June 16, 2022 | 10:35 GMT+7

Dai-ichi Life Vietnam celebrates 15 years of ensuring peace of mind

Japanese life insurer has reached a range of milestones during its time in Vietnam, with 2021 business results boding well for continued success.

Dai-ichi Life Vietnam
Dai-ichi Life Vietnam

Dai-ichi Life Vietnam celebrated its 15-year journey in Vietnam (January 18, 2007 - January 18, 2022) by posting a range of impressive achievements, with total premium revenue increasing 50-fold, customer numbers 12-fold, human resources 20-fold, investment capital 41-fold, and total asset value 64-fold.

Impressive achievements

Despite the uncertainties caused by Covid-19 over the past two years, Dai-ichi Life Vietnam posted outstanding results in 2021. The leading Japanese life insurer’s financial report for 2021 showed total premium revenue of VND18.6 trillion ($798.3 million), an increase of 19.4 per cent over 2020, which saw it retain its position among the top 3 foreign life insurance companies in Vietnam in terms of total premium market share. 2021 also marked another successful year for Dai-ichi Life Vietnam in serving more than 4 million customers while posting its fourth profitable year in a row, with after-tax profit of more than VND2.8 trillion ($120.17 million), up 115 per cent year-on-year. As of December 31, 2021, total assets managed by Dai-ichi Life Vietnam reached VND46.4 trillion ($1.9 billion).

The company currently has a workforce of 1,800 employees and 120,000 professional financial consultants through a network of over 290 offices and general agencies in Vietnam 63 cities and provinces as well as alternative distribution channels at 2,400 transaction points nationwide through trusted partners such as Sacombank, LienVietPostBank, HDBank, SHB, Bac A Bank, VNPost, and the Mai Linh Group, etc.

Aimed at meeting the diverse financial needs of customers, Dai-ichi Life Vietnam consistently improves and innovates its products and services. In 2021, it successfully launched three new financial and healthcare plans with ultimate benefits for customers, and implemented four customer promotion programs with a total value of over VND16 billion ($690,000). It is the only life insurer in the market to offer a Loyalty Bonus Program to customers, with a total of over 432 million points (equal to VND432 billion ($18.5 million)) accrued by the end of 2021.

The company also achieved its sustainable development goals, maintaining harmony between business growth and corporate social responsibility. It has been leading the Vietnamese market with substantial community contributions and initiatives of more than VND55 billion ($2.4 million) in its 15 years of operations.

Pioneering digitalization

Covid-19 promoted the adoption of digital tools across all businesses and markets. This was also true in Vietnam, where individuals turned to using e-commerce in their daily lives, which has influenced their expectations towards life insurance products and services. Dai-ichi Life Vietnam is proud to pioneer digital transformation to operate more efficiently and enhance the customer experience. Efforts include allowing customers to pay premiums via multiple direct and online payment gateways and launching the Dai-ichi Connect application to allow customers to manage their insurance policies, pay premiums, redeem bonus points, and settle claims online. Since 2020, Dai-ichi Life Vietnam has equipped all customer service counters with a tablet system to help customers track information and score its quality of service.

The company is currently providing a comprehensive range of information technology solutions in all stages of its business, utilizing a paperless process, automation, and system integration with numerous banking partners, and implementing new technologies such as RPA and AI in document classification and processing. In 2021, more than 75 per cent of claims were submitted online via the Mobile Agency Portal (mAGP), significantly reducing the risk of data loss and the time required to process and issue insurance policies. More e-commerce platforms are also in the pipeline, which will make customer access to products easier and more convenient.

“The best rather than the largest”

Having been present in Vietnam for 15 years, the remarkable success of Dai-ichi Life Vietnam is underpinned by its inner strength and strong resilience during hardships and the solid and sustainable trust of customers, business partners, and the community, which differentiate it from other key players in the market.

With a different strategy of being “The best rather than the largest”, Dai-ichi Life Vietnam is making ongoing efforts to pursue its vision of being the best life insurer in the country, with a strong focus on sustainable growth and securing peace of mind for millions of customers and their beloved families while promoting health and well-being among its employees, customers, and the community, to become the leading provider of healthcare service in Vietnam in the years to come.