Shinhan Life: Pursuing Sustainable Business Strategy in Vietnam

In the realm of contemporary business dynamics, sustainable development has transcended mere trends, evolving into an imperative strategy for fostering competitiveness and creating enduring value for employees, communities, stakeholders and the environment. Vietnam Business Forum recently conducted an interview with Mr. Bae Seung Jun, General Director of Shinhan Life, delving into the company's sustainable development strategy and responsible business practices in the Vietnamese market.

After nearly two years of operation, how has Shinhan Life positioned itself in the market, and what notable achievements has the company attained during this period?

Our mission in Vietnam is to provide advanced insurance solutions at reasonable costs to protect a wide range of customers, thereby improving the quality of people’s lives. We initially explored the Vietnamese market through Tele-Marketing and Bancassurance channels. Recently, Shinhan Life has effectively leveraged the synergies within the Shinhan Financial Group with a widespread network in Vietnam. Currently, we are planning to expand the professional Financial Consultant (FC) channel to reach even more customers.

Our company's products are developed with a customer-centric approach, and we have begun protecting the first thousand of customers. Shinhan Life currently offers a diverse portfolio of life insurance products, catering to various needs of customers.

In the future, when people think of Shinhan Life in Vietnam, I hope they associate it with a company providing insurance products with practical protection benefits at reasonable costs, easy participation, quick payment, and compensation.

How do the new regulations in the 2022 Insurance Business Law and effective solutions in the Vietnamese insurance market development strategy by 2030 impact Shinhan Life's future development? How is the company preparing to align with market growth?

Shinhan Life entered the market during a period when the Vietnamese insurance industry underwent significant policy changes. Therefore, we are consistently innovating to differentiate ourselves and adapt to the evolving market. With a focus on the industry's sustainable development, the new Insurance Business Law tightens regulations to enhance advisory quality and provides conditions for companies to develop products.

Thus, Shinhan Life, like other companies in the market, is striving to improve the quality of advisory services and customer service to meet new requirements. We are also expanding our product portfolio, offering more advantageous benefits that align with diverse customer needs.

Shinhan Life and BNJ Vietnam are collaborating on the ‘iLead Leadership Values’ program for youths aged 15-25, as part of the SOS Children’s Village International’s YouthCan! initiative

Shinhan Life envisions "Enhancing the Quality of Life through Innovation." How does the company's innovation set it apart, and how is this reflected in creating a distinct identity?

Entering the market later than other companies, Shinhan Life needs to create competitive differentiation in order to earn its market position. Shinhan Life’s vision is "Enhancing the Quality of Life through Innovation". "Life" signifies two meanings: firstly, Shinhan Life, and secondly, the lives of our customers, employees, and the company's business team. The term "Quality" represents Shinhan Life's ambition to contribute to improving the "quality" of customers' lives and continuously enhancing the "quality" of Shinhan Life through its services and products.

Being a new company, innovation is crucial for Shinhan Life to continually strive for differentiation from well-established companies in the market. We will innovate in distribution channels, products, and company management. The combination of these innovations will create a different life and a different Shinhan Life in the market, propelling continuous company development.

Shinhan Life regularly carries out charitable activities at hospitals

In Vietnam, Sustainable Development has become integral to business activities. Could you share Shinhan Life's journey of Sustainable Development in Vietnam?

Social responsibility is not only essential for Shinhan Life Vietnam but also for the entire Shinhan Financial Group. Therefore, alongside business development, social responsibility is a strategic task that the Group cares about and allocates resources to implement.

As a life insurance company, we are always concerned about preparing for future changes. Our activities focus on the younger generation, as we believe investing in children and adolescents will contribute to the sustainable development of Vietnam's future generation.

Over the past two years, we have collaborated with SOS Children's Village Vietnam in various activities. Annually, we survey needs and donate learning equipment to students in the Village, currently deployed in Hanoi and Da Nang. Beyond basic needs, we are committed to investing in opportunities for their future. Specifically, Shinhan Life has partnered with BNJ Vietnam to implement the “iLead Leadership Values” program for adolescents aged 15 to 25 learning about personal values and leadership values, within the framework of the YouthCan! initiative of SOS Children's Village International – Youth Employment Partnership. This long-term community project from 2023 to 2025 is being implemented in SOS Children's Villages in Hanoi, Da Nang, and Ho Chi Minh City.

Additionally, we regularly carry out charitable activities at hospitals in Ho Chi Minh City. Notably, Shinhan Life has supported treatment costs for children with leukemia facing difficulties at the City Children's Hospital, with a total sponsorship amount of VND 450 million.

Shinhan Life has traversed nearly two initial years on its sustainable development journey, aiming to achieve the goal of improving the quality of life for the people of Vietnam. We commit to strengthening our business strategy, closely connected with fulfilling social responsibilities, and contributing to the sustainable socio-economic development of Vietnam.

Thank you very much!

Source: Vietnam Business Forum