|Im Dong Jun, new CEO cum chairman of the Member Council at Hanwha Life Vietnam awarded 4,000 protective suits to representatives of the Ho Chi Minh City Department of Health on April 10 |
So far, the life insurance market has gone without serious impacts from the COVID-19 pandemic but is looking at difficult prospects. According to the General Statistic Department, life insurance premium revenue jumped 21 per cent in the first quarter of this year.
To achieve such high growth, insurance experts claim life insurers have administered a sharp change to their business strategies to best align with the pandemic. In addition, experts believe COVID-19 has made people more aware of the importance of insurance cover to protect their health. That brings advantages to all life insurers, including Hanwha Life Vietnam.
The company reported that it has achieved a new premium growth rate of 21 per cent in the first quarter of this year compared to the same period last year. Despite the positive results, the company believes the life insurance market will encounter certain difficulties in the time ahead.
|To ensure long-term sustainable development during the epidemic, the company has been swiftly implementing new business strategies and actions across its wide business network and workforce to ensure strict control of operations. |
To ensure long-term sustainable development during the epidemic, the company has been swiftly implementing new business strategies and actions across its wide business network and workforce to ensure strict control of operations and adhere to the recommendations of the Ministry of Health in disease prevention, just to name a few.
Additionally, the company has been pushing digital transformation in its operations, an initiative which encompasses policy issuance, online premium collection and online claim, and more to help customers make insurance transactions from the comfort of their homes, thus driving down contagion threat. In addition, the company has also transferred training and recruitment activities to online channels.
Last year, Hanwha Life Vietnam made it into the group of "billion policy" life insurance companies through posting VND1.05 trillion ($45.65 million) of the new total premium. The company currently boasts an expansive network of 150 customer service centres nationwide, 44,000 financial advisors, and more than 400 employees. In 2019, it has paid VND172 billion ($7.5 million) of insurance benefits to customers, helping many families make it through challenging times.
Joining hands with Vietnam in fight against COVID-19
In parallel with innovative business activities to develop steadily, Hanwha Life Vietnam has been proactive in community support amid the current pandemic. Responding to the prime minister’s call to support the prevention and control of COVID-19, Hanwha Life Vietnam has donated 8,000 protective suits (antibacterial bodysuits, protective glasses, gloves, masks, and shoes) worth nearly VND1 billion ($43,480) to healthcare professionals and doctors.
The suits were contributed by Hanwha Life Vietnam’s financial advisors and employees nationwide. Of the medical supplies, 4,000 protective suits were provided directly to the Department of Health in Ho Chi Minh City on April 10 with the remainder were handed over to the Department of Health in Hanoi in April 17. The donations were part of the nationwide programme entitled “Protect the Heroes” to safeguard the health of Vietnamese healthcare professionals and doctors.
Im Dong Jun, CEO cum chairman of the Member Council of Hanwha Life Vietnam said that more than anyone else, health professionals are the ones who need to be protected and saved with appropriate medical equipment and protective suits.
“Following the Vietnamese government’s call and firmly planting corporate responsibility at the heart of our company, through the donation, Hanwha Life Vietnam wishes to join hands with the country to overcome this tough challenge,” he said.
|Hanwha Life’s volunteers provided more than 175 blood units and over 200 gifts to help people combating the COVID-19 pandemic |
Earlier, in March, the company had teamed up with the Ho Chi Minh City Sponsoring Association for Poor Patients to donate 3,257 health insurance cards to the poor in four southern localities, including Ho Chi Minh City, Lam Dong, Ninh Thuan, and Ben Tre with a total budget of VND974 million ($42,350).
This practical and meaningful gift aimed at helping the poor and underprivileged people who have been seriously affected by the pandemic.
Also, due to the impact of COVID-19, the blood bank of Ho Chi Minh City has been facing a critical shortage. The company’s volunteers had actively responded to the call of the Red Cross in ward 2, Tan Binh district on the Blood Donation Day, providing more than 175 blood units and over 200 gifts to help people combating the COVID-19 pandemic.
As a country highly appreciated by the world for its effective fight against COVID-19, according to Ministry of Health’s report, up to April 21 Vietnam has 268 cases of infections and no deaths.
Notably, the country has not reported new infections for the fourth day straight. To achieve this, tremendous amounts of national solidarity have been mobilised, with not only domestic enterprises, but even foreign investors swarming to make significant contributions to the common cause against COVID-19 in Vietnam.