The insurance industry witnessed the storm new service models

InsurTech wave more likely will change the way the traditional activities of the insurance industry. Vietnam insurance industry will soon receive the "Storm" starting a business in providing the services, distribution channels and the new value chain to connect the industry with clients. The continuous growth of the insurance industry in the market of Vietnam in the past have created conditions for the many related service model development. For example, after the Labo, the company provides financial services, or may be viewed as the company's first life insurance in Vietnam officially launched, markets prepare to add a professional brokerage firm Secondly, ability will have many more different faces.

The insurance industry witnessed the storm new service models
Along with financial brokerage model professional insurance, which had already been developed in many countries around the world, such as stock investments, a financial group from Asia are also looking for partners in Vietnam to build the model commerce trading specializes in selling insurance products. This model will focus initially expected to sell life insurance products and casualty. In addition, to care and to attract customers, will have more products, supplementary services such as hotel booking, tour ...

Besides that, in the context of technological development, many start-up companies also choose financial-insurance sectors do geographical activities, make the most of the application of digital technology into their products and services to reach customers in a comprehensive manner. From there, the wave InsurTech (Insurance Technology) – the term refers to the tendency to the application of information technology in the insurance industry, most likely will change the way the traditional activities of hundreds of years of the insurance industry.

At present, some of the start-up project InsurTech has started to grow in Vietnam, such GoBear, EasyCare ... Is a search engine and compare free insurance financial products began operations from the end of the year 2016, but as of late last year, Vietnam has attracted more than 500,000 GoBear weekly comparison of financial products individuals on the site. According to the representative of Vietnam GoBear, besides the large partners such as banks, finance companies or insurance corporations, companies are always looking for partners are innovative units provide the user, including technology companies in the financial sector (FinTech) or insurance (InsurTech). GoBear is also the first site in the Vietnam comparison services offer international travel insurance free of charge.

In the meantime, is leading in the field start up marketing medical services in Vietnam, is the site to help users easily find and schedule care with physicians and clinical facility. EasyCare customer support throughout the process of looking for information, advice, latest visit and care after the visit. In particular, companies can access client support directly or through video phone with many of the leading doctor from Ho Chi Minh City and Hanoi. The customers need only pay the examination fees for public medical establishments, without any surcharge.

Mr. Khanh, ceo of EasyCare, who has many years of working in the insurance industry, said the insurer could benefit a lot if encourage customers to contact EasyCare when needed. First of all, besides the financial assurance from insurance if suffering illness or accident, the client will be assured when EasyCare help they are treated by the doctor and medical facility. After that, the information is completely impartial advice on health and insurance from EasyCare will help the insurer avoid suspicion and complained.

"In the end, when the customer gets better medical care, the cost of compensation will decrease. So, can say, EasyCare free care not only for the clients of the insurer but also help them to raise the rate of customer satisfaction and business efficiency of the business, "said Khanh said. According to experts in the industry, the idea of the development of support services for the financial industry has not stopped and reality, new investments in InsurTech also not just "hot" in Vietnam market. The rapid increase in the ability to connect and penetrate online communities are as important motivation, removing the barriers to help Asia could become the market leader on the InsurTech.

The playground of the sky of the insurer received rookie

PVI head of aviation insurance market. Satellite insurance and aviation insurance is 2 senior insurance services long ago, are due to the "Mr. big" in the industry. However, at present, "the playground of the sky" are witnessing the first steps of the new insurance business to join the market. Welcome rookie. Upon completion of the capital increase to 800 billion at the end of the year 2016 to satisfy deployed satellite product insurance, General Insurance Corporation (MIC) has just officially launched the product "satellite coverage".

In 2016, according to the report the estimated figures from the Vietnam Insurance Association, MIC stand sat on the original premium revenue, as the insurer for the national key projects such as the border patrol road, Shandong road, next to the Trade Center project, housing, hospital of Vingroup , Viettel, Port ... "According to the route reaches the target satellite production" Made in Vietnam "by the year 2020, the satellite centre has implemented a number of projects on the design and development of Earth observation satellites. Derived from the real needs of the market and the requirements of the units in the MIC, the company has research and development issued product "satellite coverage".

Venture 3 insurers PVI-Vietnam-MIC has continued to sign contracts with Vietnam helicopter Corporation. The insurance market in Vietnam, satellite products have developed, however the number of yet more contracts because of the amount of the contract pursuant to the number of satellites to be launched, "said MIC leaders and for more, up to now, Vietnam has launched into space 4 satellites, including : Vinasat-1, F-2, Vinasat-1 and the VNREDSat-1. In the coming time, Vietnam will LOTUSat-1 radar satellite in 2019. Then, in 2022 will LOTUSat-2 radar satellite. Consequently, the supply of products "satellite coverage" would be advantageous for the MIC when approaching the insurance services for satellites in Vietnam and the world. The deployment of this product will help to diversify the products at the MIC, help customers have more choices for insurance services. So, with the rookie's MIC, satellite coverage is no longer a "playground" of PTI and private insurance.

Small scale insurance business only ... footprints

For aviation insurance, recently, 3 home insurance PVI-Vietnam-MIC has continued to sign contracts with Vietnam helicopter Corporation (VNH). With liability coverage on 150 million USD per incident (risks include aircraft parts, liability insurance, insurance for risks of war and similar risks, accident insurance for the members of the VNH), the insurance contract will provide services for the fleet of 27 ships (expected to increase further in three States) 147, pilots and technicians with the total value insured more than 163 million dollars.

This is the sixth consecutive year of MIC provide services to VNH's ninth year in a row for the PVI and insurance. Quick report of casualty insurance data in 2016 from Vietnam Insurance Association, revenue from aviation insurance plate estimated 724.6 billion. In it, the insurance market, with the head of PVI revenues reached about 360.4 billion, accounting for nearly 50% of the market share of this array. The second is the insurance with a turnover of approximately 128.361 billion. Other insurance businesses split "piece of cake" rest: Aviation insurance (87.4 billion), MIC (62.197), global (19.1 billion), an PTI (13.3 billion), BIC (201 million).

VNH-operators leading helicopter flight services in Southeast Asia, said the company is not too strong the insurance business the big or little fellow participants to provide services, by in fact, according to the regulations of the Ministry of finance want to sell insurance, the insurer must ensure the financial capacity. Specifically, according to the Decree 73/2016/ND-CP, casualty insurance businesses want more aviation insurance business and satellite coverage must have a minimum legal capital 400 billion.

The thing that this flight service operators interested in more than that is the capacity of the original insurance Associates, headed by here is clue stands out offering all services from consultation, negotiation, management and program menu, as well as solve problems arising under the commitment. In aviation contracts, PVI insurance continues to head the Union. The airline also said, PVI is currently the head of home insurance insurance programs of all the airlines of Vietnam, including: Vietnam Airlines, Vietjet Air, Jetstar Pacific, Flying air service company (VASCO), European Naval Aviation.

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