6 things insurance companies must do immediately after a "hot" meeting

Specifically, this Department requires insurance companies to quickly and seriously review the entire sales and appraisal process, and customer service process to ensure compliance with legal regulations.

Publicly disclose information on insurance operations so that customers can clearly understand the products.

Insurance companies must strictly comply with regulations on public disclosure of information on insurance business activities. In particular, they must publicize information related to the content that customers need to pay attention to for each insurance product according to the provisions of Section a, Clause 2, Article 119 of the Law on Insurance Business. This is to help customers understand clearly about the insurance products they have participated in.

6 việc các doanh nghiệp bảo hiểm phải làm ngay sau họp nóng - 1 — Recently, life insurance has been involved in many scandals (Illustration: IT).

Businesses also need to control the information stated in sales illustrations and product introduction documents; strictly handle insurance agents who arbitrarily change the information stated in these documents, leading to customer confusion and expectations about insurance benefits that are inconsistent with reality.

Enterprises must also organize the establishment and announcement of hotlines and permanent departments with competent staff to receive, answer, and promptly and thoroughly handle customer feedback or questions about insurance contracts, resolve insurance benefits, and avoid prolongation.

For customer petitions reflecting violations by insurance agents under the jurisdiction of prosecution and enforcement agencies, businesses must forward information to competent authorities for resolution.

Insurance companies need to improve the appraisal and issuance of insurance contracts. This appraisal and issuance of contracts must ensure that they are consistent with the financial capacity and level of insurance risk acceptance of customers.

Review all insurance agent training

Insurance companies review all insurance agent training to ensure compliance with the insurance agent training program registered with the Ministry of Finance . Units need to have additional training forms and update appropriate knowledge for insurance agents who have conducted online training in the recent period.

Fines for insurance agents and employees who violate operating principles

Insurance companies need to strengthen and supplement sanctions against insurance agents in cases where agents and employees directly operating as agents in an agency organization violate the principles of agency operations and the obligations of insurance agents according to the provisions of law and signed insurance agency contracts. Insurance companies must strictly handle agents and agency organizations when there are violations.

Insurance companies must proactively provide information to the press and media.

Regarding customer feedback through the media and press, insurance companies need to be more proactive in providing relevant objective and honest information. Insurance companies must have appropriate and timely communication plans about insurance products and business operations.

Have an overall communication plan

At the same time, businesses must coordinate with the Insurance Association to develop and implement a comprehensive communication plan on the life insurance market and insurance products.

Completing the code of ethics for insurance agents

The Insurance Association needs to quickly review and complete the code of ethics for insurance agents and standard rules to apply to all insurance companies. The Department requires strict sanctions in case of violations.

The meeting this afternoon was held after the Insurance Management and Supervision Department received some information reflecting on the quality of consulting and support for insurance contract signing by insurance agents and the quality of customer care services of insurance companies.

Previously, actress Ngoc Lan livestreamed on social media about her frustrations when 3 years ago she bought insurance from Aviva Vietnam Life Insurance Company Limited (now sold to Manulife Financial Group and renamed MVI Life Insurance Company Limited - MVI Life) for herself and her son, with a total fee of 700 million VND/year. Because she trusted the consultant, she signed the contract and thought that after 10 years she would receive both principal and interest of 10 billion VND. However, she recently learned that her contract had a term of up to 74 years and her son's was 42 years.

Or recently, artist Kim Tu Long also said that in 2018, he bought insurance from Prudential Life Insurance Company for his son at a price of more than 40 million VND per year. After 3 years of paying and stopping, in the 5th year, the artist discovered that the contract had been canceled, losing all the money he had paid.

Reflecting to Dan Tri , many insurance buyers also expressed their frustrations related to insurance stories, including "sending savings to the bank to buy life insurance".

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