Tran Thi Thanh Truc, assurance partner at PwC Vietnam Three measurement models in IFRS 17 IFRS 17 introduces three measurement models for insurance contracts, namely the general measurement model, the premium allocation approach, and the variable fee approach. The general measurement model is the standard measurement model that can be used for all insurance contracts. To apply this model, insurance companies (insurers) should first understand some important concepts. The two new key concepts introduced by IFRS 17 are contractual service margin (CSM) and fulfilment cash flows. CSM is a component of the carrying amount of the asset or liability for a group of insurance contracts, representing the unearned profit the insurer will recognise as it provides services under the insurance contracts in the group. Meanwhile, the fulfilment cash flows is the present value of future cash flows, including a risk adjustment for non-financial risks. In this model, the liability for remaining … [Read more...] about IFRS 17 to impact financial statements of insurance companies
Williams underwriting group eo insurance
Mr. Tan Haifeng, Aviva Vietnam’s CFO and appointed actuary Actuaries are generally regarded as playing a very important role in emerging markets like Vietnam to promote and design insurance products. As Aviva Vietnam’s appointed actuary, what do you think about this? The Actuary plays an equally important role with other insurance colleagues across the value chain to achieve customer satisfaction. We can only deliver excellent experiences to customers when we all put customers at the heart of our decisions and collaborate seamlessly. The actuary takes greater accountability in ensuring fairness and sustainability. Here, fairness is about bringing good product value to customers, fair pricing, and overall fairness between existing and new customers, the right rewards for customer loyalty, and adequate rewards for distribution advice. In short, it’s about value optimisation across customer segments, distribution, and shareholders. Sustainability is about the peace of … [Read more...] about A universal life insurance product tailored for Vietnamese
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?
Roy Gori took a business trip to Vietnam on the occasion of the 45th anniversary of diplomatic relations between Vietnam and Canada. He had a meeting with the country’s State Vice President Dang Thi Ngoc Thinh in November 2018, discussing Manulife’s commitment to long-term investment and sustainable operations as well as its contribution to the Vietnamese economy. How did Manulife perform in 2018 and what were the key priorities and achievements? We’re excited about the progress we’ve made in 2018, both in terms of our performance and our transformation into the most digital, customer-centric global company in our industry. We’re focused on innovation, digitisation and driving operational efficiencies to ensure we remain competitive and to make it easier for customers to do business with us. Our focus has and will continue to be on execution of our five priorities: portfolio optimization, expense efficiency, accelerating growth, becoming a digital … [Read more...] about Digitalisation drives transformation in Vietnam’s insurance sector
Hanoi (VNA) - Insurance enterprises accumulated more than 152.5 trillion VND (6.7 billion USD) to reinvest this year, up 18 percent against last year, the Insurance Association of Vietnam (IAV) said. IAV Chairman Phan Kim Bang said in 2015, non-life insurers have invested 36.4 trillion VND (1.6 billion USD) in the country's economy while life insurers have contributed 116.1 trillion VND (5.1 billion USD). Many insurers have bought long term government bonds, of which the 20-year government bonds alone reach 6 trillion VND (266 million USD), he said. The life insurance sector reported growth of 29.5 percent in premium income, which topped 36.6 trillion VND (1.6 billion USD). This is the highest growth rate in life insurance during the last 10 years, Bang said. Revenue from non-life insurance premium reached 31.3 trillion VND (1.4 billion USD), an increase of 14 percent. Insurance premium debts are also better controlled this year, he added. Bang said the financial capacity of insurance … [Read more...] about Insurance sector enjoys solid growth this year