Life Insurance Market 2023 Continues Growth

Expectations of positive growth in 2023

Life insurance is becoming more and more popular and is considered a "shield" to protect people from unexpected risks in life with a variety of solutions: protection, accumulation, investment.

In particular, since the outbreak of the COVID-19 pandemic, health insurance products that protect participants against health incidents such as cancer insurance, critical illness insurance, accident insurance, etc. have received increasing attention.

According to data from the Vietnam Insurance Association, in 2022, Vietnam continues to be a key life insurance market in Asia with notable results such as: Total payout reached VND 44,186 billion, up 34% (over the same period last year); reinvestment in the economy by life insurance enterprises reached VND 592,811 billion, up 13.9%; total number of contracts reached 13,921,675 contracts, up 5%; total revenue for the year reached VND 178,327 billion, up 12%.

According to the Department of Insurance Management and Supervision ( Ministry of Finance ), currently, life insurance companies are providing more than 500 insurance products in the life insurance and health insurance business.

Life insurance products are created to meet the diverse needs of insurance participants, including products that only provide pure protection benefits (such as term insurance, health insurance, etc.) and products that combine both protection and investment (such as universal life insurance, unit-linked insurance, retirement, etc.).

The life insurance market is constantly evolving.

In 2023, Vietnam's economy is forecast to continue its growth momentum, according to the National Assembly 's target of GDP growth of 6.5%. The demand for insurance in Vietnam will continue to increase as people and economic organizations become increasingly aware of the role of insurance.

At the same time, entering 2023, the new Law on Insurance Business will officially take effect, the business community also hopes that the State's new policies on insurance will be a positive factor promoting the development of the insurance market. The Ministry of Finance forecasts that the market will achieve a growth rate of about 15% compared to 2022.

Promote digital transformation, enhance customer experience

The revised Law on Insurance Business is expected to have a positive impact on the implementation of strategic goals for insurance market development by 2030. The newly revised Law has made improvements in the development of insurance products, through the implementation of registration of methods and bases for calculating insurance premiums.

The law also encourages the application of information technology in insurance business. Currently, insurance companies have been actively promoting digital applications in insurance business activities to bring customers new experiences by deploying many technology applications in product development.

With the mission of accompanying customers in building happiness, MB Ageas Life continuously researches highly flexible products, meeting the financial needs of each separate customer group, bringing many outstanding benefits; or focusing on investing in developing digital insurance products, meeting customers' needs for online insurance, fast and convenient transactions.

MB Ageas Life's premium product package is distributed on the MB Bank app.

In addition to optimizing information, personalizing customer experience or promoting digital transformation, insurance payment procedures to customers are also highly focused and concerned by MB Ageas Life. According to the representative of MB Ageas Life, the insurance benefit settlement process is widely and publicly announced on the MB Ageas Life website.

Customers can use the MB Ageas Life app – MBAL Style to make insurance claim settlement requests and track the insurance claim settlement process quickly and conveniently. In particular, with the 2022 Hospital and Surgery Cost Support Insurance product, customers can receive money quickly just a few minutes after the application is approved for payment by MB Ageas Life.

It is known that in the coming time, MB Ageas Life will continue to promote its strengths, actively innovate products, in parallel with the development strategy of expanding distribution channels to easily access and optimize customer experience.

Bao Anh

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Source: https://vtc.vn/thi-truong-bao-hiem-nhan-tho-2023-tiep-da-tang-truong-ar786290.html