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BIZ GUEST
% As Covid-19 ravaged the world, Vietnam’s
insurance industry posted impressive
growth of 15 per cent last year against 2019,
with gross written premiums reaching
VND184.662 trillion ($8 billion). What are
your thoughts on the industry’s growth
and the reasons behind it?
The Covid-19 pandemic has undoubtedly
had a negative impact on many industries
and on a global scale. Vietnam’s life insurance
industry is fortunate to have not been seriously
affected, thanks in no small part to the fact
that the country has handled the pandemic
very effectively. The industry also managed
to quickly adapt to the challenges and capitalize
on the fact that the pandemic raised public
awareness about health and insurance.
As the saying goes, “Every cloud has a
silver lining”. This is very much true in the
context of Covid-19, with many insurance
companies in Vietnam successfully turning
challenges into opportunities. Covid-19 forced
the industry to reinvent itself to become more
resilient and adaptive to such an unprece-
dented situation. Positive changes include
accelerating digital transformation, realigning
business operations and innovation across
many aspects of the business, including prod-
ucts, customer service, distribution manage-
ment and risk management.
As an example, Generali Vietnam accel-
erated our digital transformation process to
ensure all customer transactions, as well as
sales force support, management and training,
etc., could be conducted online with an
increasing level of efficiency and effectiveness.
All employees and agents are ready to work
from home at any time, as the pandemic sit-
uation requires. We also deepened our rela-
tionship with customers, reaching out to
them to address any concerns they may have
and provide additional services such as special
financial support for those infected with
Covid-19 and free health consultations with
our doctors, etc. Generali has also stepped
up its investment in developing new distri-
bution channels, such as online channels, to
adapt to the “new normal” and explore oppor-
tunities in this relatively new area.
To the fore % Did Generali Vietnam meet its targets
for 2020 and what are the plans for 2021?
2020 was an unprecedented, challenging
year for all of humankind. At Generali, our
people were united, focused and determined.
Ms. Tina Nguyen has led Generali Vietnam to adapt to the “new normal” Together we made 2020 an unforgettable
and explore emerging opportunities in the country’s life insurance year in many respects, including posting
market. She spoke with VET about how the insurer overcame the strong growth in new business premiums of
challenges posed by the pandemic and what the future of the local over 90 per cent. I am particularly proud of
market looks like. the fact that our ceaseless efforts to improve
the customer experience over the years have
borne fruit, as Generali Vietnam has consis-
tently led the market in terms of customer
satisfaction (RNPS) in the past few quarters.
24 | VIETNAM ECONOMIC TIMES | MARCH 2021
