350 experts together outline a new era for Vietnam's insurance industry

The Vietnam Insurance Actuary Conference is the largest annual event in the insurance industry. In addition to the participation of the Insurance Supervisory and Administration Department ( Ministry of Finance ), the Insurance Association of Vietnam (IAV) and the Society of Actuaries of America (SOA), VAC 2023 also brings together representatives from 19 Life Insurance (LI) enterprises, leading international reinsurers such as RGA (USA), Swiss Re (Switzerland), Gen Re (USA), Pacific Life Re (USA), Scor (France) and Munich Re (Germany) and a number of major universities in Vietnam.

More than 350 guests attended the Vietnam Insurance Actuarial Conference 2023 with the theme "New Era of the Insurance Industry". Photo: Prudential

With the theme "New Era of Insurance Industry", VAC 2023 provides a panoramic view of the Insurance market in Vietnam through 4 presentations by experts from RGA, Swiss Re, Gen Re and Pacific Life Re revolving around topics analyzing the role of actuaries and the Insurance industry in meeting customer needs, Bacassurance 2.0 and new generation products to improve customer experience, applying modern data analysis methods to optimize the appraisal process, and applying machine learning to appraise and predict Insurance risks.

Speaking at the opening of the event, Ms. Ly Thi Thu Thuy, Head of Life Insurance Department, Insurance Management and Supervision Department, Ministry of Finance shared: “I highly appreciate the contents discussed in today's event. This is truly a good opportunity for all of you working in the insurance actuarial industry to have the opportunity to update knowledge, as well as new content from colleagues and foreign experts. At the same time, this is also an opportunity to exchange, learn and spread love for the insurance actuarial profession” .

Ms. Ly Thi Thu Thuy, Head of Life Insurance Department, Insurance Management and Supervision Department, Ministry of Finance, gave the opening speech at the event. Photo: Prudential

After a year of ups and downs and fluctuations in 2023, VAC 2023 is an event that brings together the entire insurance industry to join hands to restore market confidence, opening a new chapter towards sustainable development. Mr. Phuong Tien Minh, General Director of Prudential Vietnam shared at the Conference: “The challenges and changes in 2023 have opened a new era for the Life Insurance industry in Vietnam, especially after Circular 67 of the Law on Insurance Business was issued on November 2. The new era of the industry requires the cooperation of all parties to bring about sustainable growth and put customers at the center” .

Mr. Phuong Tien Minh, General Director of Prudential Vietnam, spoke at the Conference. Photo: Prudential

The highlight of the VAC 2023 conference is the panel discussion with the theme "Unlocking Sustainable Growth: Applying ESG in Life Insurance" moderated by Mr. Tran Thanh Phong, Deputy General Director of Marketing of Prudential Vietnam, with the participation of 3 representatives from RGA, Swiss Re and Gen Re.

Mr. Tran Thanh Phong, Deputy General Director of Prudential Vietnam (far left) and representatives from reinsurance companies: RGA, Gen Re and Swiss Re in the panel discussion with the topic "Unlocking Sustainable Growth: Applying ESG in Life Insurance". Photo: Prudential

The panel discussion focused on analyzing ESG strategies in the insurance industry, ESG practices of businesses in Vietnam as well as lessons learned from developed markets.

Ms. Elena Quek – Business Development Director of Southeast Asia market, RGA International Reinsurance Company shares a suggestion for Insurance companies in Vietnam:

“On the journey with the Vietnamese Government to realize the goal of 15% of the population participating in Life Insurance by 2025, insurance companies in general and the Actuary department in particular, as well as policy makers, need to pay special attention to the elderly population (over 65 years old).

Vietnam is experiencing a rapid population aging. It is predicted that by 2050, Vietnam will have 17 million more elderly people. This is a population group that needs to be protected. And this is also one of the aspects related to the Social factor of ESG" .

On the other hand, it can be seen that customers are increasingly recognizing the importance of ESG. They tend to seek out insurers with ESG-oriented products, expressing their views, ethical goals and values through financial decisions. It can also be said that customer tastes are driving the market, as insurers are introducing new ESG-related policies and improving their transparency in ESG practices to meet customer expectations.

Furthermore, technological advances, particularly data analytics, are helping insurers assess ESG risks and opportunities more effectively, allowing them to make more informed investment and due diligence decisions.

Mr. Phuong Tien Minh, General Director of Prudential Vietnam, thanked the sponsors for accompanying the Conference. Photo: Prudential

Through VAC 2023, life insurers and partners have come together to highlight the importance of technological transformation, customer-centric vision, and moving towards sustainable development by practicing ESG strategy.

About Prudential Vietnam

Prudential Vietnam Life Insurance Company Limited (Prudential) is a member of Prudential plc, a group providing life insurance, health insurance and asset management solutions in 24 markets across Asia and Africa. Prudential's mission is to be the most trusted companion and protector for current and future generations by providing simple and accessible financial and health solutions.

With 24 years of operation in Vietnam, Prudential has been serving 7 million customers and is constantly focusing on expanding the life insurance market, changing people's perception of insurance. Prudential currently holds the No. 1 position in the Vietnamese market and the No. 6 position globally in terms of the number of MDRT* with 1,976 members.

Fulfilling its commitment to ensuring financial security for customers, in the first 6 months of 2023, Prudential paid out a total of VND 5,977 billion in insurance benefits, accounting for 23% of the total payments of the entire life insurance industry in Vietnam.

With the slogan “Listen. Understand. Act”, Prudential affirms its commitment to always put customers at the center of all activities, providing creative and comprehensive solutions to protect financial security, helping customers increase their assets and proactively take control of their life plans.

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