MAP Life maintains its orientation of protecting people from risks.

“The market is changing rapidly, creating opportunities for new initiatives to create an attractive niche market,” said Mr. Khamsaya Soukhavong - Chairman and General Director of Mirae Asset Prévoir Life Insurance Company (MAP Life), adding that he will continue to lead Mirae Asset Prévoir to develop in line with the Company's overall strategic direction.

Mr. Khamsaya Soukhavong - Chairman and General Director of Mirae Asset Prévoir Life Insurance Company (MAP Life)

Returning to the top leadership position of MAP Life, can you tell us what opportunities you see for the life insurance market in general, and MAP Life in particular?

We have witnessed rapid and positive developments in Vietnam over the years, as well as the impact of these developments on a young and dynamic population. A large part of Vietnam’s young population today will move into the affluent class with disposable income, so the need for savings and protection will increase significantly.

Overall, there is a huge long-term opportunity to enter and help grow the life insurance sector in Vietnam. The fundamentals and ratios across the industry are in our favour. The market is changing rapidly and there is room for new initiatives to carve out an attractive niche.

Mr. Khamsaya Soukhavong assumes the role of Chairman of the Board of Members and General Director from April 16, 2024 according to Official Dispatch No. 3963/BTC-QLBH of the Ministry of Finance .

Mr. Khamsaya Soukhavong is a French national and holds a Master's degree in corporate finance. He started working for Prévoir Vie Group, France office, as Director of International Trade Development in 2011. He was an advisor to the Board of Directors on the business strategy of Prévoir Group. In 2014, Mr. Khamsaya Soukhavong was appointed Vice President of Prévoir Vietnam. He was also Chairman of the Board of Members and General Director for the term 2017 - 2021.

The limitations that have been exposed in selling insurance through banks may make banks no longer the “golden goose” for insurance. What do you think about this assessment?

The bancassurance market in Vietnam is still relatively small, but has grown rapidly in recent years. Banks and insurance companies are looking for the best ways to cooperate. With the new framework, the quality of advice to customers will be a key factor.

In this context, a comprehensive understanding of the target segment, significant commitment from both the insurer and the bank, and dedication are required for successful implementation.

If done right, Bancassurance can generate attractive returns for all stakeholders and especially for customers.

Nowadays, insurance companies continue to invest in improving customer service processes. At MAP Life, how have these processes been, are being, and will be simplified, sir?

Recently, MAP Life has invested in building a new core system and will continue to add new technologies to improve and update operating procedures to comply with new requirements of legal regulations.

We will continue to invest in our greatest asset, our expertise and our highly qualified people. The coming years will be exciting and full of opportunities for innovation.

How do you see the recovery of the Vietnamese life insurance market this year and in the coming time?

Insurance business activities contribute to the economy with an expected investment capital of VND850,264 billion this year, up 11.51% over the previous year. Total insurance premium revenue is forecast to reach VND243,472 billion, of which life insurance accounts for VND163,785 billion (up 5%).

This represents a strong recovery and progress for the industry after the challenges of 2023 and the pillars of the life insurance industry are very solid: demographics, penetration, CPI under control, growth rate and new framework to ensure sustainable growth.

Igloo's recent research suggests that key trends in the insurance industry in 2024 will continue to drive operational efficiency in the insurance value chain, with artificial intelligence (AI) and blockchain becoming the foundation of the insurance industry, and Vietnam is no exception. How will these trends be applied at MAP Life, sir?

Life insurance is a traditional industry, so most of the sales processes are quite standardized because they are tightly managed. We can foresee many opportunities to use AI at different steps of each process. AI can provide information to customers and prospects, identify appropriate segments in the portfolio to provide business opportunities for our sales network.

The potential for using AI across the value chain is limitless, but the implementation of such initiatives must be regulated and under the supervision of government regulators.

Source: https://baodautu.vn/map-life-giu-vung-dinh-huong-bao-ve-con-nguoi-truoc-nhung-rui-ro-d214609.html