Why is innovation important to Liberty Insurance?
Since our company’s beginnings, we have incorporated innovation into daily operations. Most recently, Liberty Mutual Insurance ranked 84th in Fortune’s 2023 list of America’s Most Innovative Companies. The list, which was published for the first time, evaluates product and process innovation, as well as a company’s innovation culture.
Modern technology such as AI, smart devices, and blockchain is transforming the insurance landscape. As a subsidiary of Liberty Mutual Insurance – the sixth-largest property and casualty insurer based on 2021 gross written premium in the world – we pay close attention to understanding the effects of cutting-edge technology and how these may best serve the evolving needs of our customers.
|Nga Tran, head of Distribution at Liberty Insurance Vietnam, a subsidiary of Liberty Mutual Insurance |
Technology businesses frequently refer to themselves as innovative, but why do we seldom think of insurance as being innovative?
To the surprise of many, insurers have been utilising new technology to improve the way we conduct business for many years.
At Liberty Insurance Vietnam, we partner with capable research organisations to constantly develop and test new ideas. Many of these have led to significant innovations that have helped to improve people’s lives and peace of mind. The contributions of our innovation team to reducing risk and creating cutting-edge products for consumers today, as well as the creation of the first seat belt more than 70 years ago, are all examples of how innovation has left its mark on Liberty Mutual’s history.
How has Liberty Insurance used innovation to adapt to the evolving demands of the Vietnamese market throughout time?
Liberty Insurance is a leader in the use of cutting-edge digital technology to provide our clients with comprehensive protection in all of the countries in which we operate thanks to a culture of innovation and digitalisation.
Liberty Insurance Vietnam has inherited the foundation and spirit of innovation from Liberty Mutual’s long history. Our consistent focus on quality processes since our founding in 2003 has raised industry standards. The first insurance provider to offer a comprehensive online insurance purchasing platform in 2010 was Liberty Insurance Vietnam, which made it simple for users to enrol in insurance on the website. We were also honoured to be the first insurer in Vietnam to provide clients with the option to buy auto insurance directly from our website in 2020.
Since we began operations in Vietnam 20 years ago, we have adapted and enhanced Liberty’s insurance offerings. With a focus on the protection requirements of Vietnamese clients, we have launched TravelCare insurance, Personal Accident insurance, and health insurance products in addition to our award-winning AutoCare (comprehensive motor vehicle insurance).
We unveiled our exceptional FamilyCare insurance in 2021, providing individual and family customers with a range of benefits and care both locally and internationally. FamilyCare offers extensive maternity benefits with high coverage for the family, in addition to more traditional benefits including hospital surgery, medical services, medical examinations, and dental care.
For easy access to our preferred insurance products, such as Liberty AutoCare and TravelCare, we also collaborated with partners in e-wallets, mobile applications, and digital marketplaces.
What sets Liberty Insurance and other insurers apart?
Liberty Mutual Insurance has rooted itself in innovation. We make sure that our innovation strives for improvement so that our products provide customers with relevant, comprehensive protection, and that our service continues to be efficient and satisfactory.
Liberty Mutual Insurance considers innovation as a powerful instrument that can help us fulfill our commitment to customers who believe in our brand and our products. We consistently work to secure the best interests of our clients.
Since our establishment in the United States in 1912, we have expanded to 29 countries and economies worldwide. This demonstrates both our authority and our ability to honour our commitments to customers not only in Vietnam but across the world.
In addition, Liberty Insurance Vietnam has continually been using our best efforts to become a leader in providing excellent customer-service with our skilled staff of more than 300. Liberty Insurance Vietnam also provides a 24/7 support hotline, where our dedicated customer service team is always on call and ready to help customers.
Both experts and customers have praised and trusted Liberty Insurance Vietnam’s innovative initiatives. In 2021 and 2022, Liberty Insurance Vietnam became the first non-life insurer in Vietnam to win three consecutive Financial Services Awards from IDG Vietnam.
These awards were given to acknowledge our inventive approach and products: Non-life Insurance Company with Outstanding Products and Services Innovation for Liberty AutoCare (2021), Non-life Insurance Company with the Highest Customer Satisfaction on Digital Experience (2021), and Non-life Insurance Company with Outstanding Innovative Products and Services (2022).
What innovative products or solutions can we expect to see from Liberty Insurance Vietnam in the near future?
Since we established our presence in Vietnam in 2003, Liberty Insurance Vietnam has made a commitment to provide more comfort, confidence, and peace of mind to an increasing number of customers and the Vietnamese people so they can embrace today and confidently pursue tomorrow. Vietnam is now among the most dynamic rising nations in East Asia, according to the World Bank, and our offerings and services must adapt to Vietnam’s rapid growth.
More and more people are becoming aware of the security that insurance offers, and how crucial it is in our everyday lives. The two economic centres in Vietnam where Liberty Insurance Vietnam has grown its presence in recent times are Binh Duong and Hai Duong provinces. By bridging the gap with our business clients, we hope to give our customers better coverage and comprehensive protection in a timely manner.
Additionally, in response to the change in user behaviour on digital platforms, we continually invest in new projects, create information channels, and establish online connections with partners and consumers, dealers, and agents.
Our products can be purchased easily through our official website, as well as through well-known e-wallets, mobile applications, and online marketplaces. This is a significant endeavour in our transformation journey to respond to evolving customer needs.
Furthermore, Liberty Mutual’s cutting-edge technology platform and collaboration with technology partners enables us to better discover account possibilities and provide proactive coverage options for consumers by utilising the power of big data. This is also an advantage that Liberty Insurance Vietnam benefits from, thanks to the sharing of expertise and experience from the group’s headquarters in the US.
It is our goal to remain a trusted guardian for businesses in Vietnam to protect their most valued assets so that they grow confidently in both local and foreign business ventures with greater peace of mind.
| ||Liberty Insurance Ltd. launches online automobile insurance for first time in Vietnam |
Liberty Insurance Vietnam's online insurance platform for cars is the first to be launched in Vietnam and will create a new digital experience, bringing safety to customers in a more convenient setting.
| ||Liberty Insurance launches FamilyCare medical insurance for Vietnamese families |
Liberty Insurance Vietnam, a leading non-life insurance company, has recently introduced a family health insurance package to the Vietnamese market, a practical solution that helps to protect all family members.
| ||Liberty Insurance Vietnam launches global healthcare coverage in partnership with APRIL International |
Liberty Insurance has partnered with APRIL International to launch MyHEALTH global healthcare insurance to expatriates and Vietnamese nationals residing in Vietnam through their local agency salesforce. After launching successfully with PTI four years ago, this makes MyHEALTH, APRIL’s leading individual product, available through a complementary distribution channel.
| ||Liberty Insurance receives the fourth award from IDG for innovative initiatives |
Liberty Insurance Ltd., a subsidiary of the US-headquartered Liberty Mutual Insurance, has been honoured for the fourth time in three consecutive years (2021-2023) with an Outstanding Financial Services Award by IDG Vietnam.