Insurance's next frontier lies beyond AI

The Vietnam Insurance Summit 2026 opened in Danang on July 31, bringing together policymakers, insurers, technology companies and international experts to discuss the future of Vietnam's insurance market, the growing role of data and AI, and the transformational models reshaping the industry's next stage of development.

The event took place at a time when Vietnam's insurance sector is facing mounting pressure to transform, requiring insurers to adapt to rapid technological advances, evolving market conditions and rising customer expectations for more personalised experiences.

Ngo Viet Trung, director general of the Insurance Supervisory Authority under the Ministry of Finance, said the global insurance industry was entering a profound transformation driven by AI, data and digital technologies.

Citing research by the Swiss Re Institute, Trung noted that AI and data were becoming key drivers of innovation across the entire insurance value chain, from risk assessment and product development to claims management and customer experience enhancement. These technologies not only improve operational efficiency but also enable insurers to deliver more flexible, personalised insurance solutions that better meet increasingly diverse customer needs.

"As the state regulatory authority, the Insurance Supervisory Authority will continue to accompany the insurance community throughout its innovation journey while gradually improving the legal framework to create favourable conditions for the research and application of AI and emerging technologies in insurance operations," stated Trung. "Our policy direction is to encourage innovation alongside sound risk governance, promote technology adoption to enhance operational efficiency, product development and service quality, while safeguarding the legitimate rights and interests of policyholders, strengthening data security, information security and transparency in the application of AI."

Ngo Viet Trung, director general of the Insurance Supervisory Authority under the Ministry of Finance. Photo: IEC Group

He added that AI development is not solely an issue for individual companies but requires close collaboration among regulators, insurance companies, technology firms, research institutions and ecosystem partners.

"Sharing international experience, keeping pace with emerging trends, and jointly discussing governance models and implementation solutions will help Vietnam's insurance market develop in a more modern, transparent and sustainable manner," he said.

Echoing this view, Nguyen Xuan Viet, chairman of the Insurance Association of Vietnam, said data and AI are becoming core capabilities of the modern insurance industry.

"When deployed effectively and responsibly, AI improves operational efficiency but also enables insurers to better understand customers, develop more suitable products and provide more proactive and personalised services," said Viet. "However, we must also recognise that technology is not the destination. The true value of transformation lies in using technology to build trust, improve service quality and foster a transparent, secure and sustainable insurance market. This journey requires the joint efforts of regulators, insurers, technology partners and the broader ecosystem."

Viet emphasised that after more than three decades of development, Vietnam's insurance market has gradually established itself as an important component of the national financial system. Beyond protecting individuals and businesses against risks, the insurance industry also serves as a key channel for mobilising medium- and long-term capital for the economy, supporting investment and contributing to social security.

"We are now entering a new stage of development with higher expectations," he added. "Market growth is no longer measured solely by premium revenue or the number of policies sold. It increasingly depends on service quality, risk management capability, innovation and the ability to build lasting customer trust."

In his presentation, Sang Lee, president of Chubb Life Southeast Asia & New Zealand and country president of Chubb Life Vietnam, shared strategic perspectives on the need to reshape the insurance industry amid growing global uncertainty, rising customer expectations and an increasingly dynamic business environment.

Lee highlighted three strategic priorities: improving distribution efficiency, making smarter use of digital platforms and data, and building a more proactive claims management model to enhance operational effectiveness while delivering greater value to customers and business partners.

"Successful transformation is not driven by technology alone. It also requires comprehensive changes in business models, organisational capabilities and corporate culture, enabling the industry to become more adaptive, customer-centric and future-ready," he said.

Sang Lee, president of Chubb Life Southeast Asia & New Zealand and country president of Chubb Life Vietnam. Photo: IEC Group

Kevin Kwon, CEO of Prudential Vietnam, argued that in the AI era, trust remained the foundation for the insurance industry's sustainable growth.

Drawing on Vietnam's strong economic growth and the country's significant protection gap compared with regional markets, Kwon said the industry's biggest challenge was not a lack of demand for insurance but rather converting that demand into action through stronger governance, a customer-centric approach and enhanced advisory capabilities.

"In this journey, AI creates real value only when it is applied responsibly to enhance transparency and improve customer experience, thereby reinforcing trust, which is the foundation for the sustainable development of the entire industry," said Kwon.

From the perspective of an international credit rating agency, Ngo Thuy Anh, market development manager at AM Best, presented the latest assessment of Vietnam's non-life insurance market outlook.

She analysed the key drivers expected to support the sector's sustainable growth, including favourable economic fundamentals, evolving insurance demand and long-term structural trends, while also identifying challenges that could affect insurers' growth and profitability over the short and medium term.

"Among these factors, the adoption of digital technologies and the expansion of distribution networks, which are driving growth in retail insurance lines such as health insurance and personal accident insurance, remain key factors supporting a stable outlook for Vietnam's non-life insurance segment," she said.

Running alongside the conference was the Insurance Technology Exhibition, featuring more than 20 domestic and international insurance and technology companies, including Chubb Insurance Vietnam, Prudential Vietnam, OPES Insurance, AM Best, Viettel Cyber Security, Datadog, FPT, and GreenNode.

The exhibition showcased a broad range of solutions covering digital insurance, AI, data governance, process automation, customer experience, cybersecurity, fraud prevention, distribution platforms, and core system modernisation. Beyond serving as a product showcase, the exhibition also acted as a networking platform connecting insurers with technology partners, facilitating collaboration, implementation experience sharing and the exploration of innovative business models suited to Vietnam's evolving insurance market.

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