Lam Hai Tuan, general director of ACE Life, said that the market in Vietnam is full of potential.
Main customers are aged 26-45 and responsible for their families and relatives, especially those who are married and want to protect what they have created.
said that life insurance is on the increase and cited ACE as evidence.
Though ACE has been in Vietnam for just over a year it grew 99 per cent in April, 20 per cent in May and 85 per cent in June.
said many companies put quantity over quality.
The market is changing and it is time for more intensive development.
Agents must not be simple go-between but analysts.
They must be able to analyse customers' needs to give appropriate answers.
More importantly, providers need to promote the idea that 'the main objective of life insurance is to protect, not to invest', and it's not quite right to compare life insurance with investment in gold, securities or property, or even bank savings, he
It is for this reason that many customers terminate policies when bank rates on deposits go higher (9-10 per cent/year) than insurance yields.
said it is time to offer products that are truly protective, with high nominal value.
offered one example: a customer has an annual income of VND100m and wants long-term protective products, for life insurance, so his
relatives receive at least fivefold the insured income (VND500m).
"It is possible that this will limit the number of people buying life insurance but it will return to life insurance its real significance," Tuan