Chubb Life Vietnam honoured with Certificate of Merit from Vietnamese prime minister

May 25, 2020 | 18:46
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Chubb Life Vietnam was honoured to receive the Certificate of Merit from the Vietnamese prime minister for its achievements in the insurance industry and its significant contribution to the Vietnamese community.
chubb life vietnam honoured with certificate of merit from vietnamese prime minister

“We are extremely honoured and grateful to have received this Certificate of Merit on Chubb Life’s 15th anniversary in Vietnam. This recognises our contribution to the life insurance industry and to the Vietnamese economy overall,” said Lam Hai Tuan, chairman and country president of Chubb Life Vietnam.

The US-backed life insurer prides itself on introducing new insurance solutions to the market, one of those being Universal Life, a permanent life insurance solution with an investment savings element. With its diverse range of Universal Life solutions that can cater to customers up to 80 years of age, Chubb Life’s Universal Life portfolio now accounts for the company’s greatest market share.

The company has also developed solutions that suit the different needs of Vietnamese people, and now offers a comprehensive range of insurance products, including investment-linked insurance, whole life insurance, term insurance, combined insurance, health insurance, and personal accident insurance.

As a result of its strategies and superior product offerings, Chubb Life is one of the few insurers in Vietnam to have generated profits since their fifth year of operation and has continued operating profitably for 11 consecutive years, adhering to the highest standards and fulfilling its responsibilities to the local communities in which it operates. To date, the company has reinvested more than VND10 trillion ($434.78 million) into the Vietnamese economy.

As a result of its strategies and superior product offerings, Chubb Life is one of the few insurers in Vietnam to have generated profits since their fifth year of operation and has continued operating profitably for 11 consecutive years.

In Vietnam, Chubb Life is seen as both a successful insurer and a partner that always upholds professional ethics. The company has regularly received prestigious awards and certifications such as the certifications of merit from the General Department of Taxation and The People's Committee of Ho Chi Minh City for its outstanding achievements in the insurance business, as well as being ranked in the Top 10 at the Vietnam Insurance Reputation Awards for four consecutive years.

Chubb Life is also the only life insurance company in Vietnam to have received the corporate award (the “Global Ethic” symbol) and the General Director award (the “Lighthouse” symbol) from the Vietnam Federation of UNESCO Associations for three consecutive years.

The company also won the International Life Insurer of the Year and New Insurance Product of the Year awards for the Vietnamese market in 2018 from Insurance Asia, a prestigious finance and insurance magazine.

“Looking back at the landmark achievements over the past 15 years, I am very proud of what we have achieved. We have built a strong life insurance company following global standards, operated and managed by an all-Vietnamese team,” said the company’s top leader Lam Hai Tuan.

Employing a people-centred strategy, Chubb Life is proud to have successfully invested in and trained a talented and ethical workforce – the next generation of leaders for Chubb Life and the broader domestic and international life insurance market.

The company has also proudly participated in laying the foundation for Chubb Life Myanmar and played an active, fundamental role in Chubb Group’s many regional and international projects.

As of March 31, 2020, more than 27,360 Vietnamese families have received insurance benefits from Chubb Life with a total amount of approximately VND1.28 trillion ($55.65 million), of which the highest insurance payment for a single case was VND10 billion ($434,780). At the same time, nearly half a million Vietnamese families are being protected by Chubb Life Vietnam, which means hundreds of thousands of lives are supported, thousands of critical patients have recovered, and countless children’s dreams are nurtured.

Aside from maintaining exceptional business performance, Chubb Life Vietnam also constantly strives to support the community in the most practical ways. Founded by Chubb Life Vietnam in 2005, the Crossing Waves Fund has, in collaboration with Chubb Charitable Foundation International, contributed more than VND25 billion ($1.1 million) to the construction of eight new schools and awarded many scholarships to underprivileged students, thus helping brighten the future for the younger generation in Vietnam.

By Minh Hai

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