How did Dai-ichi Life Vietnam perform in 2010? 

Dai-ichi Life Vietnam has recorded spectacular results in the first nine months of the year, with new sales growth at around 51 per cent against the same period last year, which is almost double the industry’s growth rate, with new business premiums approximately equal to the total recorded in all of 2009. 

Most impressively, in the third quarter of 2010, new business premiums were nearly VND110 billion ($5.64 billion) putting us in the second position among the leading foreign players in Vietnam. After four years of operations, we are proud to serve over 510,000 customers through a network of 14,500 agents and employees. As part of our market expansion strategy, Dai-ichi Life Vietnam has entered other business partnership agreements with prestigious financial institutions and associates in Vietnam such as Eximbank and VNPost, marking our first step towards alternative distribution channel development in order to provide our advanced products to a broader customer base. 

 

 

Another success I want to highlight is product innovation, as we continue to be a pioneer in the market. In May, we launched the “Protection Index Option” for customers with a “Universal Life” policy to help preserve their financial goals against the adverse effects of inflation. In July, we introduced the “Critical Illness Universal Life” package, covering 35 critical illnesses, the first of its kind in Vietnam. This embraces a medical funding concept to help ease customer concerns about the financial burden stemming from any unexpected critical illness and gives them flexibility for better treatment choice.

As one of 100 Typical Vietnamese Entrepreneurs in 2010, can you share with us your secrets in successfully leading Dai-ichi Life Vietnam? 

Our business philosophy is “Customer First”. We want to treat every customer as a client for life and to bring them sustainable values. I therefore focus on improving our “CARE” spirit when serving customers and encourage Dai-ichi Life Vietnam’s members to respect this in their daily activities.

I believe that human resources are the most important factor behind success. We also strive to maintain and develop a friendly and professional working environment for our staff and agents. Our mission in Vietnam is to provide the best-quality products and services to our customers. We constantly look to improve our human resources capabilities, product development and customer-centric approach to our valued customers to achieve this mission.

What qualities do you think are needed for a CEO in a foreign invested enterprise (FIE) in Vietnam to be successful? 

Every business has its own challenges. In the role of CEO, firstly, I think you should be passionate, determined and ready to take on challenges. Besides a deep understanding of the local market, its culture and its people, you should also build a strong and committed team, as human resources play a vital role in success. I faced a lot of difficulties upon taking up this position but I always do the  best I can. Everything has gone well so far and I appreciate the strong support of our parent company and all members of Dai-ichi Life Vietnam.

Many life insurers are finding and exploiting markets in large cities. Why does Dai-ichi Life Vietnam aim to develop the rural market, which is considered difficult to penetrate? 

We will continue our core strategy of focusing on large cities in order to provide the best insurance products and services to the growing urban middle class. But we also recognise that there are still a large number of rural households who have not had access to appropriate insurance. Our competitive edges - product innovation and a large network of 56 sales and general agency offices nationwide - will enable us to promote appropriate insurance coverage to various segments of the country. We will shape our effective rural-based business model, which we believe will be sustainable in the long run.

Is finding a new development model the way you have chosen to compete and improve your business strategies sustainably? 

Competition is always there in the market. I welcome healthy competition as it raises quality standards and benefits for consumers. Customers will make a choice on product and service quality. We have a long-term commitment to Vietnam, best described in our slogan “Lifetime Partner”. The alternative distribution channel model and expansion beyond the major cities provides us with huge opportunities to diversify and broaden our product offering to different segments in the country in order to meet the increasing and sophisticated financial needs of customers.

For the life insurance industry, Vietnam’s market is still in its infancy. Figures from the Ministry of Finance show that only 5 per cent of the population has life insurance coverage, much lower than developing countries with a penetration rate of around one-third of the population. With a population of 85 million people, Vietnam represents a promising market with great potential. We should note the significant role of the government in improving the legal framework for market development and nurturing the dynamic life insurance sector. 

There are plenty of opportunities to grow. Since opening its door in Vietnam, Dai-ichi Life Vietnam has continued to build up our image to be closely associated with the country and Vietnamese people through our ongoing improvements in product and service quality, our well-trained staff and agency force, as well as our leading contribution to the community. With strong financial strength and support from more than a century’s experience of our parent company and our strong foundation in Vietnam, I am confident that Dai-ichi Life Vietnam will be more successful next year and the next five years will be even brighter.

Our target is to become the best life insurer in providing the best-quality products and services to Vietnamese customers. For next year, we will focus on the quality of our business. We always emphasise that customer satisfaction is a key competitive advantage and the foundation for our sustainable development here. 

Going forward, in the next five years, we will continue to develop suitable products to address the changing investment and financial needs of customers and develop our alternative distribution channel to broaden our product offerings to various customer segments. We also constantly develop and improve relevant skills and knowledge among our staff and agents. Focus will also be placed on enhancing our customer service quality to maximise customer satisfaction. 

Last but not least, we will continue to be a leader in corporate social responsibility by sponsoring and initiating various charity programs and social activities, especially environmental protection, education and healthcare.