Still the stain in the life insurance sector

The life insurance contract is the contract type is the State governing body most closely controls, create the trust for customers. Life insurance are fast growth and increasingly portrayed the role in the lives of every family and the whole economy. However, the fact remains there is the "stain" in the operation of this special field. Special san panoramic insurance market has had meetings with Mr. Phung Dac Loc, General Secretary of the Vietnam Insurance Association, Director of the Foundation "for a better life," Dai-ichi Life Vietnam.

Still the stain in the life insurance sector
Life insurance contracts are long term and value with each individual, however the customer usually must sign a contract form available and apparently compose the customer always in that weak if any problems occur. He noted how the get this? First of all, the need to affirm life insurance is insurance business's commitment to meet the needs of a financial account (payments) in the future of the person insured has selected to use in the event of unexpected incidents, risk or the insured event specified in insurance contract.

5 basic characteristics of life insurance including: just before the protection risks just to accumulate savings; the insured amount is not limited; life insurance is usually a long-term contract; insurance products are sold by the commitment to the insurer to pay benefits to the insured person or the insured person according to the terms, conditions, manner, the method stated in the insurance contract; life insurance is a sensitive financial services. Also need to assert that right, the life insurance contract is the contract type is the State governing body most closely controls, create the trust for customers.

But can also see the commitment stated in the contract of insurance that the insurance contract the insurance business by composing available should the customer seems weak. Therefore, to protect the rights of the insured, the insurance business law and consumer protection law has provisions for the insurance business as follows:

Firstly, rules, terms, premiums because insurers build to ensure compliance with the law, in accordance with the usual moral standards, culture and customs, customs of Vietnam; the language used in the rules, the insurance terms are accurate, simple expressions, easy to understand, professional terms need clarification in the definition of rules, terms of insurance; clearly, the benefits of transparency can be insured, the insured object, and the scope of the risk insured, the rights and obligations of parties to buy insurance, the insured, the insurer's liability, the terms of the exclusion of liability insurance, the method of paying the insurance , the rules of dispute resolution; the premium must be built on statistics, ensuring the solvency of the insurer and the corresponding conditions, liability insurance. The insurer is responsible for proper compliance with the rules, terms, fees have been approved by the Ministry of finance; to publish the products licensed insurance includes rules, terms, fees, insurance claims and related documents in the process of concluding the insurance contract, performing on the electronic portal of the Ministry of finance, Vietnam Insurance Association and the insurance business.

Second, the life insurance contract and relevant documents attach insurance contracts (insurance products) are tightly regulated in terms of content, form, process and procedure are tightly controlled Finance Ministry for approval prior to implementation in order to protect the rights of people insured. At the same time, the law also regulated the public, transparent insurance product on the electronic portal of the Ministry of finance, the Ministry of industry and trade, Vietnam Insurance Association, the insurer. In addition, to protect the insured, the insurance business law has stipulated each life insurance business to close 0.3% maximum annual premium revenues to fund protection of the insured person to pay to the insured when the insurer lost the ability to pay.

But the fact remains there are service grievance, a complaint occurs between the client and the insurer?

In principle, the insurance business is also a craft business by reputation. The insurer would increasingly make the right commitment stated in the insurance contract as possible, retain customers and increase the number of customers. Insurance operations require the insurer to implement commitments stated in the insurance contract with clients to enhance the brand image, of the business of insurance. Need to bring up the mass media these special cases, the insurer pays benefits for clients to impact on the public.

The number of participants in large life insurance showing the development of the society. Because of the reasons above, through my record in many years, the life insurance industry is less disputed than with other business sectors. Also with the dispute occurred, have the insurer has shortcomings, but there is no less the case is because the customer pressed causing businesses fear losing prestige, which "got wrong". This is the non-trivial damage to the image of the life insurance sector in General in Vietnam.

In my opinion, should not just for fear of customers complain, complain, even thanks to the news media about the insurance business to solve the example of improper benefits to customers. Because if charged incorrectly would create the doubt, discontent with the remaining clients. To strict control of records requested pay coverage, with signs in question must be examined, determined elements of fraud, insurance to keep commitments to other customers because of money paid not by the insurer, that from the customer's premium contributions. With dedicated fraud prevention, insurance and handling crisis communications when these clients misunderstand about the insurance contract, the insurance entitlement or has bad intentions blamed the insurer does not make the right commitment.

He mentions the media crisis, this has meant that with each insurer?

Life insurance is a financial services should take necessary relationship of mutual influence in the capital market and the money market. A small impact of two of this market also affected more or less to the life insurance operations. About the temporary capital investment results idle from reserve fund of insurance business (formed from the premium collected) and the value of capital (capital conservation) as changing exchange rate, inflation indicators, the bank deposit interest rates, stock market indices, fluctuations of the real estate market. A product covered by an insurer if lost the prestige that the client can terminate the insurance contract with all the rest of the insurance products of insurers. Because the client itself to that insurer have only 1 product type, only know the insurance contract with the insurer, if the insurance contract had a problem then all the other insurance business has problems.

Understanding this Parallax makes the insurer must have timely response explain to clients known to this difference. A life insurance business is suffering from the crisis could affect the rest of the insurance business, has even affected the entire capital and monetary markets. Because most of the money is earning premium term investments into the national economy (Bank, buy government bonds, securities investment, property investment ...). The insurer only to leave just enough margin amounts paid under the provisions of the law. So, if the crisis of an insurer, needs the joint effort of the insurer, or to share the difficulties as the assignee under the contract of insurance the voluntary spirit or as directed by the Ministry of finance.

Back to the story, protecting the rights of people to buy insurance, if the customer has signed a contract of insurance but then want to cancel the contract without losing charge was filed, then processed like?

In the life insurance contract, the specified waiting time, usually 21 days. Waiting time is the period of time specified in the insurance contract since the client has accepted insurance, recurring premiums for the first time fully and the insurer could have released the insurance contract until the end of time, the customer has the right to cancel the insurance contract unconditionally , be refunded the premium, the insurer is entitled to only collect the costs for client health check before the insured (if available).

In time, the customer can review research content of the terms, conditions, rights can be insured, the insured object, and the scope of the risk insured, the rights and obligations of parties to buy insurance and the insured, the insurer's liability , the terms of the exclusion of liability insurance, the method of paying insurance, regulations on dispute resolution. If people buy insurance not yet understood may require consultants, employees of the insurer explain more or ask for lawyers.

In this case, the need to train, guide and use, tightly controlled team of consultants, insurance agents to explain clearly, fully and understands the commitment of the insurance business as well as the obligations of the customer. Life insurance products are abstract, so take the life insurance products to customers in the majority of individual customer need medial team: consultants, insurance agents. The quality of the team of consultants, insurance agents attached to the quality of the customers and the quality of the insurance contract is signed. The clients from the insurance contract before maturity due to doubt the content in the insurance contract or to afford maintaining the premiums due partly the fault of the consultants, insurance agents cause damage to both the insured and the insurer.

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