A remarkable first-year journey for Shinhan Life in Vietnam

For Shinhan Life Korea, the pandemic period was a very critical time as the insurer had to do everything to bring its member company into operation in the Vietnamese market before February 2022. According to Vietnam's Law on Insurance Business, within 12 months from the date of being granted the establishment and operation licence, the insurance company must go into operation and start its business.

In April 2021, Shinhan Life’s project team arrived in Vietnam to carry out the task of establishing a member company.

As many provinces and cities implemented social distancing, the project team of eight employees faced numerous challenges in daily life and work as all restaurants and service facilities were closed.

Unable to go out, the people who laid the foundations to build Shinhan Life in Vietnam had to adapt almost all of their previously planned strategies.

Having overcome a variety of obstacles, on January 25, 2022, Shinhan Life Insurance Vietnam Co., Ltd. launched as planned, starting the journey to bring wonders to life and provide insurance solutions for health and financial protection at a reasonable cost.

Achievements in the first year of operation

Building a new company at a time when Vietnam was flexibly adapting to the pandemic, while also recruiting and working online, was probably the most memorable period for the team.

Since April 2022, the Shinhan Life Vietnam collective has made efforts to promote its business activities, despite the many issues that arose at the time.

Shinhan Life's products are putting customers first and taking the first step to protect thousands of customers in Vietnam.

From June 2022, the normal rhythm of life returned. The company began to achieve stability in terms of sales, especially the distribution channel via banks, and cooperation with other members of Shinhan's parent group – Shinhan Bank and Shinhan Finance.

Thanks to a solid financial foundation and a team of professional and experienced staff, the life insurer from South Korea currently owns a diversified portfolio of life insurance products, covering many different health needs to invest in the future of Vietnamese customers.

Leveraging distinct features as reasonable costs, easy contract registrations, and quick payments, Shinhan Life's products are putting customers first and taking the first step to protect thousands of customers in Vietnam.

The company’s distribution channels have developed differently from the general trend in the market.

In its first year, the South Korean insurer focused on building and perfecting its telemarketing distribution channel, helping it to bring insurance products closer to every Vietnamese resident in the most effective way.

At the same time, the company continues to deploy other distribution channels to promote protective insurance products in the market.

New year, new goals

Vietnam's life insurance market currently features many well-known global brands, requiring newcomers to have a different strategy to succeed.

With an optimistic prediction about the development potential of Vietnam's insurance market, Shinhan Life Vietnam focuses on protective insurance products, providing customers with more reasonable fees that meet their actual needs.

Shinhan Life Vietnam’s representative shared that the company will continue to create and develop a different business model to seize opportunities in the transformation process of the Vietnamese market.

Currently, Vietnam is encouraging and supporting the development of microinsurance so that people can easily access life insurance. This is an opportunity for Shinhan Life – a rookie with an innovative mindset – to make a breakthrough and cultivate a solid position in the Vietnamese life insurance market.

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