coming from a very low base and foreign insurers have yet to truly crack the market despite dominating. It should take only a few more years, though, for them to make more substantial headway. Foreign insurers’ playground 2016 continued to see robust growth in Vietnam’s insurance market, with the life insurance segment reaching a ten-year high. Insurance … [Read more...] about Vietnam’s life insurance market faces challenges
At the talks following a welcome ceremony for the RoK legislative leader, Chairwoman Ngan highlighted the strong development of bilateral friendship and cooperation since Vietnam and the RoK set up diplomatic ties in December 1992. In such context, Vietnam looks forward to the RoK President’s official visit and attendance in the APEC Economic Leaders’ Meeting in Da Nang city this November, she said. The NA Chairwoman also asked the RoK to support Vietnam’s candidacy for the post of UNESCO Director-General. She noted with satisfaction that with nearly 6,000 valid projects worth 50.98 billion USD, the RoK is taking the lead among 116 countries and territories investing in Vietnam. Vietnam encourages big groups of the RoK to take part in its State-owned enterprises equitisation and bank restructuring, Ngan said, noting the hope that Korean companies will pay attention to technology transfer to Vietnamese partners and raise the local content in products. She also called … [Read more...] about Top legislators talk ways to cement Vietnam-RoK relation
Minister of Labour, War Invalids and Social Affairs Pham Thi Hai Chuyen said that aside from raising the retirement age, there have been many solutions proposed to maintain the balance of revenues and expenses of the social insurance fund. The minister spoke with the Saigon Times Daily about the issues on the sidelines of National Assembly (NA) discussion session on June 16. *The revised Law on Social Insurance has drawn much objection from the public with many people saying that this is a step back in worker protection, especially the retirement age issue. What do you comment on this? Objection is a normal reaction. While the drafting board has calculated long-term factors in the draft law, many NA deputies do not consider the issues that way. But on June 18, after listening to suggestions from NA deputies, the drafting board will look into regulations carefully to match expectations of deputies. In the draft, employees working under tough conditions are not subject to the retirement … [Read more...] about Bản in : Solutions to maintain social insurance fund