Vietnamese life insurance sector going online
Recently, the Vietnam-based arm of FWD insurance
firm launched the online purchasing option for "FWD cancer care," a life insurance package which promises customers to pay the entire sum assured for cancer diagnosis at any stage.
Previously, in October 2017, the insurance firm also launched a personal accident insurance package for 100,000 customers on Tiki.vn, a Vietnam-based e-commerce shopping platform, which was only tradable on the firm's online platform, providing customers with protection against risk of death and accidental injuries.
Additionally, FWD's online insurance trading process was reported to be free of direct consultation with insurance agents, offering relatively shorter processing duration than the conventional method.
Additionally, FWD's online insurance trading process was reported to be free of direct consultation with insurance agents which were regarded as cost-ineffective for the majority of customers since insurance consultation charges at such firms appeared relatively costly.
Thus, insurance policies drafted on the online platform were previously legally acknowledged, ameliorating legal matters encountered in the traditional method.
In addition, Manulife previously initiated online insurance trading services by launching three different types of insurance products priced VND600,000-1.5 million (US$26.34-65.85), offering exclusive benefits on the online trading platform.
Likewise, in order to keep up with the late trend in the insurance sector, US-invested insurance firm Prudential revealed plans to launch new insurance products on its online trading platform in 2018.
A representative of a Vietnam-based insurance firm asserted that customers will likely lean towards conducting insurance purchases on the online platforms due to the time-saving product selection process that brings the time needed to draft and issue an insurance policy down to a mere 10-20 minutes.
The representative also added that insurance firms would also be required to consider strategic partnerships with e-commerce firms in order to "digitalise" their conventional insurance business.
Related News
Investment business of insurance enterprises are managed more strictly
10:11 | 22/08/2022 Finance
Latest News
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
More News
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance
Consider raising the level of penalties to ensure fairness and transparency in the stock market
13:27 | 04/04/2023 Finance
Central bank cuts policy interest rates to spur growth
17:43 | 02/04/2023 Finance
Ensure policies to attract investment when implementing global minimum tax
10:33 | 02/04/2023 Finance
SBV asks to issue revised decree on foreign ownership cap at Vietnamese banks
20:30 | 01/04/2023 Finance
Solutions to attract FDI when implementing the global minimum CIT
11:38 | 01/04/2023 Finance
Effective implementation of tax incentives as driving force for growth in trade turnover between Vietnam and Cuba
13:43 | 31/03/2023 Finance
Being many "hot" issues at the general meeting of shareholders of banks
09:24 | 30/03/2023 Finance
Bringing the policies on reducing land rent and water surface rent into life
15:41 | 29/03/2023 Finance
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance