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Liberty capturing opportunities

Released at: 07:12, 25/08/2019

Liberty capturing opportunities

Photos: VET Magazine

Liberty Insurance is taking advantage of digitalization in Vietnam's insurance market to create a competitive edge in transforming its performance.

by Hung Cao

Dramatic changes in the insurtech revolution are shaping the future of the global insurance industry. Particularly in Vietnam, insurance businesses have been taking many actions and making heavy investments that will help them become more customer-centric, improve their pricing, and create operational efficiencies. As a leading US non-life insurance company in Vietnam, Liberty Insurance is driving this trend, with the consecutive launch of new technologies as well as the striking of partnerships with tech firms to capture opportunities from the fast-growing domestic insurance market.

Disruptive technologies

Inheriting the experience and success of the insurtech promotion strategy from the Liberty Mutual Group in the US and Liberty across the globe, Liberty Vietnam has invested heavily in IT systems, including a three-tier data center (the highest standard in evaluating the infrastructure capacity of a data center), setting up a 24/7 customer service center, by Avaya, the world’s largest provider of customer service centers, and introducing claims automation. 

As a result of these innovations, Liberty can guarantee consistency, transparency, and security in all transactions between customers and partners. “We have gained a solid technology foundation and a wealth of experience to further advance in the insurtech revolution,” said Mr. Nguyen Ngoc Duc, Marketing Director of Liberty Insurance Vietnam.

The insurance industry, which relies on customer experience, has been investing heavily in the development of digital platforms to improve access for consumers. Liberty is among the first insurance companies in Vietnam to establish and manage a 24/7 Customer Service Center, which is able to meet all the needs and specific questions of each customer, from providing information on products and services to receiving, guiding, and monitoring requests or compensation, in both Vietnamese and English.

In 2010, Liberty became a pioneer in distributing insurance online on its website and issuing electronic insurance certificates, and also in bringing online insurance sales into operation right from the start, to improve customer satisfaction. It is also the first insurance company in the market to accept online insurance payments. In order to facilitate customers renewing their insurance contracts, Liberty has also led the way in establishing a re-operating department that is completely independent of its business divisions. This helps to maximize customer support in resuming an expired insurance policy and ensuring customer benefits.

Insurtech trend

New forms of insurance middlemen are expected to emerge in the near future, including website aggregators and online trading platforms. These websites compare and contrast products or services from different insurers and publish information on fees, coverage, and rights - everything that helps potential customers decide which product is right for them. Likely to appear in Vietnam on a wider basis are new sales channels, such as collaborations with e-commerce sites or smartphone apps.

Not only focusing on developing its service center network, Liberty also enhances new methods of distribution such as bancassurance, through cooperating with banks, and also works alongside leading car manufacturers. Moreover, Liberty has been developing its online sales channels for insurtech products with leading mobile partners in Vietnam, such as MoMo (e-wallet), Zalo (chat app), Tiki and Adayroi (e-commerce), Timo (e-bank), and JioHealth (a comprehensive clinical services provider), among others. “We will also continue to expand online sales channels through cooperation with leading digital partners in Vietnam to continuously grow and expand access channels,” Mr. Duc said.

The insurance firm announced a cooperative arrangement in early July with local e-commerce platform Tiki so as to sell TravelCare insurance products, providing more convenience and attractive benefits to customers, as part of the insurer’s plan to confirm its position in the non-life insurance market through associations with partners to expand online insurance. With this cooperation, TravelCare will be the first travel insurance product in Vietnam that can be purchased through an e-commerce platform.

Moreover, the company last year also sought a partnership with Vietnam’s No.1 e-wallet, Momo, as a strategic step to combine insurance and payment technology. “Insurtech is a crucial trend in the digital age,” Mr. Duc said. “As every insurance company moves on the evolution of technology, insurtech is not just a playground for the fast-paced. Inheriting the vision and experience of the parent corporation, Liberty Vietnam is committed to working together to take long-term, solid steps. For that reason, working with partners who share common goals and mission is critical.” 

As insurtech continues to offer new opportunities to insurance businesses, with a long-term strategy, heavy investment, and strong technology infrastructure, Liberty aims to continue boosting online sales and digitalization in order to lead the digital revolution in Vietnam in the non-life sector. 

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