Manulife Vietnam leads the transformation to ensure all customers receive thorough consultations

Thursday, Feb 15, 2024 16:45

In the M-Pro process, customers are requested to perform an online verification once the consultations provided by agents are completed and the customer's insurance application has been approved by the underwriting department. — Photo courtesy of Manulife Vietnam

Following a successful pilot phase, Manulife Vietnam has announced the official implementation of M-Pro, the sales verification and supervision process for all customers who participate in insurance starting January 1, 2024.

The M-Pro process enables Manulife Vietnam to independently evaluate the quality and content of an agent’s consultations from all distribution channels before issuing a policy, ensuring that each customer receives comprehensive and accurate consultations.

In this process, customers are requested to perform an online verification once the consultations provided by agents are completed and the customers' insurance applications have been approved by the underwriting department.

Customers will be digitally identified using facial recognition technology and be asked to verify provided personal information as well as the agents’ consultation.

Essential contents regarding the insurance policy, including benefits, potential investment risks, premium payment responsibilities and other important terms, are presented in a complete, clear and concise manner. This enables customers to fully review significant elements of a policy before its issuance.

Customers will also confirm that the insurance participation is based on their financial capabilities and needs. A policy will only be issued after the customer has completed this process.

Tina Nguyễn, Manulife Vietnam CEO, said: “Last year presented significant hurdles for the entire insurance industry. Therefore, transforming the business to strengthen customer trust in insurance is the top priority and a vital factor for insurance companies."

"Manulife is proud to be the pioneer leading the transformation journey. After our success with M-Pro, we will continue to implement other innovative initiatives that both safeguard customer's interests and elevate their experience," she said.

Meanwhile, Ngô Trung Dũng, deputy general secretary of the Vietnam Insurance Association (IAV), said: "Strict solutions to control agent consultations and policy insurance process are essential to protect customer rights, especially in the context of the new insurance business law, which introduced many changes."

"The life insurance market requires rebuilding customer trust. I am convinced that implementing a stringent process such as M-Pro will address the current challenges in monitoring consulting activities and issuing insurance policies."

Dũng said he hoped that other life insurance businesses in the market would explore and adopt similar processes, thereby promoting the healthy and sustainable development of the life insurance market and reinforcing people's trust in life insurance.

Nguyễn Thị Thương Thương who lives in Hà Nội's Hà Đông District has purchased the unit-linked insurance product named "Món Quà Tương Lai" (Gift of the Future).

She said that at first, she wondered why there had to be this extra online authentication step. After doing it, she found this process was not complicated, and it also made her feel more secure because she could easily double-check all the information and content that the agent had previously advised.

"I find it’s best to be transparent like this,” she said.

With the modern, friendly and easy-to-use M-Pro process, Manulife Vietnam expects sales quality to be progressively monitored.

Manulife Vietnam processes an average of 50,000 claims requests each month. — Photo courtesy of Manulife Vietnam

Manulife Vietnam has previously introduced to customers a new policy kit that excels in both format and content. This improvement includes the addition of a summary page containing vital information, facilitating quick reference for customers when needed. This not only makes it easier for customers to locate essential details promptly, but also minimises concerns about the insurance contract being excessively lengthy and complicated.

As a member of the Manulife Financial Group from Canada with a history of more than 135 years globally, Manulife Vietnam is the first foreign-owned insurance company licensed to operate in Việt Nam, with a total capital investment in the Vietnamese market exceeding VNĐ22 trillion.

Each month, Manulife Vietnam processes an average of 50,000 claims requests, with the total compensation and insurance benefits in 2023 reaching over VNĐ10 trillion. — VNS

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