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Banking & Finance

Prudential Vietnam announces new commitment on 20th anniversary

Released at: 13:57, 21/11/2019

Prudential Vietnam announces new commitment on 20th anniversary

Photo: Khanh Chi (VET)

Insurer aims to extend its long-term growth in Vietnam as it marks 20 years in the country.

by Hung Cao

Prudential Vietnam Assurance has marked its 20th anniversary with a new commitment, “We Do For A Wealthier and Healthier Vietnam”. By combining technological advancements with two decades of operations in Vietnam and Prudential’s 95-year legacy across Asia, the company is focused on supporting the long-term growth of Vietnam’s insurance sector and its overall economic development.

Prudential Vietnam is also committed to delivering on its vision of providing comprehensive solutions to make healthcare more affordable and accessible for Vietnamese and to help narrow the country’s health protection gap, which currently amounts to $36 billion.

Alongside economic development and an increase in per capita income, Vietnam is also becoming one of the fastest ageing countries in the world. As people live longer and become more affluent, demand for quality and personalized healthcare is on the rise. At the same time, the financial burden on families seeking treatment for accidents and critical illnesses is set to increase due to escalating medical costs.

According to a 2018 Prudential Vietnam-sponsored study on the life insurance industry, while Vietnamese believe unexpected accidents and illnesses will have the biggest impact on them financially, only one-sixth are financially prepared to cope with a possible crisis. This explains why the health protection gap remains high despite an increase in Vietnamese incomes.

Riding the rising trend in mobile health technologies, Prudential Vietnam has also been pioneering the industry in terms of digital offerings in order to deliver seamless experiences to customers. As part of its growth strategy, the company plans to combine its leading capabilities in life insurance, broad market footprint, and a wide range of offerings with best-in-class partnerships around artificial intelligence (AI) technology and experience in partnering with the government.

To this end, Prudential Vietnam will soon be introducing its health app, Pulse by Prudential, which will provide all Vietnamese with 24/7 access to a comprehensive set of AI-powered tools and personalized services. With Pulse, Prudential Vietnam aims to empower its customers to manage their health and wellness more holistically and hence, help lower their medical expenses. Launched in Malaysia in August, Pulse will be introduced across eleven of Prudential’s markets in Asia, including Vietnam in early 2020.

Prudential Vietnam is also expanding its suite of offerings with holistic solutions to support its customers in protecting their families’ “financial health”. New products have been developed based on research on customers’ healthcare needs and concerns. Among them is PRU-SafePlus, launched in October, which combines savings and protection benefits, as well as protects customers against 99 different critical illness conditions.

“Prudential was the first British insurer to establish operations in Vietnam, reflecting our confidence in the vast potential of the local financial services sector,” said Mr. Nic Nicandrou, CEO of Prudential Corporation Asia. “As a leading life insurer and asset manager in Asia spanning 14 markets, Prudential will continue to leverage our broad capabilities and financial strength to help customers live longer and healthier lives alongside our contributions to the nation’s long-term growth.”

“I strongly believe insurance companies should play a supporting role along with the government in achieving the healthcare goals of Vietnamese,” said Mr. Clive Baker, CEO of Prudential Vietnam. “As demand for healthcare continues to rise in Vietnam, insurance companies like us must evolve from being just providers of cover to partnering with customers on their health and wellness, guiding them on how to prevent and postpone the onset of disease.”

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