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Prudential focusing on IT breakthroughs

Released at: 14:15, 02/11/2016 BUSINESS SPOTLIGHT

Prudential focusing on IT breakthroughs

Photo: Prudential

Insurer applying new IT systems to increase market share by 3% by 2017.

by Huyen Thanh

Prudential has successfully reduced the time taken for transactions with its recent application of digital technology and aims to increase its market share in Vietnam by 3 per cent by 2017.

Mr. Dao Thanh Tu, Deputy General Director of Technology at Prudential, said the insurer’s investment in technology has been steadily increasing over the years.

The work-flow system, with investment of up to $3 million, has been put into operation after two years of development. The call center, customer service and customer portal departments have now significantly improved their efficiency.

By experimenting in e-commerce, Prudential has allowed customers to explore their insurance options online for the first time in Vietnam. “Prudential hopes to attract even more customers and continue to increase our market share in the near future,” Mr. Tu said. Prudential Vietnam has invested tremendously into upgrading its information technology system with the goal of improving their services as well as increasing their market share.

According to the Insurance Supervisory Authority under the Ministry of Finance, the insurance industry aims for revenue to reach 3-4 per cent of GDP by 2020. The implementation of information technology is the first step towards achieving this goal.

However, numerous technology experts at the Vietnam Finance Exhibition 2016 believe that the information technology system still lacks consistency. Management agencies therefore hope that insurance companies in Vietnam will further develop their system, making its more complete and functional. Recognizing the importance of technology, Prudential expects that its significant investment into technology will help it steadily expand even further into Vietnam’s insurance market.

“After 17 years in the insurance industry we are proud to have been able to steadily increase our revenue over the years while still being able to constantly improve the quality of our services at multiple agencies in Vietnam’s 63 cities and provinces,” a representative from Prudential Vietnam said.

With over 300 agencies and partnerships with seven leading banks, Prudential’s solid network has helped it provide products and services to consumers around the country quickly and effectively. It currently has 1,700 employees and 170,000 professional consultants in Vietnam and has opened 140 new general agency offices.

Prudential also recently created the “Excellent Customer Service Model”, which will be applied at every agency in the country by the second quarter of 2017. In the first six months of this year its revenue reached VND5.7 trillion ($255.6 million), or 26.55 per cent of the life insurance industry’s total of VND21.5 trillion ($964.1 million) and paid out VND2 trillion ($89.7 million), or 40 per cent of the total of VND5.2 trillion ($233.2 million) in the industry. In September it contributed VND480 billion ($21.5 million) to the State budget.

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