The first half of 2025 has witnessed a positive recovery in the life insurance market, following continuous efforts from regulatory authorities and businesses. To promote a more robust market recovery and sustainable long-term growth, effective communication has been identified asone of the keypriorities.

During the commemoration of the 100th anniversary of Việt Nam's Revolutionary Press Day, Bae Seung Jun, General Director of Shinhan Life Insurance Vietnam Limited Liability Company, engaged in a discussion about the role of the media in the sustainable development of the life insurance industry in the new era. He also shared the company's initiatives in the first half of the year, enabling Shinhan Life to capitalise on the market recovery to achieve comprehensive growth in 2025.

How do you assess the role of communication in the development of the life insurance market in this new phase?

Compared to life insurance markets that have been established for centuries, Việt Nam is still in the early stages of development, with the participation rate at approximately 10 per cent. I believe the media plays a crucial role in raising public awareness of the humanitarianvalue of insurance.

Simultaneously, it aids in providing an accurate and comprehensive understanding of insurance terms, benefits, and the significance of participation, as well as the role of the insurance industry, which is recognised as one of the three pillars of the national financial system. 

Currently, as the life insurance market enters a new phase of development with a complete legal framework and comprehensive protection of participants' rights, the role of the media becomes even more pivotal. In my view, this is the time for the media to maximise its outreach, helping the public fully comprehend the role of insurance in safeguarding financial security for themselves and their families.

At Shinhan Life, we consistently regard communication as a strategic element in our business activities, contributing to the development of the broader market. Since our inception, we have implemented numerous communication programmes on life insurance through practical community initiatives and actively shared information via the press and social media platforms.

All insurance companies in the market are also collaborating on communication efforts. We are collectively raising awareness of the positive contributions of the insurance industry to the community and society, such as volunteer activities across the country's provinces and cities, disbursing tens of thousands of billions of VNĐ in insurance benefits, creating employment for millions of workers, reinvesting over VNĐ850 trillion in the economy, all positively impacting economic development.

I believe that when individuals have access to complete, transparent, and accurate information, they will be more open and proactive in participating in life insurance, thereby contributing to the sustainable development of the market.

The life insurance market has shown encouraging signs of recovery in the first few months of the year. Could you share some of the key business activities carried out by Shinhan Life Việt Nam during the first half of 2025?

Since the beginning of this year, we have continued to expand our business operations, promote distribution channels, and launch new insurance products at reasonable premiums to provide customers with the most suitable and quality financial protection solutions.

We continue to enhance our infrastructure system, strengthen staff and agent training, and offer financial advice to prepare for the accelerated development phase. Additionally, Shinhan Life strives to improve customer experience, such as launching the Customer Service Portal and the insurance contract management application Shinhan Life Care+, as well as implementing a programme to convert insurance premium payment transactions to installment payments when customers pay by credit card through the Onepay online payment gateway.

Aligning business with social responsibility, Shinhan Life actively implements corporate social responsibility programmes and practical community initiatives.

Some believe that the new Insurance Business Law has expanded policyholder benefits, enhanced transparency and strengthened consumer protection. This is seen as an opportunity for insurers to rebuild market trust through high-quality and practical products. What is your perspective on this view, and how is Shinhan Life taking advantage of this opportunity? 

According to information from the Việt Nam Insurance Association, the total new premiums and total premium revenue of the entire market in the first three months of 2025 increased slightly compared to the same period last year. This positive growth rate indicates that public confidence in life insurance is gradually recovering, promising more positive growth momentum in the subsequent quarters. 

I fully agree and believe that this is an opportunity for insurance companies, including Shinhan Life, to earn customers' trust through practical products and outstanding service quality. As mentioned earlier, since the beginning of the year, Shinhan Life has promoted distribution channels, invested in technology, improved team quality, and launched the Shinhan - An Thịnh Universal Life insurance product, identified as a strategic product with many outstanding advantages that we aim to offer to customers.

Amid the current period of economic volatility, demand for insurance remains high. What comprehensive protection options does Shinhan Life Vietnam offer within its product portfolio?

I believe that public awareness of life insurance has significantly increased, and the demand for protection insurance remains high. The remaining challenge is for insurance companies to earn customers' trust through products and services. Understanding this, at Shinhan Life, we always prioritise quality and reputation while developing a variety of products to meet the specific needs of each customer group.

Last March, we launched the Shinhan - An Thịnh Universal Life insurance product, offering numerous outstanding benefits for customers. By participating in this product, customers can freely plan their finances while being protected against unexpected risks such as death or total permanent disability.

In addition to risk insurance benefits, customers also enjoy investment benefits with a minimum committed investment interest rate, along with many other advantages.

Another option that customers can consider is the endowment insurance product with advanced protection benefits, Shinhan – Sống An Vui. This product effectively combines protection and savings, providing customers with a comprehensive protection solution against risks, while supporting customers and their families in completing long-term plans with a reserved financial fund for future needs. 

With the aspiration to improve the quality of life for Vietnamese people, Shinhan Life is committed to accompanying customers for the long term through quality, practical products and outstanding services, ensuring that each individual has a strong shield to protect their health and finances against unforeseen incidents in life. — VNS