“Enormous opportunity for the Vietnam insurance industry is due to the fast-growing economy, low insurance penetration rate, and fast technology adoption.”
Vietnam Insurers get ready for the 4th Industrial Revolution
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It is my privilege and honor to be part of the largest Vietnam Insurance Summit 2019 as keynote and panelist among top leaders of the Vietnam Insurance Industry. The event hosted by the Vietnam Ministry of Finance and co-organized by Insurance Supervisory and Authority (ISA), Insurance Association of Vietnam (IAV), and International Event & Consulting Group (IEC).
Over 800 delegates attended the event. The event brought attendees a 360-degree view of Vietnam’s insurance industry in the 4th Industrial Revolution and update the latest trends and technologies in the industry. Vietnam’s insurance industry has 64 insurance companies, including 30 general insurance, 18 life insurance, two reinsurance, and 14 insurance brokers.
By the end of September 2019, the total asset value of the insurance market estimated at VND 441,000 billion, an increase of 19% compared to the same period last year. Investment in the economy estimated at VND 370,000 billion, an increase of over 23,000 %. Total equity is over VND 93,000 billion, increase by 19%. Total premium revenue is about VND 112,000 billion, up by 20%. The insurance benefit payment reaches VND 28,000 billion, up by 12% over the same period in 2018. Here is the summary of figures:
Enormous opportunity for the Vietnam insurance industry is due to the fast-growing economy, low insurance penetration rate, and fast technology adoption. I am so excited to see close collaboration between government agencies, insurance companies, and other parties in the ecosystem, like SAP, in driving Insurance 4.0 for the uplifting of the insurance industry.
The important consensuses from the event are in the area of technology innovation and customer experience improvement in every touchpoint, for instance, claim. These consensuses aligned with SAP’s proposed agenda in the event “The Intelligent Enterprise Strategy for Insurance,” which, with the end in mind, aims to improve the overall customer experience throughout the whole customer journey as well. There are some other topics discussed in the event, such as cloud adoption and limitation, and else. These additional topics can quickly address as long as the tight collaboration remains. I am confident that the Vietnam insurance industry will able to catch up with Industry 4.0 and cruise in the growing economy.