In July 2010, Cathay Life Insurance Vietnam Co. Ltd celebrated its two years in Vietnam. During its two-year efforts to build up a strong market foothold, a strong optimised management system and a well-trained, professional consultant team, the company has asserted its superiority to its competitors on the Vietnamese insurance market.
According to Mr Stanlee Lee, Deputy General Director of Cathay Life Insurance Vietnam Co. Ltd, with the population of 87 million as well as the current fast-growing economy, Vietnam is actually a potential insurance market. Besides, the Government of Vietnam has been applying favourable policies to foreign investors while building a healthy life insurance market.
When asked how to attract people in Vietnam to buy insurance policies, Mr Lee said the nature of this matter was how to make people understand that the nature of life insurance is a "self-protection". Undergoing a financial crisis, people are more aware of high risk of the investment market. Meanwhile, insurance can provide established financial plans for them. And, this is also an irreplaceable advantage of insurance.
Currently, apart from the head office in Ho Chi Minh City and branches in Hanoi, Da Nang, Can Tho and Dong Nai, Cathay Life is preparing for the opening of the fifth branch in northern Hai Phong City in October 2010 and completing the company’s strategy of building a nation-wide business coverage in four main regions: north, centre, south and Mekong Delta. Mr Lee said that Cathay Life will continue to expand its presence in other cities and their surrounding areas. In addition to opening more business locations, Cathay Life will continue upholding its managerial experience and project designing capacity to accelerate the development speed. Besides, the company expects to be licensed to provide non-life insurance in Vietnam this year. In the future, it will copy the successful experience in Taiwan, combine with affiliates of Cathay Financial Holding Co., Ltd in Vietnam operating in the fields of life insurance, non-life insurance and banking, and cash in on the Group’s advantages of personnel, assets, economic scale to bring to Vietnamese people perfect financial insurance model. The company aims to become a powerful financial group in the country.
Cathay Life always defines "The customer is the first to be served.” To understand needs and meet requirements of customers, the staff training strategy is always the top-care stage at Cathay Life. Staff training is a time-consuming process; hence, the careful selection and training from the first steps is rated critical by Cathay Life. The company builds strategies to recruit and foster talents, and enhance professional knowledge, code of conducts and training for its staffs.
The slogan of Cathay Life Insurance Vietnam Co. Ltd "Today seeding for future prosperity" as well as its business motto "Always contributing to the society with what it gets from the society" has clearly expressed the willingness of long-term presence with Vietnam and the sharing of responsibility with the society. Cathay Life has carried out many practical charitable and community programmes such as the scholarship programme called "Thịnh trí thành Tài cùng Cathay" (Determination to become talents with Cathay). Currently, Also, the company is hosting a drawing contest called “I draw my dreams” for children aged from 6 to 10.
Lan Anh
Vietnamese
