Mr Jamie Rains

Mr Jamie Rains AIA Vietnam started to rebrand in June. How has the business performed so far?

We are doing very well and proud of the results achieved so far. With a confident and proactive team including all the staff, agents and financial advisors who have delivered improved customer service, we continue to gain confidence and support from customers. We are continuing to push the bancassurance channel with an agreement signed with TienPhong Bank.

In March and July 2009, we launched two new products, Critical Illness Return of Premium (CI-ROP) and Motorbike Personal Accident (MPA), exclusively distributed via bancassurance.

According to the Ministry of Finance (MoF), in the second quarter of 2009, AIA Vietnam achieved 113 per cent growth in first year premiums and 29 per cent growth in total premiums compared to the same period last year. What are your comments?

The MoF is a trustful source of financial institutions’ information, specifically insurers. We are glad to know that the efforts and results of AIA Vietnam have been recognised and updated by the media.

Growth rates and efforts recently achieved by AIA are impressive. Can you share some new company developments in terms of products and customer service?

Our vision is to be the preferred multi-channel life insurer through quality customer service and well-suited products while becoming the organisation of choice for staff and sales intermediaries. With this target, we have been conducting extensive customer satisfaction trainings for our staff and distribution channels to enhance our customer service quality.

We will soon launch our newly-renovated customer service centre in Ho Chi Minh City. We believe that customers will find it a professional and customer friendly place when being there. Enhanced customer service is also in our focus during the claim process.

You may have noticed that we even pay insurance benefits within two working days, which was widely reported by many local media as a record for the claims process in Vietnam. For products, Universal Life was introduced in October, 2007 and is still the most preferred choice of our customers. As mentioned, we recently launched two new products – (CI-ROP) and (MPA) – distributed exclusively through our bancassurance channel. We will definitely continue to develop innovative products that meet the needs of Vietnamese.

AIA Vietnam has been running a unique programme called AIA Financial Health Check. How has it been used for the benefit of Vietnamese people?

Just like your physical health, your financial health needs to be taken care of and checked regularly. That is why this tool has become more and more popular with our customers and agents. AIA Financial Health Check can be done quickly and professionally. This consultative programme, which we offer for free, allows customers to have an overview about whether their financial status is still good or is on the alert.

It can help customers choose suitable insurance products as well as propose appropriate financial solutions for customers and their families. With these advantages, we believe AIA Financial Health Check will continue to be a companion of every Vietnamese’s financial plan.

Some international organisations have recently been optimistic about the life and non-life insurance sectors in Vietnam. What do you think and what is AIA’s strategy to catch this growth opportunity?

Although the life insurance industry in Vietnam truly emerged about 10 years ago, there have been impressive growth and developments, catching up with other markets in the region and the world. With a young population and less than 10 per cent life insurance penetration, Vietnam is still a highly potential market for all players. AIA Vietnam targets sustainable developments that will benefit our customers. An increase up to VND970 billion in our capitalisation last year not only expresses our long-term commitment to Vietnam, but also proves our desire to serve our customers better.

It seems that human resources are always an issue for life insurance companies. How does AIA Vietnam attract and retain talent?

At AIA Vietnam, to recruit and retain skilled, experienced, knowledgeable professionals, we have a budget for our staff to study LOMA (Life Office Management Association), a certificate issued by the American Council of Life Insurers. Once 10 LOMA certificates are acquired, a Fellow Life Management Institute (FLMI) diploma is conferred and one is considered as a member of the International Life Insurance Associates member.

Currently, the company has 17 employees with FLMI diplomas. Another piece of great news for AIA Vietnam and our industry is one of our key managers, Le Thanh Nam, has become one of a few Vietnamese to receive the Associate of the Society of Actuaries (ASA) professional title.
By Vir    

Source: Vir.com.vn