BTO-Yesterday (November 23, 2023), in Ho Chi Minh City, Prudential Vietnam Life Insurance Company Limited (“Prudential”) hosted the Vietnam Actuarial Conference 2023 (VAC 2023). The conference was attended by more than 350 domestic and foreign experts, discussing the topic “The Next Insurance Era”.
The Vietnam Insurance Actuary Conference is the largest annual event in the insurance industry. In addition to the participation of the Insurance Supervisory Authority ( 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) companies, 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.
With the theme "New Era of Insurance Industry", VAC 2023 brings 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 underwriting process, and applying machine learning to underwrite 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”.
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”.
Highlighting 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.
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, RGA International Reinsurance Company shared 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 going through a period of 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".
Through VAC 2023, life insurance companies and partners have come together to highlight the importance of technological transformation, customer-centric vision, and moving towards sustainable development by practicing ESG strategy.
Source
Comment (0)