across the board to deploy new products according to new regulations
Speaking to Lao Dong Newspaper, a representative of the Vietnam Insurance Association said that the entire insurance industry is entering a period of transformation to meet new regulations in Decree 46/2023/ND-CP detailing the implementation of a number of articles of the Law on Insurance Business (Decree 46) and Circular 67/2023/TT-BTC guiding a number of articles of the Law on Insurance Business.
Accordingly, from July 1, 2025, investment-linked insurance products will only be able to integrate full and permanent death and disability benefits, additional benefits such as serious illnesses, accidents, and hospital fees will be separated.
To meet this new requirement, since the beginning of the year, life insurance companies have proactively adjusted their product portfolio to adapt to new regulations and market demand.
Up to now, most companies have had at least one new product that meets the new regulations of the Law on Insurance Business and increases benefits for customers.
Mr. Ngo Trung Dung, Deputy General Secretary of the Vietnam Insurance Association shared: The adjustment under Decree 46 is an important restructuring step for the entire industry to enhance transparency and protect the rights of insurance participants, while clearly distinguishing between life insurance products and financial investment. With this change, insurance companies are deploying new product categories towards streamlining, transparency, ease of understanding and providing more practical protection for customers. Separating risk benefits for each specific product will help insurance buyers proactively choose benefits according to their needs, while minimizing future disputes.
With insurance contracts issued and still valid before July 1, customers' rights will be completely unaffected and insurance companies will still ensure all rights and benefits as initially committed. Annual supplementary insurance products are still allowed to be extended according to regulations to bring sustainable protection to customers," Mr. Dung added.
In the first 6 months of 2025, insurance fee revenue reached 67,242 billion VND
According to estimated data sent by enterprises, in the first 6 months of 2025, total insurance fee revenue reached 67,242 billion VND, of which new exploitation fees reached 11,728 billion VND. The number of valid contracts reached more than 11.7 million, an increase of 1.06% over the same period. Total assets of the whole industry reached VND 910,829 billion, up 10.74%, with VND 787,000 billion reinvested in the economy, up 10.25%. equity and charter capital of enterprises both recorded stable growth of 5.33% and 1.32% respectively
Also during this time, the payment of insurance benefits is estimated at VND 27,468 billion, an increase of nearly 4.4% over the same period last year, showing the important role of life insurance in providing timely support, minimizing the financial burden on customers in the face of risks and incidents in life.
According to Mr. Ngo Trung Dung, these positive figures not only reflect the restructuring and adaptation efforts of businesses, but also a positive signal for the recovery of confidence and stable growth of the entire industry in the current period when the country is changing strongly. Completing legal documents for life insurance companies such as restructuring products from July 1 with many benefits towards the interests of participants, or previously mandatory recording and consulting when selling investment-linked insurance products... helps strengthen people's trust in the insurance industry, especially life insurance.
Strengthening AI in the insurance sector
In the technology sector, businesses have increased investment, applying AI, OCR, chatbot, cloud computing solutions... to increase interaction with customers, shorten the time to process compensation requests.
These include AIA Vietnam with the application of AI in compensation appraisal, helping appraisal to ensure accuracy and speed; or Bao Viet Life with the MyBVLife platform to support customers in looking up and making transactions related to contracts; Dai-ichi Life with the Dai-ichi ON online insurance platform helps customers proactively choose the right online insurance solution with just a few simple steps. Manulife has also deployed an M-PS system to help record customer feedback immediately after each transaction and committed to providing 48-hour support for bad experiences. Prudential applies new generation OCR technology, allowing customers to quickly receive feedback from the system as well as insurance claim settlement results in just a few minutes. Shinhan Life deploys Online Customer Service Portal - Shinhan Life Care+ Insurance Contract Management Application.
Enterprises also focus on strengthening quality control of distribution channels and improving consultant training programs.
