Shinhan Life is likely one of the few life insurance companies to enter the Vietnamese market during a particularly challenging period, launching its brand in January 2022 amidst the ongoing complexities of the Covid-19 pandemic as well as facing market fluctuations.
However, for Mr. Bae Seung Jun, General Director of Shinhan Life Vietnam, this is both a challenge and an opportunity for Shinhan Life, a new business in its early stages of development. With the late-mover advantage, the company can easily adapt and grow according to the demands of the insurance market in this new period.
Reflecting on the development path over the initial two years of operation, the General Director said that what he is most proud of is that all members have collaborated in building a solid Shinhan Life Vietnam at the present.
In terms of products, Shinhan Life currently offers a diverse portfolio, providing comprehensive and flexible insurance solutions that meet various protection needs and future planning for customers. The company’s insurance solutions are designed based on simple, easy-to-understand criteria, with reasonable fees, quick participation and claims settlement processes, making insurance accessible to everyone.
To optimize customer service, Shinhan Life has delineated suitable distribution channels for each customer segment since its operation. For young or protection-focused customers, the company offers affordably priced products through telemarketing and strategic partnerships. In bancassurance channels, the company targets customers with higher income levels who express interest in asset management and investment products.
This year, Shinhan Life will introduce the Financial Consultant channel (FC) with a focus on quality to provide the most accurate financial solutions tailored to each customer.
“Having parent company in South Korea, Shinhan Life can capitalize on this opportunity to gain insights, improve service quality, and develop products that align with the growing standards of Vietnamese customers. Additionally, we are committed to concentrating on training and enhancing the professional expertise and ethics of our advisory team, aiming to deliver optimal service to our customers,” said Mr. Bae Seung Jun.
With a commitment to sustainable development and a long-term connection with Vietnam, in the first two years, Shinhan Life has consistently implemented both the company’s development strategy and the fulfillment of corporate social responsibility (CSR) to the community. The two CSR programs implemented by Shinhan Life in recent times have yielded positive results for the community. Noteworthy among them is the collaboration with SOS Children’s Village Vietnam through sponsorship activities aimed at improving infrastructure conditions for students and the iLead Program training for adolescents in villages in Hanoi, Ho Chi Minh City, and Danang. Additionally, the program that donated treatment costs of approximately VND450 million to 30 financially disadvantaged children with blood cancer undergoing treatment at the City Children’s Hospital over the past two years has provided significant financial support for many pediatric patients to receive timely medical treatment.
Entering its third year of operation in a market still predicted to face many challenges, Mr. Bae Seung Jun stated that Shinhan Life will continue its efforts to enhance quality through continuous innovation to create a distinctive presence in the market, meeting the actual insurance needs of customers and thereby contributing to improve the quality of life for Vietnamese people.
“As a new insurance enterprise, we will continuously strive to enhance quality, with the hope that customers will remark Shinhan Life Vietnam as a life insurance company that always prioritizes and places customer benefits at the forefront,” said the General Director of Shinhan Life Vietnam.
