Liberty launches online insurance service

HCMC - U.S. firm Liberty Insurance Limited on Tuesaday started launching an online automobile insurance service after three years of providing insurance products in the Vietnam market.

Carlos Vanegas, general director of Liberty Insurance, told a news briefing in HCMC on Tuesaday that the increasing trend of online transaction services and payments using credit and debit cards had prompted the insurer to upgrade its website www.libertyinsurance.com.vn for the online service.

“We have looked for and put into operation the latest technical advancements in order to improve the quality of our products and services to ensure strong growth and to meet the increasing demands of customers,” Vanegas said.

He described the interactive website as an online automobile insurance distribution channel, supplying new functions and links to its customers, staff, agents and partners with convenient tools and information.

The online service allows customers, particularly busy ones, to buy insurance and pay premiums anytime and anywhere by clicking on suitable insurance services for their automobiles. Besides the options to pay by cash or bank transfer, customers can also use their credit or debit cards to pay online.

“It takes only a few minutes for a customer to get an automobile insurance quotation with various options of insurance benefits and premiums,” he said, adding this offers an easier and faster way to do business with the company.

The insurer’s first 24/7 call center in Vietnam can address all clients’ specific needs and inquiries in both Vietnamese and English.

Liberty Insurance, which entered Vietnam in 2007, is among the top ten of 28 life insurers in Vietnam in the automobile insurance field, according to the company.

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Insurers see non-life premiums climb

Non-life insurance revenue reached VND8.24 trillion (US$429.21 million) in the first six months of this year, according to the Association of Vietnamese Insurers.

The increase represents a 28 percent rise over the first half of last year.

All types of insurance saw growth in the first half of the year, with fire and explosion coverage reaching VND723 billion ($37.65 million), up 125 percent over the same period last year. Agricultural insurance followed with a surge of 109 percent and construction insurance increased by 68 percent.

PetroVietnam Insurance Joint Stock Corp earned the most in non-life insurance premiums during the period with VND1.97 billion ($102.86 million) in revenue, followed by Bao Viet Insurance Corp, Bao Minh Insurance Corp, Petrolimex Joint Stock Insurance Co (PJICO) and Post-Telecommunication Joint Stock Insurance Co (PTI).

In addition to insurance, the insurers also offered many other products and services in the first half of the year.

BIDV Insurance Co (BIC) promoted its bancassurance products in co-operation with the Bank for Investment and Development of Vietnam (BIDV) with nearly VND30 billion ($1.56 million ) in revenue in the first six months of this year, making up 14 percent of the company's total revenue.

Pham Quang Tung, BIC's general director, said that "diversifying products and expanding our network with other banks is expected to help us develop bancassurance products."

In a phone interview, Phung Dac Loc, secretary general of the Association of Vietnamese Insurers said: "Strengthening our products also creates faith among our customers. Focusing on potential markets as well as developing product distribution channels through banks and post helps us save money and raise the effects of our trade activities."

Loc predicted that life and non-life insurance revenues would rise to 20 percent and 33 percent respectively in the final six months of the year.

The Ministry of Finance has recently given its approval in principle to two new companies, both from Taiwan : Cathay Insurance Vietnam and the life insurance firm Fubon Vietnam. The Cathay and Fubon brands will begin to offer both life and non-life insurance services to add to their services.

 

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Insurers see non-life premiums climb

Non-life insurance revenue reached VND8.24 trillion (US$429.21 million) in the first six months of this year, according to the Association of Vietnamese Insurers.

The increase represents a 28 percent rise over the first half of last year.

All types of insurance saw growth in the first half of the year, with fire and explosion coverage reaching VND723 billion ($37.65 million), up 125 percent over the same period last year. Agricultural insurance followed with a surge of 109 percent and construction insurance increased by 68 percent.

PetroVietnam Insurance Joint Stock Corp earned the most in non-life insurance premiums during the period with VND1.97 billion ($102.86 million) in revenue, followed by Bao Viet Insurance Corp, Bao Minh Insurance Corp, Petrolimex Joint Stock Insurance Co (PJICO) and Post-Telecommunication Joint Stock Insurance Co (PTI).

In addition to insurance, the insurers also offered many other products and services in the first half of the year.

BIDV Insurance Co (BIC) promoted its bancassurance products in co-operation with the Bank for Investment and Development of Vietnam (BIDV) with nearly VND30 billion ($1.56 million ) in revenue in the first six months of this year, making up 14 percent of the company's total revenue.

Pham Quang Tung, BIC's general director, said that "diversifying products and expanding our network with other banks is expected to help us develop bancassurance products."

In a phone interview, Phung Dac Loc, secretary general of the Association of Vietnamese Insurers said: "Strengthening our products also creates faith among our customers. Focusing on potential markets as well as developing product distribution channels through banks and post helps us save money and raise the effects of our trade activities."

Loc predicted that life and non-life insurance revenues would rise to 20 percent and 33 percent respectively in the final six months of the year.

The Ministry of Finance has recently given its approval in principle to two new companies, both from Taiwan : Cathay Insurance Vietnam and the life insurance firm Fubon Vietnam. The Cathay and Fubon brands will begin to offer both life and non-life insurance services to add to their services.

 

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Insurers see Non-life premiums climb

Non-life insurance revenue reached 8.24 trillion VND (429.21 million
USD) in the first six months of this year, according to the Association
of Vietnamese Insurers.

The increase represents a 28 percent rise over the first half of last year.

All types of insurance saw growth in the first half of the year, with
fire and explosion coverage reaching 723 billion VND (37.65 million
USD), up 125 percent over the same period last year. Agricultural
insurance followed with a surge of 109 percent and construction
insurance increased by 68 percent.

PetroVietnam
Insurance Joint Stock Corp earned the most in non-life insurance
premiums during the period with 1.97 billion VND (102.86 million USD) in
revenue, followed by Bao Viet Insurance Corp, Bao Minh Insurance Corp,
Petrolimex Joint Stock Insurance Co (PJICO) and Post-Telecommunication
Joint Stock Insurance Co (PTI).

In addition to insurance, the insurers also offered many other products and services in the first half of the year.

BIDV Insurance Co (BIC) promoted its bancassurance products in
co-operation with the Bank for Investment and Development of Vietnam
(BIDV) with nearly 30 billion VND (1.56 million USD) in revenue in the
first six months of this year, making up 14 percent of the company's
total revenue.

Pham Quang Tung, BIC's general
director, said that "diversifying products and expanding our network
with other banks is expected to help us develop bancassurance products."

In a phone interview, Phung Dac Loc, secretary
general of the Association of Vietnamese Insurers said: "Strengthening
our products also creates faith among our customers. Focusing on
potential markets as well as developing product distribution channels
through banks and post helps us save money and raise the effects of our
trade activities."

Loc predicted that life and
non-life insurance revenues would rise to 20 percent and 33 percent
respectively in the final six months of the year.

The Ministry of Finance has recently given its approval in principle to
two new companies, both from Taiwan : Cathay Insurance Vietnam and the
life insurance firm Fubon Vietnam . The Cathay and Fubon brands
will begin to offer both life and non-life insurance services to add to
their services./.

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