AIA continues delivering new standards in the insurance industry

12:24 | 31/10/2018

CEO of AIA Vietnam Wayne Besant is very optimistic about the future outlook as the Vietnam life insurance market continues the journey towards sustainable development.

aia continues delivering new standards in the insurance industry
Head office of AIA Vietnam at Saigon Centre Building

Bright future, more to grow

“We are extremely optimistic about the opportunities of the life insurance market in Vietnam. With increasing population and low insurance penetration, the future is very positive for our industry,” said Wayne Besant, CEO of AIA Vietnam in a recent talk with the VIR about the growth potential of traditional agent-led distribution channel and bancassurance in Vietnam.

In the words of Besant, currently eight million Vietnamese already have life insurance and this number is growing quickly. With another 87 million Vietnamese waiting in the wing the market potential is huge and providing a lot of opportunities for the industry to invest.

The key is promoting the benefits of life insurance and its positive impacts for Vietnamese people. In the insurance industry, the four fundamental elements which drive customers’ satisfaction: service quality, rewarding loyalty, communication and product transparency.

By delivering new standards and innovative approach in everything it does, AIA is moving quickly towards a customer-centric business.

AIA Vietnam’s two strong legs

AIA Group is the largest life insurer in the world by market capitalization as of July 2018. In many markets, AIA takes a market leading position – in both agency and bancassurrance.

By delivering new standards and innovative approach in everything it does, AIA is moving quickly towards a customer-centric business.

The focus of the industry in Vietnam is around the sustainable development of both Agency and Bancassurance. That is the two-strong-leg strategy of AIA Vietnam.

AIA has become the only one in the world to have achieved the largest number of Million Dollar Round Table (MDRT) members for four consecutive years (2015-2018).

AIA Vietnam continues to focus on developing its agency force with advanced technology, innovative first to market products, leading training, and providing the best career opportunities in the industry.

The company has been cooperating with many prestigious banks in the country such as HSBC, Tien Phong, Vietcap, Dong A, ACB and also forming exclusive bancassurance partnership with VPBank and Citi Bank.

“We have customised and designed innovative financial products and services, well-planned training for our agents and we fulfill customers’ needs via our bancassurance channel. We will continue to set the industry standard, providing a customer-centric approach in the development for our agents and bancassurance partners, to offer best-in-class proposition for our customers,” said Besant.

aia continues delivering new standards in the insurance industry
Wayne Besant, CEO of AIA Vietnam

My second home

“I am so pleased to be living and working here in Vietnam. The people are warm and friendly, and the culture is endearing and interesting. I love Vietnamese food, especially Bun Bo, Pho, Bun Cha. I have a few favorite places in Ho Chi Minh City where I go every week to enjoy delicious meals.”

Besant has been lucky enough to visit and experience many places in Vietnam. “I have had the opportunity to visit 46 provinces where our AIA agents are located. I have had the privilege to listen to the amazing stories of local people and learn about the unique and diverse cultural differences of each province.”

“What is good for Vietnam is good for AIA Vietnam”. This is the message that Besant has conveyed from his first days coming to Vietnam.

AIA will always work to make a positive difference in the lives of Vietnamese people here, helping them to have healthier, longer and better lives, Besant shared.

Anh Duc

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