ACE Life Vietnam’s captain upbeat amid choppy forecast

After eight years at the helm of ACE Life Vietnam, what has been your greatest achievement?

The company pioneered the launch of the Universal Life products in Vietnam in March 2006. Since then, we have developed a full range of Universal Life products that enables individuals and groups, up to the age of 80, to select plans to suit their financial means.

We have built a strong foundation for sustainable growth based on a system of strict supervision, management and agency development. In particular, we have groomed and developed a strong management team who are all Vietnamese.

  In addition, ACE Life Vietnam regards community support as one of its strategic objectives – the growth in our corporate social responsibilities parallels our business development. We believe that education is one of the most basic factors for social development. Since 2005, we have established the ‘Crossing Waves Fund’ and embarked on many programmes to help underprivileged children obtain a better education so that they can secure a brighter future for themselves. Our efforts to support education are our way of giving back to the communities in which we live and work.   

You have a Vietnamese-only management team. What gives you a firm belief in this human resource strategy?

While the Vietnamese may lack global exposure and experience,  they have a deep understanding of our local culture and customs that is extremely important for the development of products and services which suit the needs of the Vietnamese. In addition, we are part of the ACE Group, a multi-line business operating in over 50 countries, and we bring a breadth of knowledge and expertise to the local industry. We rely on local market knowledge combined with global expertise and financial strength which have proven successful in other markets. This has been the key to ACE Life Vietnam’s success – a respected global company with a strong Vietnamese culture and local acumen.  

ACE Life Vietnam ranks among the pioneers of the nation’s growing life insurance industry

What else have helped you win customers’ loyalty?

Since our establishment in 2005, we believe that it is vital for any insurer to have a strong reputation in the industry.

Eight years ago, customers had low confidence in insurance, and we accomplished something which other life insurers could not despite having been in Vietnam for a longer period of time. ACE Life Vietnam pioneered the introduction of the Universal Life product to the local market in March 2006 with flexibility in premium payment and whole life protection - benefits which were the industry’s firsts. We had spent several years on market research and understanding customers’ demands to design the product prior to its launch. It changed the consumers’ perception of life insurance.

Today ACE Life Vietnam remains steadfast to its long-term strategy of building its stature in the local market through products which meet the diverse needs of customers and providing excellent service to them. We are committed to developing products to protect our customers and their families against the financial impact of the unpredictable, every day risks. In April last year, we were commended for an insurance payout amounting to VND9 billion to the beneficiaries of one of its customers. The case was testament to ACE Life Vietnam’s ability to deliver on its promise to provide insurance coverage to customers that will help them and their families in their time of need.

  ACE Life Vietnam has also built a strong foundation for sustainable growth based on a strict supervision, management and agency development system. We are committed to honing the professionalism and skills of our account representatives so that they can provide sound financial advice and excellent service to customers. This strategy will enable us to continue to build long-term relationships with our customers so that they have trust and confidence in ACE Life as a reliable insurer.This is pivotal to our continued success.  

ACE Life Vietnam continued to perform well in 2012 despite difficulties in the challenging economy. How did you do it?

ACE Life Vietnam finished 2012 with a good performance. We achieved a double digit growth year-on-year. This is a new milestone for our business development in the Vietnamese market. ACE Life Vietnam has been profitable since 2009, after only about four years of operating in Vietnam. 

Last year, despite operating in a challenging environment, we saw an overall expansion of the insurance market in Vietnam. This can be seen through the increase in demand for life insurance products among the Vietnamese as they realise the need for financial protection against unexpected risks. 

  Customers now have higher expectations of life insurance companies, particularly with the products offered and the quality of customer services. We will continue to do what we’re good at – developing products and services that meet the varied needs of our customers, and providing excellent service. This way, our customers will continue to have trust and confidence in us which are pivotal to our continued success.  

2013 is expected another difficult year for the economy. Can you share ACE Life’s opportunities, challenges and goals in 2013?    

As mentioned earlier, we saw an expansion of the insurance market last year although we faced tough economic conditions. This could be attributed to the increased awareness among the Vietnamese of the importance of insurance to protect themselves and their families against unexpected situations. In addition, I am cautiously optimistic about the potential for the life insurance market to continue to thrive in Vietnam as more people join the ranks of the growing middle class.

I believe that in 2013, competition in Vietnam’s insurance market will intensify and insurers are likely to thrive if they are able to develop products to meet customers’ demands, honor genuine claims, achieve operational efficiencies, and sustain customers’ trust. That is what ACE Life Vietnam will strive to do to sustain our reputation in the market.