Association boosts insurance sector’s sustainable development

Nguyen Xuan Viet, Chairman of the Insurance Association of Vietnam

What has the Insurance Association of Vietnam done to improve the legal framework for promoting the Vietnamese insurance market’s safe, sustainable development?

The Insurance Association of Vietnam and its member companies have contributed to drafting and improving insurance regulations and policies.

The Association also provides input on draft insurance documents prepared by state agencies outside the Ministry of Finance, contributing to ensuring that legal provisions not only meet government management requirements but are also practical for insurance companies, facilitating the insurance industry’s development.

The Association regularly holds workshops and training sessions on new regulations for its member companies. During its internal topic-sharing sessions, the Association continually emphasizes the importance of fully adhering to the regulations, rules and policies adopted by relevant authorities.

What does the Insurance Association of Vietnam do to raise public awareness and understanding of the importance, role, and benefits of insurance products, as well as the role of the insurance industry in socioeconomic development?

Public outreach has always been a core activity of the Insurance Association of Vietnam. The Association has conducted numerous initiatives to promote awareness of the role and significance of insurance in socioeconomic development.

Some methods include communications through the Association’s channels, and regular discussions to share information with the media about the insurance market. It has also collaborated on media interviews to inform the public about the role and importance of insurance.

The Association also holds an annual press award for articles on insurance, which has been ongoing for six years and has attracted enthusiastic participation from journalists nationwide.

A workshop on restoring trust in the life insurance industry, attracting participants from state management agencies and the Insurance Association of Vietnam’s life insurance companies, and independent experts

In the context of a volatile insurance market, what measures has the Insurance Association of Vietnam implemented to help insurance companies overcome challenges and obtain encouraging achievements?

The Association has supported insurance companies by organizing workshops and professional exchanges, researching solutions to improve customer service quality, and encouraging collaboration among companies to create competitive and fair business environment, and promote the sector’s sustainable development.

The Association also emphasizes customer-centered approaches, encouraging companies to improve claims processing, provide clear information about benefits, contract terms and conditions, and claims procedures to meet customer needs efficiently.

Additionally, the Association encourages companies to improve human resource quality, digital transformation, and transparency in their operations. It stresses the importance of training staff, especially insurance agents, and encourages companies to apply advanced technology. Digital transformation not only optimizes internal processes but also enhances customer experiences through online services./.