good for insurance choices
HCM CITY — Strong growth
potential and fierce competition have seen new products and offers flood the
local insurance market of late, industry insiders say.
Phung Dac Loc, general
secretary of the Viet Nam Insurance Association, said that Viet Nam was a market
with considerable potential for the insurance industry.
business environment in Viet Nam is very promising as the entire individual
housing and property market have not been exploited, as also the agricultural
sector," he said.
Loc said that alongside
Viet Nam’s development and integration process, insurance demand was set to
increase steadily. He estimated that in recent years, the non-life insurance
sector had been growing at 15 per cent per year.
Some foreign economists
have said Viet Nam’s insurance market will grow by 25 per cent per year by
Loc said that there were
27 insurance companies in Viet Nam who were offering a lot of new products with
many benefits in order to compete with each other for the local market share.
Prudential Viet Nam Life
Assurance has just introduced a "three in one" policy for families.
This means when one family member signs a life insurance contract, two other
members of the family will also get coverage.
AIA Viet Nam Life
Assurance Co is offering a few life insurance products that include health
The ACE Life Assurance Co
Ltd, meanwhile, has also introduced new products whose value is adjusted to
companies have also deployed many strategies to attract customers.
Soon after the Road Police
Department announced that vehicle insurance was mandatory, the Post and
Telecommunications Joint Stock Company began offering automobile insurance.
The Vien Dong Joint Stock
Company has introduced insurance schemes for individual houses, household
equipment and other property.
Insurance companies have
also improved their consultancy services for customers.
Telephone calls, emails,
direct meetings at home or the workplace – all these approaches are used by
insurance companies to sell their products.
representatives said it was very important to provide quality consultancy
services and offer insurance products that suit the needs of customers. They
also stressed the need to keep in touch with the customer after the policy is
Many experts said that
selling insurance was very difficult because it was not a "normal"
product. — VNS