22:55 (GMT +7) - Tuesday 25/06/2019

Enterprises

Journey of transformation

Released at: 08:00, 10/04/2019 Vietnam golden dragon awards & Vietnam Excellent Brand Awards 2019

Journey of transformation

Photo: VET Magazine

Following an M&A deal, Mirae Asset Prévoir (MAP Life) is creating a new niche in Vietnam’s life insurance market.

MAP Life is the fruit of a harmonious coming together of Mirae Asset Life, which is a member of the South Korea-based Mirae Asset Financial Group - a leading independent financial services group, and Prévoir, an independent French insurance group with a rich heritage of over 108 years of serving the investment and protection needs of individuals and families worldwide.

With Mirae Asset Life joining after a merger, 2018 marked a significant milestone for MAP Life in Vietnam, as Prévoir Vietnam changed the name of its life insurance business to Mirae Asset Prévoir (MAP Life) in the country. MAP Life is unique to the life insurance industry, with transactions done between two foreign partners, and it was the only insurer among the “Top 10 Best M&A Deals 2017-2018.” Though the brand name has changed, its commitment remains the same: to provide customers, business partners, employees and other stakeholders with superior products and services that both Prévoir and Mirae Asset Life have developed over the years.

Having more than 14 years of experience in Vietnam, MAP Life is focusing on developing an in-depth understanding of customer needs, building a strong base for financial soundness and strengthening its diversified distribution channels with the aim of providing local customers with increasing value propositions. The company is proud to be among only a few life insurers in Vietnam that have remained profitable in the last three years.

Since its inception, MAP Life has been adopting a uniquely novel business model that best utilizes strategic partners. It has expanded its partnership to include local and foreign financial institutions, on the basis of win-win cooperation, meaning customers, partners, and MAP Life win.

Aiming for Top 5 in 2017-2021

In the middle of 2017, MAP Life focused on developing its sales forces, opening more than ten new sales offices around the country and continuing its bancassurance partnerships with leading commercial banks and its exclusive distribution agreement with National Citizen Bank. With strong support from both Prévoir and Mirae Asset Life and their valuable experience, MAP Life is executing a strategy to attain rapid and sustainable growth. In 2018, it continued to successfully expand its partnerships with financial institutions, including the Mirae Asset Finance Company and the F88 Business JSC.

“We have been increasing investment, consolidating and upgrading infrastructure to serve customers, continuing to develop distribution channels, and diversifying product portfolios,” said Chairman and CEO of MAP Life, Mr. Khamsaya Soukhavong. “We are continuing to expand sales offices in cities and provinces and forging strategic partnerships in bancassurance.”

MAP Life is currently one of the leaders in Vietnam’s life insurance market in terms of new policies issued per year. As at December 2018, it was among the top 5 in terms of profitability in the life insurance market with a solvency margin up to 2,000 per cent, giving it a solid foundation and the financial strength to ensure its long-term commitments to clients and to Vietnam, working toward its mission: “Providing a one-stop shop for fulfilling customers’ lifestyle aspirations.”

For its strong contributions to the life market, MAP Life was honored to receive local and international awards in 2018, such as a Golden Dragon Award 2017-2018, Top 10 Most Reputable Brand 2017-2018, Top 100 Best Product and Services for Families and Children, and The Fastest Growing Partnership Life Insurance Company 2018, awarded by International Finance magazine in the UK.

Map Life continues to pursue its initial strategy in an effort to maintain sustainable growth through its ambition to be among the top 5 best insurance companies in the years to come.

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