2:42:19 PM | 4/24/2023
Generali Vietnam Life Insurance LLC (Generali Vietnam) celebrates its 12-year anniversary with excellent business performance; a nationwide network of more than 100 GenCasa (agency offices) and branch offices serving nearly 500,000 clients across the country. With an ambition of becoming the most innovative and trusted insurance brand in Vietnam, Generali Vietnam is accelerating its “Transparency Insurance” strategy, with the aim of ensuring maximum transparency in its products and services.
In light of the challenging global economy as well as the Vietnam’s financial market volatilities in 2022, Generali Vietnam persistently pursued its sustainable growth strategies and achieved the best business results to date. Total revenue increased by 15% YOY. Insurance benefits payout was 43% higher than that of 2021. Its solid financial position was reinforced with total asset value increasing by 17% vs. 2021 and strong solvency ratio at 181%. Generali Vietnam consistently led the market in terms of customer satisfaction (R-NPS) for 10 consecutive quarters. Of note, thanks to its expansive business growth, successful digital transformation and effective financial management, Generali Vietnam achieved profit before tax of more than VND 765 billion – the highest level to date.
Generali Vietnam’s strength in product offering contributed significantly to these impressive growth figures. In 2022, Generali Vietnam successfully launched VITA – Cho Con (VITA – For Our Children) – the very first education-focused unit-linked insurance solution in the market; VITA – Suc Khoe Vang (VITA – Golden Health - 3rd version) and VITA – Suc Khoe Kim Cuong (VITA – Diamond Health) which is tailored for the high-end customer segment, providing them with access to the best medical care and treatment services globally, at competitive premiums.
Successful digital transformation is also an important factor driving Generali Vietnam’s business growth and efficiency. With strong investment in this area for the last several years, Generali has successfully built an advanced digital system, serving the “paperless” service needs of its customers, partners, staff and agents. Generali pioneers in adopting electronic identification technology (e-KYC) to ensure its customers’ convenience and safety.
Along with making the most of its technological strength to improve service quality, Generali has also been focusing on other factors to improve the customer experience, such as lifting the requirement for original claim documents, building an in-house specialist team to handle claims (instead of using a third party as usual practice) to ensure claim service quality. Generali has also continuously expanded its network of direct billing facilities and service quality. Generali is the first life insurance company in Vietnam to establish a dedicated team to take care of bancassurance customers. Each bancassurance customer has their own designated customer service staff. This enables Generali to have more interaction and regular contact with these customers to support them right when needed. This special service has received positive feedback from Generali’s customers and partners.
Sharing about Generali’s strategic focus in 2023, Ms. Tina Nguyen, Generali Vietnam CEO, said: “Generali Vietnam will continue to focus on enhancing the quality of our products, services and customer experience, while expanding and improving the professionalism of our distribution channels. We will pay special attention in further improving integrity and transparency with our customers through accelerating our “Transparent Insurance” strategy. This includes enhancing operational processes and controls relating to products, services, training and managing distribution, etc. as well as better communication about insurance product and services to protect customers. Such efforts will help Generali get closer to our ambition of becoming “Lifetime Partner” to customers and the most innovative and trusted insurance brand in Vietnam.”
T.H (Vietnam Business Forum)
Vietnamese
