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?
Wyoming financial insurance
China moves closer to allowing foreigners to control insurance ventures: sourcesThe Saigon Times Daily A Chinese flag is seen in front of the financial district of Pudong in Shanghai, China, January 19, 2016 – PHOTO: REUTERS HONG KONG/BEIJING (REUTERS) - China will accept applications early next year from foreign insurers seeking to take control of their local joint ventures and is even weighing giving them full ownership earlier than flagged, people with direct knowledge of the matter said. The regulator is expected to publish its final guidelines as soon as the first quarter of 2019 and would begin taking applications from interested foreign insurers soon after that, they said Britain’s Prudential Plc and Canada’s Sun Life Financial Inc are among insurers who expressed interest in recent months in owning more of their China operations. And Hong Kong-based FWD Group, owned by tycoon Richard Li, is also in the process of obtaining regulatory approval for a … [Read more...] about China moves closer to allowing foreigners to control insurance ventures: sources
Adrian Chng, GoBear CEO: Fintech primed to boost financial services sector in Vietnam Vietnam is setting records. Notably, at the end of last year, it was named one of the world’s Top 20 internet users with 64 million connected people and in January this year, Vietnam claimed the title of the world’s fastest growing wealth hub, clocking in 210 per cent wealth growth between 2007 and 2017. This is the reason that Forbes declared the country ‘every keen investor’s must-watch’ for 2018. Besides, It means that Vietnam sits at the beautiful intersection where personal finance meets inevitable innovation. In the last five years alone, Vietnam has experienced the entry of over 40 new fintech players, such as online payment platforms Mobivi and Momo, as well as the country’s first fully digital bank Timo. One of these is financial products comparison platform GoBear, one of Asia’s fastest growing startups that has recently undergone leadership … [Read more...] about Fintech primed to boost financial services sector in Vietnam
Firms are teaming up to excel in insurance world The firm’s CEO Khamsaya Soukhavong spoke to VIR about the company’s vision to grow sustainably in the Vietnamese market. Could you tell us about the development strategy of Mirae Asset Prévoir? Khamsaya Soukhavong Vietnam’s economy achieved a high growth rate and generally stable macro-economic environment in 2017. The insurance market has itself maintained a high growth rate of around 20 per cent with great potential to develop, as Vietnamese people have increasingly better incomes and a growing awareness of the necessity of insurance. Given these circumstances, Mirae Asset Prévoir (formerly known as Prévoir Vietnam) aims to increase its investment in key resources like professionals, technology, distribution, products, and services, to capture the growth opportunities of the market and anticipate its needs as well as those of the target customers. Shopping behaviours of consumers have been … [Read more...] about Firms are teaming up to excel in insurance world
Khanh Hoa (VNA) â Experts underscored the necessity and significance of the Finance and Disaster Risk Insurance Initiative within the framework of APEC at a seminar that concluded in Nha Trang city, the central province of Khanh Hoa on February 21. Organised by the National Institute for Finance, the Insurance Supervisory Agency and the Agency of Public Asset Management under the Finance Ministry, the event took place on the sidelines of the APEC Meeting of Deputy Finance Ministers and Vice Governors of Central Banks. After hearing reports from representatives of APEC member economies and international organisations such as the World Bank and Organisation for Economic Cooperation and Development, experts presented a review of the one-year implementation of the initiative within the framework of the Cebu Action Plan. According to them, insurance is an effective tool against disaster risks which eases the burden on state budgets, transfer risks to international markets and raises … [Read more...] about APEC financial policies in response to disasters discussed