Despite being a late entrant into the Vietnamese life insurance market compared to many others foreign insurers, but thanks to its right business strategy, Hanwha Life Vietnam, a life insurer from Korea, has remarked the trillion dong premium revenues insurance club.
After entering the market in 2009, when the life insurance market was quite competitive with many well-known global insurance brands already present, Hanwha Life Vietnam took advantage of its latecomer status to bring different experiences with respect to products and service to local customers. With a customer-centric strategy, the company has focused on developing many superior financial solutions and diversifying distribution channels along with the strategy of improving customer service.
Hanwha Life Vietnam is providing comprehensive insurance solutions to meet the growing and diverse insurance needs of the populace.
To enable every Vietnamese to easily access the company’s products, Hanwha Life Vietnam has set up a 150 points customer service network nation-wide and a 44,000-strong team of financial consultants and more than 400 employees. The company is providing comprehensive insurance solutions, ranging from individual to group insurance, at reasonable fees and with great benefits, to meet the growing and diverse insurance needs of the populace.
As part of its customer - centric strategy, Hanwha Life Vietnam has constantly invested in digital transformation to provide fast, simple and convenient services to improve the customer experience.
Customers can amend information related to their contracts anytime, anywhere without having to go to customer services centres. All procedures such as updating customer information, making claims, etc. can be done online, which saves users a lot of time.
Besides, many processes such as evaluation, contract issuance and claim settlement have been abbreviated to bring customers the fastest service possible.
In 2019, the company’s first year premium revenues were worth VND1.05 trillion, an increase of 20 per cent in comparison with the same period of 2018.
Consistent with its orientation as the customer being the centre of all development strategies, Hanwha Life Vietnam has made impressive rapid development. In recent years they have been ranked among the top insurers with the highest new premium revenues in the market. In 2019 the company’s first year premium revenues were worth VND1.05 trillion (US$45.3 million), an increase of 20 per cent in comparison with the same period of 2018, which name it among the list of life insurance companies with trillion dong new premium revenues.
Eyes quality leadership by 2025
Sharing the new development strategy after the trillion-VND new premium revenues milestone, the head of Hanwha Life Vietnam said the company would continue to transform strongly to realize its goal of becoming one of the insurers with the best quality by 2025.
To accomplish this goal, the company will continue to promote innovation in financial services based on technology. According to the disclosure by Hanwha group, Hanwha Life Vietnam is in the process of establishing a technology finance company, which will play a role in enhancing digital technology.
One of the important strategies the company plans to deploy in the near future is network expansion to provide customers with increased access. It will open 30-50 customer service points this year, bringing the number of customer service centers in the country up to 200.
Hanwha Life will continue to diversify its distribution channels through promoting co-operation with corporate agencies e and fintech partners, distribution via banks and group insurance.
It will continue to improve the quality of training provided to consultants to ensure they become the most trusted financial experts for customers, and recruit more talent.
It is known that Korean insurance companies are shifting en masse to big cities to conquer customers there after becoming a trusted insurer in provinces across the nation in the last 10 years. Customer segmentation in major cities has financial potential, is willing to invest in health insurance, retirement investments, etc but demands high quality of products and services. The head of the firm said that, with its efforts to improve service quality, Hanwha Life Vietnam would conquer this high-end customer segment.
By reaching the trillion dong new premium revenues milestone and with the strong support of its parent, the life insurance company continues to pursue its goal of developing Viet Nam as a base to reach out to other markets in the region.
Hanwha Life Vietnam is a member of Hanwha Group, one of the 10 largest corporations in Korea and one of the 500 largest in the world. In addition to insurance, Hanwha Group is also investing more than US$1 billion in Viet Nam in projects such as solar power, manufacturing security equipment, aircraft engine components, and, most recently, in Vingroup.