After nearly two decades of participating in the life insurance market in Vietnam, Chubb Life Insurance Company Limited (Chubb Life Vietnam) has built a shield for millions of families thanks to the strong financial foundation of the parent company and its efforts to transform itself in the face of changes in the times, for the mission of "protection" from the heart.
The mission of protection comes from the heart
The true value of life insurance is to provide complete protection for all people against life's risks. Health and financial protection solutions need to be developed and delivered from the "heart" of those in the profession, aiming towards a society where no one is left behind.
In 2022, the company spent nearly VND 1,360 billion to pay compensation and accompanying insurance benefits, an increase of 52% compared to 2021. Also in 2022, more than 86% of the company's customers receiving insurance benefits were in the group of 50 years old and under, and 85% of cases were settled in the first 5 years of the contract, in particular, 32% were paid in the first year.
Chubb Life Vietnam also demonstrates its strong commitment to customer protection by maintaining a very high solvency margin. By the end of 2022, this figure will reach 230% of the statutory solvency margin.
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Inheriting a strong financial foundation
The development motivation of Chubb Life Vietnam comes not only from the primary goal of becoming a solid support for the Vietnamese people, but also from the support of the reputation and scale of Chubb Limited - an insurance brand from the United States with a history of 231 years.
Photo source: Chubb Life Vietnam
After more than two centuries of development, Chubb Limited has expanded its operations to 54 countries and established itself as a “giant” in the industry with a diverse product portfolio. In July 2022, Chubb Limited completed the acquisition of the accident, health and life insurance business in 6 countries in Asia - Pacific from Cigna. This deal is an important factor helping the group grow double digits in 2022, marking the most effective business period in its history with many new financial records set.
Specifically, Chubb Limited recorded core operating income of USD 6.46 billion (equivalent to VND 151,700 billion) in 2022, the highest level in the group's history. In the first three months of 2023, insurance business income continued to be the highest quarterly level at USD 1.84 billion, an increase of 11.8% over the same period in 2022. The group's total assets as of March 31, 2023 reached USD 201.4 billion (equivalent to VND 4.73 trillion) and capital reached USD 67.7 billion (equivalent to VND 1.59 trillion).
Chubb Limited’s core operations are highly rated by independent organizations for their financial strength and growth prospects. According to the April 2023 report, S&P rated the group at AA on a scale from D to AAA, while AM Best (the world’s largest credit rating agency in the insurance industry) rated it at the highest level on a scale from S to A++.
Dynamic change to break through
Taking “humanity” as the guiding principle in all activities, Chubb Life Vietnam also carries out its protection mission by dynamically transforming itself in the face of changing times, to build an increasingly solid fortress for millions of Vietnamese families.
Photo source: Chubb Life Vietnam
Specifically, Chubb Life Vietnam is a rare enterprise in the market that owns a comprehensive digital ecosystem, typically the "4.0 virtual assistant" Smart Agency that supports the sales team in managing work, the Chubb eConnect application that helps customers interact directly with the company and the automatic appraisal process Straight Through Processing. Thereby, the company not only enhances the professionalism of the sales team, but also optimizes the customer experience thanks to a comprehensive ecosystem with a continuous process chain.
On the other hand, the company is constantly striving to protect the Vietnamese people through a strategy of diversifying its product portfolio. Depending on their needs, customers can choose protection products for each stage of life or from 1 month to 99 years old, insurance products that accompany their children's education or senior products, or most recently, the launch of a unit-linked insurance product - Active Financial Plan - that simultaneously meets both needs: protection and investment.
Chubb Life Vietnam also builds a professional, standardized team so that each insurance financial consultant is a strong bridge between the company and customers. With a culture of integrity and respect for differences, Chubb Life Vietnam creates conditions for each individual to develop to the fullest thanks to a creative working environment, clear career path, and worthy reward policy...
On the journey to build a better life for Vietnamese people, Chubb Life Vietnam has also consistently contributed to charity activities since its first steps in the Vietnamese market. The company has contributed nearly VND34 billion to build 10 new schools, providing better access to education for thousands of children in remote areas through support for learning equipment and thousands of scholarships.
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