An office of Prudential Vietnam. The growth of the life insurance industry surged by 23 per cent in Q1 2019. - Photo PrudentialViet Nam News HÀ NỘI — Việt Nam’s insurance industry maintained positive growth in the first quarter of this year, with total premiums surging by 17 per cent year-on-year, according to reports from the General Statistics Office. Life insurance surged by 23 per cent, while non-life insurance increased by 9 per cent. According to the Ministry of Finance’s Insurance Supervisory Authority (ISA), the insurance industry is targeting a growth rate of 20 per cent this year. Experts remain upbeat about the industry’s health in the coming years, forecasting that it will maintain an annual growth rate of 10-20 per cent. Many banks that co-operate with insurers to provide bancassurance products even expect an annual growth rate of up to 30-40 per cent. The fast-growing domestic insurance market should thrive thanks to rising … [Read more...] about Insurance industry growth surges 17% in Q1
Cosmic insurance building
An insurance official in the northern mountainous province of Sơn La instructs elder citizens to fill out the forms. — VNA/VNS PhotoViet Nam News Nguyễn Hoàng Phương, Deputy Director of the Technology Centre of Việt Nam Social Security (VSS) talks to Việt Nam News on the strides the centre has made in technology adoption to achieve efficiency and better delivery of public services. In 2017 and 2018, Việt Nam Social Security (VSS) topped various Government technology rankings, including the lists for e-portal and human resources capacity and the technology readiness (ICT Index). Could you tell us more about VSS’s achievements in this regard and how they came to be? Information technology (IT) application, administrative reforms and raising the capacity of our staff have been at the forefront of the VSS agenda in recent years as we move into the Industry 4.0 era. Technology has been deeply integrated into our operational … [Read more...] about Tech to bring better insurance services for people
Prime Minister Nguyen Xuan Phuc set the dealine of 2020 for the national insurance agency to install microchip in health cards that allow related agencies to easily access patients’ health records Present, the insurance agency is promoting electronic database building as well as implement synchronous measures related to installable microchips that can store patients’ electronic health records (EHRs) including submitting for the new card formation and roadmap for issuance of it. After finishing all paperwork, the insurance sector will submit to the Prime Minister for final approval. The aim of microchip health insurance card is to build database of the field, share information and supervise the payment in social and medical insurance. An installed chip has benefits such as allowing emergency room staff to identify an unresponsive patient and have instant access to his or her medical history, including current medications and allergies. It will be applied in all medical … [Read more...] about Vietnam to install microchip in patients’ health insurance cards by 2020
The Vietnam Actuarial Conference 2018 hosted by Prudential with the attendance of over 200 actuaries and insurance professionals discussing Big Data More insurance businesses are now planning to apply new technologies in their management systems and improve customer services, while many also plan to develop new products to meet market demand as well as diversify insurance sales channels, according to a survey released by Vietnam Report in June last year. In particular, 82.4 per cent of insurance companies said they were building a Mobile Internet development strategy and 64.7 per cent have adopted strategies based on two key factors in Industry 4.0: the Internet of Things (IoT) and Big Data. Disruptive technology Big Data provides new insights from social networks, telematics sensors, and other new information channels. As a result, it allows understanding customer preferences better, enabling new business approaches, product development, and enhancing existing internal models, … [Read more...] about How can Big Data drive the future of insurance?
Globally, assets worth about $163 billion are not insured against catastrophes, posing a “significant threat” to livelihoods and prosperity, London-based insurance market Lloyd’s said in a report. The value of “underinsured” assets has shrunk by only 3 percent since 2012, it noted. Many countries with the lowest levels of insurance are also among those most exposed to risks, including from climate change impacts, and are least able to fund disaster recovery efforts, it added. “If insurance is not available, catastrophes can have a much greater impact on economies and lives,” Lloyd’s Chairman Bruce Carnegie-Brown said in a statement. Emerging and low-income economies account for almost all of the global “insurance gap,” the report said. Insurance penetration rates - total insurance premiums as a percentage of gross domestic product - are on average twice as high in rich nations as those in developing countries, it noted. … [Read more...] about ‘Insurance gap’ threatens disaster-vulnerable poor nations: Lloyd’s