How will the development strategy of Mirea Asset Prévoir in the near future change when there are new capital flows from Korean investors, sir?
Vietnam's life insurance market usually maintains a high growth rate of about 20% in recent years, marking a great potential for development due to the awareness of the need for insurance, as well as the income of people. Vietnam is on the rise.
In that context, Mirae Asset Prévoir (formerly Prévoir Vietnam) wants to increase investment in important resources such as experts, technology, distribution channels, products and services... to capture opportunities. opportunities to grow from the market, thereby meeting market needs, as well as target customer segments.
Towards the trend of digitalisation, as a life insurance company, Mirae Asset Prévoir will adapt to the rapid changes of the Vietnamese life insurance market by focusing on providing customers with products and services, creating a more proactive approach to potential customers in the most affordable way.
So how will Mirae Asset's strengths and experience in selling through online distribution channels be utilized in Vietnam?
Mirae Asset is a global financial group headquartered in Seoul, Korea, currently expanding its operations to developing markets globally, in addition to the Asia-Pacific region. In Vietnam, Mirae Asset has organizations that provide a wide range of financial services, including investment, wealth management, consumer finance and investment management.
Mirae Asset Prévoir will coordinate with Mirae Asset Group member companies to take advantage of inherent competitive strengths in technology. With a team of experienced and dedicated professionals and staff, we will utilize the advantages of digital technology to provide Vietnamese customers with valuable and innovative life insurance products. , with quick accessibility.
Ultimately, our goal is to increase customer satisfaction by focusing on the simplicity and efficiency of the entire process.
However, in Vietnam, online insurance seems to be at the beginning stage, sir?
The majority of insurance companies in Vietnam are moving towards digitization by investing in providing insurance portals, online marketing and combining mechanisms.
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Vietnam's insurance market is in the final stage of completing the necessary conditions and processes to introduce to customers life insurance products sold online thanks to the support of the regulator and the change of the market. change the legal framework. This allows customers to quickly access the insurance products they want, when they need it, at the right price.
Accordingly, life insurance companies can provide insurance policies to customers directly and immediately. Mirae Asset Prévoir is also expanding its investment in people, training and governance systems to deploy digital initiatives towards a customer-centric approach, simplifying business processes, and managing insurance contracts and high efficiency services.
As one of the first life insurers to pioneer the insurance business cooperation model through banks (bancassurance) since 2005, will this channel still be considered as one of Mirae Asset's strengths? Prevoir in the near future?
Bancassurance activity in Vietnam is relatively small, but growing rapidly and is an attractive area for both banks and insurance companies.
Although agents are still the main distribution channel of most insurance companies, experience from other markets shows that bancassurance channel has outstanding efficiency and a much higher retention rate than other insurance companies. traditional agency.
Financial services currently account for about 2% of GDP in Vietnam, much lower than the ASEAN average of 6-8%. We expect both GDP and the share of financial services in Vietnam to increase significantly over the next five years, with a double-digit growth rate.
Of course, increased opportunity means increased competition. Therefore, for sustainable development, Mirae Asset Prévoir's bancassurance strategy is based on innovative products that match the characteristics and needs of bancassurance customers…
Mirae Asset Prévoir is working closely with banking partners to improve the processes of the bancassurance value chain towards digitalization - to make it leaner and faster.
Along with that, a team of professional, highly qualified staff will assist customers in choosing the most suitable insurance product at the right time, meeting their financial needs and protection needs. .
With the direct selling model, will Mirae Asset Prévoir continue to test and develop this model?
Mirae Asset Prévoir has experienced and engaged with customers in many provinces, cities, even in remote and isolated areas for 13 years of operation in Vietnam. Direct distribution is still very effective for many of our customers.
In particular, today, the focus of the direct selling model has shifted from focusing on quantity to specific targets and niches. We always put customer satisfaction first by improving products and services in line with the increasing needs, as well as the family lifestyle of Vietnamese people.
Mirae Asset Prévoir is still expanding its presence in many provinces and cities across the country. This is not only to affirm our commitment to maintaining high quality services for existing customers, but also to help many future customers protect their families' finances with life insurance products.
This year, Vietnam's life insurance market is forecasted to continue to grow at over 20%. How will Mirae Asset Prévoir take advantage to seize this opportunity, sir?
Considering the current context of Vietnam's life insurance industry, this market is increasingly competitive, creating opportunities for new insurers to enter, and creating an attractive niche thanks to its high penetration rate. low basic income and high growth prospects. In my opinion, this is the right time to invest in
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