Prudential Vietnam Hosts Vietnam Actuarial Conference 2023, Drawing Over 350 Esteemed Attendees

The Vietnam Actuarial Conference (VAC) is the largest annual event in the insurance industry. In addition to the presence of the Insurance Supervisory Authority (ISA), which is under Vietnam’s Ministry of Finance, the Insurance Association of Vietnam (IAV), and the Society of Actuaries (SOA) from the USA, VAC 2023 also brings together representatives from 19 Life Insurance Companies, leading international reinsurers such as RGA (USA), Swiss Re (Switzerland), Gen Re (USA), Pacific Life Re (USA), Scor (France), and Munich Re (Germany), as well as prominent universities in Vietnam.

Themed “The Next Insurance Era", VAC 2023 offers an in-depth overview of Vietnam's Insurance market through four presentations by experts from RGA, Swiss Re, Gen Re, and Pacific Life Re. Topics include the analysis of actuaries’ and industry’s role in responding to customers’ needs, Bancassurance 2.0, building the next generation of products and improving customer journeys, applying modern analytics in Insurance to optimize underwriting process, and discovering Machine Learning for underwriting and Insurance risk prediction.

In her opening remarks, Ms. Ly Thi Thu Thuy, Head of the Life Insurance Department at the Insurance Supervisory Authority (ISA), Ministry of Finance, expressed: "I highly appreciate the discussions held during today's event. This is indeed a valuable opportunity for professionals in the actuarial field to stay updated on industry knowledge and glean insights from peers and international experts. Furthermore, it serves as a platform for networking, learning, and fostering a shared passion for the actuarial profession."

Amidst the fluctuations of 2023, VAC 2023 emerges as the pivotal event in the industry, fostering cooperation to rebuild market confidence and initiate a new era towards sustainable development.

During his address at VAC 2023, Mr. Phuong Tien Minh, CEO of Prudential Vietnam, underscored: "The challenges and changes in 2023 have inaugurated a new era for the life insurance industry in Vietnam, particularly in the wake of the recent implementation of Circular 67 under the Insurance Business Law on November 2. This new era calls for collaborative efforts from all stakeholders to ensure sustainable growth and emphasize a central focus on customers”.

A highlight of the VAC 2023 conference is the panel discussion on “Unlocking Sustainable Growth: ESG Application in Life Insurance, “ moderated by Mr. Tran Thanh Phong, Chief Marketing Officer at Prudential Vietnam Assurance, with participation from three representatives from RGA, Swiss Re, and Gen Re.

The in-depth panel discussion explores the ESG strategy within the insurance industry, delving into ESG practices among businesses in Vietnam and drawing lessons from developed markets.

Elena Quek, Head of Business Development - Southeast Asia at RGA International

Reinsurance Company, offers a crucial insight for insurance firms in Vietnam:

"As we collaborate with the Vietnamese government to achieve the 2025 target of 15% of the population participating in life insurance, it is imperative for insurance entities, particularly actuarial departments and regulators, to focus on the aging demographic (the silver segment), those aged 65 and above. Vietnam is undergoing a rapid demographic shift towards an aging population, with an anticipated additional 17 million elderly individuals by 2050. This demographic group necessitates protection and is intricately linked to the social aspect of ESG".

Conversely, customers are increasingly recognizing the significance of ESG. They begin to prefer insurers offering ESG-linked products, expressing their viewpoints, ethical objectives, and values through financial choices. Customer preferences are shaping the market, prompting insurance companies to introduce new ESG-related policies and enhance transparency to meet customer expectations. Moreover, advancements in technology - particularly in data analytics - are boosting the efficiency of insurance companies in evaluating risks and ESG opportunities, enabling more thorough investment decisions and assessments.

At VAC 2023, life insurance companies and their partners joined forces to highlight the importance of technological transformation, prioritizing customer-centric approaches, and advancing sustainable development through the adoption of ESG strategies.