HA NOI (Biz Hub) — Vietnam Finance 2016, to take place in Ha Noi on Friday, will be a forum in which senior leaders and policy makers discuss solutions and experiences in the insurance sector.
Further, participants will review how to speed up information technology for the use of management, as well as methods to assure a sustainable and stable insurance market.
Vietnam Finance is held annually by the Finance Ministry to link and update IT solutions for the finance sector. The event is expected to attract more than 500 participants and create a promising platform for them to interact with potential customers and partners.
Besides the forum, Vietnam Finance Exhibition 2016 will gather leading insurance information technology solution providers, who will display advanced products and services and demonstrate new technologies.
According to the organising committee, in recent years the Vietnamese insurance market has been thriving, while growing rapidly to meet the rising insurance needs of society and contributing to reducing the burden on State coffers, and stabilising production and business activities of businesses and people through insurance compensation.
The Insurance Supervisory Authority reports that in the first six months of this year, total premiums paid to the insurance market reached VND38.6 trillion (US$1.7 billion), up 25.9 per cent over the same period last year. This is the highest growth rate in the last 10 years. Notably, insurance companies have mobilised long-term capital for the State budget, with more than VND175 trillion to reinvest in the economy.
According to the Authority, IT applications for insurance companies are not inconsistent. Foreign insurers have been applying IT in their business performance and corporate governance. In Viet Nam, however, IT systems used by domestic insurers have generally failed to meet international standards.
The period from 2016 to 2020 is considered the key stage to completing the objectives of the development strategy for Viet Nam's insurance market.
Under the development strategy, IT applications are considered one of the basic solutions for the development of local insurance markets. Accordingly, IT application systems will meet the goal of building a common database for local insurance markets, which are capable of developing, expanding and providing accurately information for authorised companies to manage and supervise insurance businesses. — VNS