In addition to existing sales channels like agencies, bancassurance, co-operation with real estate companies, or online sales, life insurance companies continue to diversify distribution channels by adding pharmaceuticals and supermarkets.
|Life insurance finds its way to new sales channels |
For the first time, the Vietnamese life insurance market has witnessed an insurance product sold at pharmaceuticals and partner shops. To compete with other rivals, Generali Vietnam has begun selling products through introduced Long Chau pharmacies.
The important role of technology in supporting product development as well as widening sales channels in the Vietnamese life insurance market is undeniable.
For instance, MAP Life has become the first life insurance company to co-operate with F88. BIDV MetLife introduced the first online insurance product in Vietnam. Accordingly, in addition to lifelong protection against five common incurable diseases or traffic accidents (both at home and abroad), the product also offers minimum committed interest rates and other benefits for customers.
This is also the first online insurance product to allow customers the flexibility to withdraw money from their insurance accounts.
FWD Vietnam Life Insurance Co., Ltd. (FWD), after the deal with Vietcombank, has co-operated with ACB bank to first launch e-bancassurance in Vietnam by launching an online cancer insurance product. The move made ACB the first bank in Vietnam to conduct the distribution of an insurance product fully on an online platform.
Experts assess that this co-operation will offer more convenience to customers and will bring breakthroughs in service as well as bancassurance products in Vietnam.
As the market an increasing number of new players, it is bound to welcome more new insurance products and sales channels. While introducing products to the market, insurance companies focus on simple products with moderate insurance benefits to make products more accessible and extend their market share.
In addition, with a digitalisation strategy, from product development to customer care, life insurance companies are also focusing on improving customer experience by collecting customer data to develop big data.