Insurance market records many billion-dollar payouts

This is the case where the customer receives insurance compensation.have the payment amount2nd largest at Prudentialfrom the beginning2023, after the case1 customer in Can Tho receivedpay 23 billioncopperin March.

Infinancial reportsFirst 6 months of 2023, Prudentialannounce the total amount of insurance paymentsfor customersobtain5,977 billion VND, accounting for 23%(nearly 1/4)Total payments of the entire life insurance industry in Vietnam.

Risk is an unexpected surprise.

Customer Nguyen Thi D. (56 years old), residing in Tan An city (Long An) has participated in Prudential Insurance to accumulate finance and prepare for possible risks since 2011.

In June 2023, Ms. D. unfortunately passed away after a sudden illness. The consultant and representative of Tan An General Agency Office assisted the customer in completing the procedures for Prudential to conduct appraisal and quickly pay insurance benefits as committed to the customer. Accordingly, Prudential paid nearly 9.7 billion VND, including insurance benefits and contract fund value of the Phu - Bao Gia Thinh Vuong unit-linked insurance product and benefits from 3 other contracts.

Sharing at the payment ceremony, on behalf of the family, Mr. Phan Van T. (customer's husband) said that in more than 10 years, Mr. T.'s family has participated in a total of 14 insurance contracts of Prudential because they trust and understand the necessity of life insurance in life.

According to Prudential, regarding the insurance event, this is the second largest case of a customer receiving compensation since the beginning of 2023. Previously, in March 2023, Prudential paid 23 billion VND to a 48-year-old female customer residing in Ninh Kieu district, Can Tho. This customer also participated in a unit-linked insurance product of Prudential.

Also according to Prudential, the amount that this unit paid to customers in the first 6 months of 2023 reached more than 5,977 billion VND, an increase of 31% over the same period last year.

According to a report by the Vietnam Insurance Association, the payout figure of the entire life insurance industry in the first 6 months of this year is estimated at VND 25,850 billion, an increase of 37.1% over the same period in 2022.

Completedimprove payment processinsurancebring satisfaction to customers

In the context of the life insurance industry facing many challenges in terms of trust after events since the beginning of 2023, payment data shows that insurance still plays a very important role in financial protection against people's risks.

Customer trust is always the most important asset for insurance companies. When customers encounter difficulties or incidents, transparent payments with simple and quick procedures are the times when customers feel the trust most clearly. The value and role of insurance in protecting the financial future of each family is once again affirmed.

Accordingly, to realize the goal of "Putting customers at the center", Prudential continuously invests in infrastructure and improves digital capabilities, including transforming the experience of settling insurance benefits through digital platforms, constantly upgrading and perfecting the automatic insurance benefit payment process (e-Claim) to help bring a satisfying and convenient experience to insurance customers.

According to the insurance compensation report for the first 6 months of 2023, 80.4% of claims were submitted online, the rate of claims processed within 30 minutes was 16.6%, and the rate of claims processed within the day was 47.2%.

Recently, Prudential launched the new 2023 Life Insurance Contract, summarizing the important terms of a Contract in a complete, concise and easy-to-reference manner.

2023 marks the 175th anniversary of Prudential Group. Prudential currently serves more than 18 million customers across Asia and Africa. In 24 years of development in the Vietnamese market, Prudential has been providing healthcare and financial security solutions to 7 million customers, and is constantly striving to become a model enterprise in the life insurance industry.

On August 30, 2023, Prudential Group launched its new purpose motto "For every life - For every future", demonstrating its mission to become the most trusted companion and protector for today's and future generations by providing simple, accessible financial and health protection solutions, as well as a sustainable development orientation for the future.