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AIA sees potential in Vietnam's life insurance market

Released at: 10:13, 21/08/2017

AIA sees potential in Vietnam's life insurance market

Mr. Ng Keng Hooi, CEO cum President, AIA Group. Photo: Khanh Chi (VET)

Mr. Ng Keng Hooi, CEO and President of the AIA Group, told VET about the group's further commitments to investing in Vietnam during his first visit to the country since his appointment.

by Hong Nhung

  • What are AIA’s plans and ambitions in Vietnam’s life insurance market?

AIA Vietnam is adopting our global orientation of integrating digital technology into our services and products, introducing a comprehensive healthcare program into the life insurance story. In the future, AIA will continue its digitalization journey in Vietnam. We will continue to equip AIA agents with a variety of technological devices, provide more convenience, make customer access services easier, and give customers clear and concise information.

I also commend the AIA Vietnam team for their initiatives such as “Nest by AIA”, “AIA Exchange”, and “AIA NEXT”, and will continue to support AIA Vietnam in developing initiatives that help make AIA more connected with customers and at the same time become more visible in the minds of Vietnam’s Gen-Y. Gen-Y is now a focus of AIA in 18 markets, especially in Vietnam, where the population aged 20-29 accounts for nearly 10 per cent of the total. Gen-Y also has potential as a customer resource and also future AIA staff.

We have rapidly grown our branch footprint nationwide to 160 branches in 53 cities and provinces. By the end of 2016, AIA had provided insurance services to nearly 660,000 customers and we will expand this number further to help Vietnamese achieve their financial goals.

The steps being taken and commitments by the Vietnamese Government to ensure continued economic reforms will put Vietnam on the path towards sustainable growth. I’ve had the pleasure of meeting a number of government officials during this trip, and it’s clear to me from those conversations that there is much commitment in taking Vietnam to the next level.

  • How have you adapted your business model to serve Vietnamese customers?

We know that with growing affluence comes more discerning expectations for service and greater demand for high quality services. At AIA, starting with the seven major cities in Vietnam, we are providing higher-end services and comfort at our branches - we call them AIA Exchange and AIA Next. We are investing into digital, so that consumers can have a great experience during the purchase and after their purchase when they become a policyholder.

Every time a customer talks to an agent, they are taken through a digital advisory tool called iPoS. This experience is delivered on a tablet and the customer can review a sample quote from an agent in real time, make adjustments on the spot, and email the quote to their spouse if necessary. We are investing in our personnel, who can provide trusted advice on financial recommendations. In insurance, customers stay with AIA for 20 or 30 years.

And we also know that customers’ needs, expectations, and preferences will change. We are also attracting a different segment of agents to serve an increasingly diverse customer base. We recognize that there are enormous opportunities in this market. This also means that AIA has the responsibility to ensure quality and to provide choices in our services.

  • As a passionate advocate of AIA’s Premier Agency strategy, how has it been implemented in Vietnam?

There is a substantial and growing need as well as a strong customer preference for face-to-face professional advice in Asia. Customers still want and need someone to guide them through their purchase and then their claims experience. And there are high barriers to entry.

AIA is committed to our Premier Agency strategy, with a clear focus on our quality recruitment program to attract high-caliber individuals, and the adoption of technology to improve activity management and productivity. We continued to expand our innovative branch model aimed at attracting younger and more productive agents with a total of seven branches established across five cities in Vietnam by the end of 2016. These branches serve as regional centers for training and professional development of our agency force.

For a young country like Vietnam, we are better positioned to recruit younger agents, from Gen-Ys, than ever before. Thanks to our innovation in this space, these Gen-Y agents are the ones who will bridge the protection gap for the new and younger segment of customers. The big step into digital will come this year as we implement iMO - our interactive mobile office - which will provide a change in the way our business is conducted.

And, importantly, all of these investments will continue to attract top talent - and in particular younger talent - to raise the standards of service to our customers and help us tap into new emerging consumer segments. 

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