Bui Gia Anh. — Photo tinnhanhchungkhoan.vn

How has digital technology impacted the insurance sector in Vietnam?

The Fourth Industrial Revolution (Industry 4.0) has presented both challenges and opportunities to all countries worldwide and Vietnam is no exception.

Research conducted by both Vietnamese and foreign agencies has projected that the Industry 4.0 will bring positive results for Vietnam’s economic development.

The Politburo on September 27 adopted Resolution No 52 reflecting the Government’s policy on the Industry 4.0.

The resolution voices Vietnam’s resolve to be proactive in the 4th industrial revolution. It reiterates that the 4th industrial revolution plays a very important role in the country’s political system and society as a whole.

A two-day forum and international exhibition on the Industry 4.0 and the 4.0 Summit 2019 were held in Hanoi in October. The event was a good occasion for Vietnam to show foreign investors and Vietnamese enterprises what the country has achieved in the course of the Industry 4.0.

Vietnamese insurance companies have been very active in participating in the Industry 4.0. As a result, they have saved a lot of time and money as well as avoided risks in business management while creating value for their clients.

Can you tell us some notable achievements in this area?

I can name some Vietnamese companies that have been successful in the Industry 4.0.

For example, Bảo Việt Insurance Company has applied BaovietPay - an ecosystem of insurance-investment-finance and banking by using digital technology, or Post and Tele Communication Joint Stock Insurance (PTI) and many others.

AIA, an insurance company, has introduced My AIA, and Chubb Life has used online insurance contracts to help their clients keep track of information in their insurance contracts.

Is this is a good tool to help insurance companies connect with their clients?

I couldn't agree more! Information technology will help insurance companies share their experiences and data with Vietnamese agencies like the Ministry of Finance, the Ministry of Health, the Ministry of Transport and others.

It is indisputable that a good data system is very essential and useful for the country’s socio-economic development and insurance companies.

Furthermore, a good data system will help clients of insurance companies select the right company for them and last but not least, they can control their financial planning.

In Vietnam, 2016-20 has been described as a pivotal period for the insurance sector to achieve targets set in the strategic development of the sector from 2011-20.

I’m confident that in the coming five years, from 2021-25, the Vietnamese insurance sector will continue to enhance what it has gained in the course of the Industry 4.0 and further contribute to national socio-economic development. —VNS

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