18 Nov 2019

Prudential Vietnam announces “We Do for a Wealthier and Healthier Vietnam” commitment in celebration of its 20th anniversary

Hanoi, 18 November 2019 – Prudential Vietnam Assurance (Prudential Vietnam) marks its 20th anniversary with a new commitment “WE DO FOR A WEALTHIER AND HEALTHIER VIETNAM”. By combining technological advancement with two decades of operations in Vietnam and Prudential’s 95-year legacy across Asia, the company is focused on supporting the long-term growth of Vietnam’s insurance sector and its overall economic development.

As a pioneer in the insurance industry, Prudential Vietnam is also committed to delivering on its vision of providing comprehensive solutions to make healthcare more affordable and accessible for Vietnamese and help narrow the country’s health protection gap[1], which currently amounts to USD36 billion. In doing so, Prudential aims to go beyond providing financial protection by playing a larger, preventative role whilst remaining a trusted partner of the government in promoting a wealthier and healthier Vietnam.

Alongside economic development and an increase in per capita income, Vietnam is also becoming one of the fastest ageing countries in the world[2]. As people live longer and become more affluent, demand for quality and personalized healthcare is on the rise. At the same time, the financial burden on families seeking treatment for accidents and critical illnesses is set to increase due to escalating medical costs. According to a 2018 Prudential Vietnam-sponsored study on the life insurance industry, while Vietnamese believe unexpected accidents and illnesses will have the biggest impact on them financially, only one-sixth of them are financially prepared to cope with a possible crisis. This explains why the health protection gap remains high despite an increase in Vietnamese’s income.

Riding the rising trend in mobile health technologies, Prudential Vietnam has also been leading the industry in terms of digital offerings in order to deliver seamless experiences to customers. As part of its growth strategy, the company plans to combine its leading capabilities in life insurance, broad market footprint and wide range of offerings with best-in-class partnerships around artificial intelligence (AI) technology and experience in partnering with the government.

To this end, Prudential Vietnam will soon be introducing its health app, Pulse by Prudential, which will provide all Vietnamese 24/7 access to a comprehensive set of AI-powered tools and personalised services. With Pulse, Prudential Vietnam aims to empower its customers to manage their health and wellness more holistically and hence, help lower their medical expenses. Launched in Malaysia in August, Pulse will be introduced across 11 of Prudential’s markets in Asia, including Vietnam in early 2020.

Prudential Vietnam is also expanding its suite of offerings with holistic solutions to support its customers in protecting their families’ “financial health”. New products have been developed based on research on customers’ healthcare needs and concerns. Among them is PRU-SafePlus, launched in October, which combines savings and protection benefits, as well as protects customers against 99 different critical illness conditions.

Mr. Nic Nicandrou, Chief Executive of Prudential Corporation Asia, said, “Prudential was the first British insurer to establish an operations in Vietnam, reflecting our confidence in the vast potential of the local financial services sector. In the last two decades, Prudential Vietnam has been an integral contributor to our Asia franchise and has built a high-performing and customer-centric business. As a leading life insurer and asset manager in Asia spanning 14 markets, Prudential will continue to leverage our broad capabilities and financial strength to help customers live longer and healthier lives alongside our contributions to the nation’s long-term growth.”

Mr. Clive Baker, Chief Executive of Prudential Vietnam, said, “Over the past 20 years, Prudential has been a leader in helping Vietnamese families achieve financial security and achieve their wealth aspirations. I strongly believe insurance companies should play a supporting role along with the government in achieving the healthcare goals of Vietnamese. As demand for healthcare continues to rise in Vietnam, insurance companies like Prudential must evolve from being just providers of cover to partnering with customers on their health and wellness, guiding them on how to prevent and postpone the onset of disease.”

Having been established and operating in Vietnam over the past 20 years, Prudential is one of the pioneering enterprises in expanding the market and changing people’s perception of insurance. In 2019, Prudential reached the milestone with over 200,000 financial consultants, 350 general agency offices, 1.5 millions customers, over VND100 trillion in assets under management, charter capital of more than VND4,128 billion and various technology-based product launches that have greatly enhanced customer experience. Prudential is committed to making insurance more accessible to Vietnamese and improving their financial knowledge.


PCA Chief Executive Nic Nicandrou shared Prudential's ambition and health strategy in Asia

Notes

[1] Health protection gap is defined as the amount of insurance coverage needed to avoid the financial stress arising from unforeseen direct medical expenses.
[2]According to the General Office Population Family Planning, Ministry of Health.

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