Chubb Life’s eventful 15-year journey in Vietnam

Friday, Jun 12, 2020 14:45

Though it entered the Vietnamese life insurance market much later than other companies in the industry, Chubb Life has made a successful breakthrough and affirmed its sustainable reputation.

For its business achievements and contributions to the economy and the community, Chubb Life Vietnam received the Certificate of Merit awarded by the Prime Minister on the occasion of its 15th anniversary recently.

“We are extremely honored and grateful to have received this Certificate of Merit on Chubb Life’s 15th anniversary in VietNam,” Lam Hai Tuan, Chairman and Country President of the company, said.

“This recognises our contribution to the life insurance industry and to the Vietnamese economy overall.”

Pioneering products and technology

In 2006 the life insurance industry witnessed a "revolution" when Chubb Life Vietnam pioneered Universal Life (UL), a permanent life insurance solution with an investment savings element.

Now, 14 years later, most life insurers in Vietnam see UL as the key product in their portfolio, and the majority of new premiums for the industry comes from UL products.

Capturing the ever changing needs of Vietnamese customers, Chubb Life Vietnam is constantly diversifying its product portfolio to education, health and other solutions.

C Care Health Insurance, its first standalone health insurance product, was introduced in the market in early 2018.

In early 2019 the company continued its pioneering ways to launch Senior Universal Life, becoming the first life insurer in the market to increase the maximum entry age of the life assured to 80 years old.

Chubb Life Vietnam also pioneered a digital revolution in the insurance business. In 2013 it unveiled eSMART, an advanced application to support insurance business on mobile devices.

It was followed by a series of digital technology projects that benefit both customers and the company.

Continuing on its innovation journey, in 2019 the company has implemented a digitalization revolution with the Chubb SmartAgency digital technology platform, a smart system fully integrated with outstanding features and high applicability to support the business more effectively, such as eCard (electronic business card), SmartReporting (smart report management system), eRecruitment (online Sales Team recruitment program), eLearning (online training program), eContract and customer analysis support application eFinancial Need.

The tools of Chubb Life’s Chubb SmartAgency application system contribute to not only optimising business performance but also protecting the environment with the limited printing of documents.

These have made an important contribution to the comprehensive digitalization strategy of Chubb Life Vietnam by enhancing the integration of modern digital technology applications into the entire enterprise system.

Training high-quality human resources for insurance market

As part of its long-term sustainable development strategy in Vietnam, Chubb Life has invested heavily in training programmes for human resource development and creating the best working environment for its people.

One of the outstanding achievements of its people-centered strategy, and one Chubb Life is proud to have successfully invested in, is creating a talented and ethical workforce and the next generation of leaders for Chubb Life and the broader domestic and international life insurance markets.

With a team of professionally trained human resources and professional ethics, the company is protecting nearly 500 thousand Vietnamese customers.

As of the end of March 2020 more than 27,360 cases have received insurance benefits payment from Chubb Life Vietnam with a total of around VND1.28 trillion, of which the highest insurance payment for a single case was up to VND 10 billion.

The philosophy of Chubb Life Vietnam over the past 15 years has been to uphold and fulfil all its promises to customers.

They include the quality of service and the guarantee of financial resources to become a "shield" for customers against unforeseen events.

Contribution to economy, society

As result of its strategies and superior product offerings, Chubb Life is one of the few insurers in Vietnam to have generated profits in its fifth year of operations, and has continued to remain profitable for the next 11 years while adhering to the highest standards and fulfilling its responsibilities to the local communities in which it operates.

It has so far reinvested more than VND10 trillion in the Vietnamese economy.

Determined to contribute to the community, Chubb Life has implemented many meaningful community projects the over the past 15 years in Vietnam.

“Crossing Waves Fund” the company set up in 2005, has in collaboration with the Chubb Charitable Foundation – International, contributed more than VND 25 billion for the construction of eight new schools and awarding scholarships to many underprivileged students, thus helping brighten the future of younger generations in Viet Nam.

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