Insurance sold through banks, non-life noted

Selling life insurance through banks and insurers are focused on developing

Whether deployed for many years , but the distribution of insurance products through banks ( bancasurance ) revenue contribution remains very modest compared with other distribution channels . As insurers Vietnam bancasurance first deployment , how do you see the cause of this situation ?

The insurance companies now have more channels to distribute insurance , as agent , internet , phone , bank ... In Asia , within 5-6 years to start developing new sales of life insurance bank and also achieved rapid development . In some markets , sales through banks accounted for 60 % of total premium revenue .
In Vietnam , development of new sales channels are being not only the life insurance companies that both the non-life insurance companies are interested in investing . The companies in the industry are aware that , if not to focus on developing this channel , the latter will be difficult to compete . However, bancasurance channels are not commensurate with the development and investment potential of the company .

10 years ago , Looking back at the process of cooperation with banks to collect insurance money from customers , we found that the results are not commensurate with the potential of the two sides . This stems from many reasons , both by product , by sales , strategic development of the two sides have not met ...

In fact, many of our banks modeled Financial Group - Insurance , each bank has their own insurance companies , so when combined with other insurers seem not be long . Moreover, profits from the sale of insurance products is still low compared to banking products , the bank made ​​some not too keen on the distribution of insurance products .

At each block separately , apparently non-life insurance is more successful than the life insurance sector in cooperation with banks .

Why non-life insurance sector more successful when implemented bancasurance , sir ?

Products are usually non-life insurance simple , easy to sell , on the other hand the bank wants to sell products in non-life insurance to protect the bank loan for the sale of products to non-life insurance through banks consumers well . In particular , medical product sales is quite high, the bank sold 700 billion / year .

With life insurance products , we expect , in the near future , sales of life insurance through banks will be improved .

Development of distribution of life insurance products through the bank still is the story of the future . Is it so that in 2013 , when economic forecasts are still many difficulties , many life insurance companies plan to exploit the new fee revenue growth slowed in ?

I think the economic difficulties will not affect the life insurance industry . There will be difficult to rising costs , but still enough to have a decent income people buy insurance . Moreover, so far , we have only been exploiting a paucity 6 million main contract , on a total of 90 million people of Vietnam . With the number of contracts as existing operators , the market potential . The problem is that we exploit this potential is.

We set a target of 20% revenue growth in life insurance sales charge new operators in 2013 , lower than last year ( 24 % ) . In the past , we've achieved 43 % growth in fee income from new operators and we find that it is unsustainable . It is important for us at this stage is to develop on a sustainable basis .