The Vietnam Actuarial Conference 2018 hosted by Prudential with the attendance of over 200 actuaries and insurance professionals discussing Big Data More insurance businesses are now planning to apply new technologies in their management systems and improve customer services, while many also plan to develop new products to meet market demand as well as diversify insurance sales channels, according to a survey released by Vietnam Report in June last year. In particular, 82.4 per cent of insurance companies said they were building a Mobile Internet development strategy and 64.7 per cent have adopted strategies based on two key factors in Industry 4.0: the Internet of Things (IoT) and Big Data. Disruptive technology Big Data provides new insights from social networks, telematics sensors, and other new information channels. As a result, it allows understanding customer preferences better, enabling new business approaches, product development, and enhancing existing internal models, … [Read more...] about How can Big Data drive the future of insurance?
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Domestic non-life insurance companies expect the additional investment capital will help them expand distribution networks and enlarge market shares in the prosperous but competitive market. Bao Minh Insurance Corporation gets investments from France’s AXA Insurance Bao Long Insurance Corporation has so far approved a plan to increase capital through share issue, with priority for foreign investors. Accordingly, the company’s capital will increase from the current VND600 billion (US$25.53 million) to VND1 trillion (US$42.55 million). Currently, Saigon Commercial Bank and Eximbank are two large shareholders of Bao Long, holding 81.1 percent and 6.51 percent of the insurer’s charter capital, respectively. Shareholders of AAA Assurance Corporation have also planned to issue shares valued at VND310 billion (US$13.19 million) for capital hike after getting a nod from the Ministry of Finance. AAA’s board of directors expected the issue will be implemented this year. … [Read more...] about Non-life insurance companies in Vietnam open doors for more investments
Clients study Liberty Insurance’s products. — VNS PhotoViet Nam News HCM CITY — Liberty Insurance has been named among the top 10 non-life insurers in Việt Nam for 2018. It is also the only limited liability company and the first 100 per cent foreign direct investment company to be ranked in this list, according to independent research compiled by Vietnam Report. Insurance firms were selected based on financial capacity, media credibility and client satisfaction. “Vietnam Report’s research shows the new trends in the insurance industry; technology, product development and networks. This aligns perfectly with the strategic vision Liberty has been developing to optimise product and service experience for our customers," the company said in a statement. Liberty Insurance is a member of Liberty Mutual Insurance, a Boston-based diversified global insurer established in 1912. As of December 31, 2017, Liberty Mutual Insurance had … [Read more...] about Liberty Insurance ranks in top 10 best non-life insurance companies in 2018
Bicycles presented to pupils (Photo: PANO)Additionally, AIA provided two sets of computers to the Dong Hoi SOS Village. According to Mr. Wayne Besant, AIA General Director, through the program, the AIA wants to share love and bring presents to disadvantaged children in Vietnam. “We are glad to work with the National Fund for Vietnamese Children to disseminate information for raising social awareness on the protection of child rights, and joining hands to help people live longer, healthier and better,” he said. In 2018, 12 events of the program are expected to be held across the country, with some 2,700 bicycles and 100 life insurance contracts (worth VND20 million each) to be presented to disadvantaged children./. Compiled by BTA … [Read more...] about Insurance company assists disadvantaged children in Quang Binh
People suffering damages from the fire at the Carina Plaza building may not receive compensation from insurance companies. Victims of the fire may not receive compensation from insurance firms According to the authorities, the Management Board of Carina Plaza had not been elected until the time of the fire. Therefore, in this case, the insured subject may only be the building’s investor. This also means that if the building's management violated the insurance contract on fire prevention and fighting for assets, they could be refused compensation, according to Circular No.220/2010/TT-BTC. “In fact, the fire prevention system in this building seriously violated regulations as the sprinkler system had no water to spray, the fire alarms were inactive, and there was no water in the fire hydrant. There were many other issues, including the fact that the management board was not elected according to regulations, but the investor assigned an administrative for the … [Read more...] about Insurance companies may let down Carina Plaza residents