05:29 (GMT +7) - Saturday 25/11/2017

BUSINESS SPOTLIGHT

Prudential, Companion for a Better Life

Released at: 12:37, 04/08/2017 BUSINESS SPOTLIGHT

Prudential, Companion for a Better Life

Mr. Bui Quang Nam receives an award from organizers. Photo: Prudential Vietnam

Prudential not only benefits the customers it serves but also the countries in which it operates.

According to figures from the Ministry of Finance’s Insurance Supervisory Authority (ISA), Vietnam’s insurance market maintained it stable growth in the first half of 2017, with the financial status of insurers also going up. Total premiums collected rose 21 per cent year-on-year, reaching VND47.17 trillion. Of this, revenue from life insurance premiums was VND27.83 trillion and non-life insurance premiums VND19.34 trillion.

Sustainable growth, continued contributions to the economy

During the first half, insurance companies invested VND217.59 trillion into Vietnam’s economy, an increase of 17.88 per cent year-on-year. Life insurers also purchased 15-year and 30-year government bonds worth VND15 trillion. With regard to bond investments, Prudential holds the lead in both 20- and 30-year terms. With a long-term investment strategy and commitment to Vietnam, Prudential Vietnam invested almost VND6 trillion in 30-year government bonds and VND3.2 trillion in 20-year bonds.

The fast-growing insurance market, poised to thrive thanks to rising living standards, has encouraged a number of foreign insurers, especially in the life insurance market. Total premiums increased 31.65 per cent, with 6.8 million policies in force, up 16.22 per cent year-on-year. Prudential remains in the dominant position in the market, with total policies in force standing at 1.8 million.

Increases are not only found in revenue and policies but also in sales and product promotions, which play an important role in developing the market. Besides traditional sales agents, many insurers have also strengthened partnerships with commercial banks, enhancing customer services through innovation and technology. Prudential was the first insurance company to offer online services, at e.prudential.com.vn, rolling out a host of new, modern methods to reach out to customers, such as chat-bot, video counselling, the phuonganb.com.vn website, and other e-portals to provide useful and diverse information ranging from finance to healthcare and lifestyles.

Strong commitment to serving customers and benefit settlements

The ISA report also revealed that total life insurance benefit payouts in the first half were VND7.216 trillion, an increase of 23.61 per cent year-on-year. Prudential Vietnam paid a total of VND2.706 trillion, accounting for 37.5 per cent and leading the market.

The company has consolidated its leading position by delivering on its commitment to customers. Recently, in northern Hung Yen province, Prudential Vietnam, via its Hung Yen 1 Office, made benefit payouts totaling more than VND1 billion to the family of one of its clients, who took out a policy in early 2008. As soon as the client’s family completed the insurance claim, Prudential quickly completed its procedures to pay the insurance benefits to the family. On top of this, the policy also entitled the client’s daughter to a waiver on premiums, which is a rider in the Pru-Nurturing Talents policy he purchased. The family will not have to pay the annual premium of VND1.5 million until the girl is 18 years old. 

Prudential Vietnam Life Assurance Private Ltd. has recently been honored among the Top 10 Most Reputable Life Insurance Companies in Vietnam 2017, as awarded by Vietnam Report. This is the second time Prudential has been honored with the award. With the award, Prudential continues to affirm its leading position in the life insurance sector, as reflected in the following criteria: strong financial capacity; media credibility evaluated by media coding; customer satisfaction; and expert judgment of the company’s position in the industry. The award also recognized Prudential’s positive contribution to the growth of the insurance industry in particular, which has created a solid foundation for the sustainable development of Vietnam’s financial market in general. 

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