On April 24, Italian-backed life insurer Generali Vietnam celebrated its 12-year anniversary with excellent business performance and a nationwide network of more than 100 GenCasa agency offices and branches, serving nearly 500,000 clients across the country.
With an ambition of becoming the most innovative and trusted insurance brand in Vietnam, Generali Vietnam is accelerating its Transparent Insurance strategy, with the aim of ensuring maximum transparency in its products and services.
In light of the challenging global economy and Vietnam’s financial market volatilities in 2022, Generali Vietnam persistently pursued its sustainable growth strategies and achieved its best business results to date, with its total revenue increasing by 15 per cent on-year.
|Generali Vietnam continues to pursue its ambition of becoming a Lifetime Partner to customers and the most innovative and trusted insurance brand in Vietnam |
Last year, the company’s insurance benefit payout was 43 per cent higher than in 2021. Its solid financial position was reinforced with total asset value increasing by 17 per cent compared to 2021 and a strong solvency ratio of 181 per cent.
Generali Vietnam has consistently led the market in terms of customer satisfaction – R-NPS – for 10 consecutive quarters. Of note, thanks to its expansive business growth, successful digital transformation, and effective financial management, the company achieved a pre-tax profit that surpassed VND765 billion ($33.2 million), its highest level to date.
The strength in Generali Vietnam’s product offerings contributed significantly to these impressive growth figures.
|Generali Vietnam organised various customer appreciation activities across the country to mark its 12th anniversary |
In 2022, Generali Vietnam successfully launched VITA – Cho Con (VITA – For Our Children) – the very first education-focused, unit-linked insurance solution in the market, VITA – Suc Khoe Vang (the third version of VITA – Golden Health), and VITA –Suc Khoe Kim Cuong (VITA – Diamond Health) tailored for the high-end customer segment, providing them with access to the best medical care and treatment services globally, yet at competitive premiums.
Successful digital transformation is also an important factor driving Generali Vietnam’s business growth and efficiency. With strong investment in this area for the last several years, Generali has successfully built an advanced digital system, serving the paperless needs of its customers, partners, staff, and agents.
Generali pioneers in adopting electronic identification technology – e-KYC – to ensure its customers’ convenience and safety.
|Generali Vietnam’s strength in product offering, successful digital transformation, and various customer experience enhancement efforts have helped the company achieve excellent results |
Along with making the most of its technological strength to improve service quality, the company has also been focusing on other factors to improve the customer experience, such as lifting the requirement for original claim documents and building an in-house specialist team to handle claims – instead of using a third party as is usual practice.
Generali has also continuously expanded its network of direct billing facilities and is the first life insurance company in Vietnam to establish a dedicated team to take care of bancassurance customers.
|Generali pioneers in adopting electronic identification technology – e-KYC – to ensure its customers’ convenience and safety. |
Each bancassurance customer has their own designated customer service staff. This enables Generali to have more interaction and regular contact with these customers to support them right when needed. This special service has received positive feedback from Generali’s customers and partners.
Speaking about Generali Vietnam’s strategic focus in 2023, the company's CEO Tina Nguyen said, "Generali Vietnam will continue to focus on enhancing the quality of our products, services, and customer experience, while expanding and improving the professionalism of our distribution channels."
“We will pay special attention to further improving integrity and transparency with our customers through accelerating our Transparent Insurance strategy. This includes enhancing operational processes and controls relating to products, services, training, and distribution management, as well as ensuring better communication about insurance products and services to protect customers.”
“Such efforts will help Generali get closer to our ambition of becoming a Lifetime Partner to customers and the most innovative and trusted insurance brand in Vietnam,” Nguyen noted.
| ||CEO of Generali International visits Vietnam |
Jaime Anchustegui, CEO of Generali International, made a visit to Vietnam on February 27 as the group continues to pledge its long-term commitment to the market with its fast-growing, successful local business – Generali Vietnam Life Insurance Co., Ltd.
| ||Insurers show off digital-led products |
To simplify the purchasing process, insurance companies are in a race to launch new digital products while cooperating with the banking industry and e-commerce platforms.
| ||Bancassurance the catalyst for insurers to deepen footprint |
Banks have managed to navigate their way through the chaos of the last few years by diversifying their non-interest income thanks to bancassurance services.
| ||South Korean insurers exploit big growth potential |
South Korean insurers are conveying tremendous efforts to embrace Vietnam’s insurance industry, citing the country’s plethora of growth outlook.
By Anh Duc