Prudential pioneering online life insurance services

Online insurance transactions have been commonly used in the non-life insurance segment.

Well-known examples include PTI, BIC, or Liberty. However, life insurance has been largely amiss from the online scene until recently.

Life insurance companies have been utilising information technology in their customer services to simplify the complicated negotiation procedure and paperwork. 

Currently, the majority of life insurance companies offer online insurance consultancy services and contract negotiation instead of the traditional face-to-face method. This way customer profiles can also be directly sent to insurance agencies’ computer systems for double-checking.

For instance, Chubb Life’s eSMART programme allows the company to provide consultancy iPad or smartphone devices, while at the same time forwarding the information to the company online. 

The office of evaluation and contract release will also be able customise the contract towards the clients’ needs online. 

Upon reaching an agreement for a contract, a digital, printable version will be emailed to the clients for reviewing. An official physical copy of the contract will be mailed to the clients soon after for signing purposes. 

Meanwhile, Manulife, AIA, and Dai-ichi Life have also developed software allowing clients to connect and review their contracts online. 

Both veteran and newly founded insurance companies in Vietnam have determined that information technology be one of their primary focuses.

“Venturing into the Vietnamese market is a significant milestone for the ambitious development strategy of FWD in Southeast Asia. To move along with their developmental strategy, FWD made significant investments into developing information technology, improving customer experience, as well as simplifying the communication process between the company and clients,” said a representative of FWD.

The effort that life insurance companies have put into these online applications allows an easier and more effective approach for consumers shopping for life insurance. However, “paperless” procedures are only the beginning of a new online life insurance model. 

With the newly-implemented e-commerce system for various products, Prudential Vietnam is the first company to utilise online insurance transactions in the life industry insurance segment. 

With the implementation of this new technology, the company hopes to shorten transaction times as they aim to increase their market share by 3% by 2017. 

The new online insurance model is still only in the testing phase, so it is a little early to celebrate complete success. 

However, after the first steps were made by Prudential Vietnam, it is possible that many more companies will look to follow in suit and create a new and exciting shopping experience for customers. 

According to the development strategy for the Vietnamese insurance industry from 2011 to 2020, the application of information technology is a significant step to develop the insurance market. 

Industrial leaders hope that implementing new technological solutions will strengthen the market and help reach the 3-4% GDP mark by 2020.

VIR

Other News

Vietnam – one of most attractive destinations for leading US semiconductor companies: expert

Vietnam – one of most attractive destinations for leading US semiconductor companies: expert

Vietnam has built a solid semiconductor and electronics industry before joining ITSI, attracting major US semiconductor companies. Intel Products Vietnam is one of Intel's largest assembly and testing facilities worldwide, while chip design companies such as Synopsys, Cadence, Marvell and Qualcomm have established engineering and research centres in the Southeast Asian country.

Vietnam targets higher-quality FDI under Resolution 10

Vietnam targets higher-quality FDI under Resolution 10

During the first seven months of 2026, Vietnam attracted more than 38 billion USD in registered FDI, up nearly 58% year-on-year. More importantly, the increase was driven by large-scale, high-tech projects rather than a surge in the number of new investments, signalling a significant improvement in the quality of capital inflows.

Manufacturing, engineering drive hiring growth in H1: report

Manufacturing, engineering drive hiring growth in H1: report

Manufacturing and engineering posted the strongest recruitment growth, with hiring demand surging 70% year-on-year, driven by production expansion, supply chain restructuring and sustained investment inflows in high-tech manufacturing.

Government proposes special mechanisms to unblock APEC 2027 projects in Phu Quoc

Government proposes special mechanisms to unblock APEC 2027 projects in Phu Quoc

The projects in Phu Quoc have been implemented under tight deadlines. Since May 2025, the Prime Minister has directed preparations for APEC 2027, including accelerated infrastructure development on the special zone. An Giang province and investors have subsequently launched a number of major projects involving complex technical requirements and demanding construction schedules.

Financial market reform plan targets high, sustained growth through 2045

Financial market reform plan targets high, sustained growth through 2045

The plan seeks to develop a balanced and modern financial market that is closely integrated with regional and global markets, strengthens the mobilisation and allocation of domestic and foreign capital, and enhances the market’s role as a key provider of medium- and long-term capital for the economy and as a major driver of sustained high economic growth.

An Giang aims to become leading maritime economic hub

An Giang aims to become leading maritime economic hub

Under the province's master plan for 2021–2030 with a vision to 2050, An Giang will prioritise investment in five strategic sectors: strategic infrastructure; processing industries and clean energy; trade, services, logistics and border-gate economy; high-quality tourism; and high-tech agriculture, ecological development and the circular economy.

Lien Khuong International Airport set to reopen on August 19

Lien Khuong International Airport set to reopen on August 19

Once operations stabilise, Lien Khuong International Airport in the Central Highlands province of Lam Dong is projected to serve approximately 6,800 passengers a day, nearly 1,000 more than before its temporary closure. Passenger throughput during the final four months of 2026 is forecast to reach around 816,000.

Global buyers turn to Ho Chi Minh City for sourcing

Global buyers turn to Ho Chi Minh City for sourcing

The growing number of international retailers and importers choosing Ho Chi Minh City as a sourcing destination underscores the city's transformation from a trade promotion venue into a regional procurement hub.

PM's conclusions set to clear bottlenecks, spur corporate growth

PM's conclusions set to clear bottlenecks, spur corporate growth

The PM called on the business community, business associations and the Vietnam Chamber of Commerce and Industry (VCCI) to strengthen self-reliance, innovation and competitiveness by improving governance, adopting advanced technologies, enhancing product quality and using capital more efficiently.

Incentive policies for high-tech agricultural zones

Incentive policies for high-tech agricultural zones

Under Decree No. 263/2026/ND-CP, qualified projects are given priority to participate in State support programmes as well as funds and policies on research and development, technological innovation, technology transfer, human resource training, investment promotion and trade promotion.