This is notable information in the Business Results Report published by Prudential Vietnam in early April 2024. According to the Report, the insurance compensation payment figure in 2023 is 1,900 billion VND with 179,000 cases.
As a leading insurance company in the market, after 25 years of operation, the company has been serving and meeting the needs of life insurance and financial protection of more than 7 million customers. For many years, Prudential's total compensation and insurance benefits have always accounted for about 1/4 of the market (⁓23-25% of the total insurance market with 19 life insurance companies). According to insurance compensation statistics at Prudential Vietnam from 2020 to 2023, the total amount and number of compensation cases both tend to increase. By the end of 2023, insurance payments for critical illness, death, total and permanent disability increased 2.1 times in amount and 1.3 times in number of payments compared to 2020. If including compensation payments for medical examination and treatment costs and medical care, this figure increased higher in the same period, 2.7 times the total amount, and 2.3 times the total number of compensation cases. This shows that insurance has been and is a solution to compensate for financial losses and provide insurance participants with provisions for risks of accidents and illnesses. On the other hand, the increase in compensation payments also comes from an objective reason: the number of insurance participants has increased rapidly in recent years.
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Vietnamese people have also become more aware of personal and family financial protection. Supplementary health insurance products, or life insurance, have been and are playing the role of supplementing and compensating for the missing costs in addition to compulsory health insurance, providing better benefits and meeting the needs of diverse, high-quality health care services for people. Looking at the compensation payment data at Prudential in 2023, the number of compensation cases for cases of serious illness in the age group of 25-50 accounts for up to 60%. This number may make many people think because this is the age considered "vigorous", and is also an important stage in life because it is necessary to take care of the family, create assets and accumulate for the future. The data also shows that about 76% of compensation cases occur in the first 10 years of the life insurance contract. According to the World Health Organization (WHO), among 10 Southeast Asian countries, Vietnamese men's life expectancy ranks 5th and Vietnamese women's life expectancy ranks 2nd, but the number of years living with illness is higher than other countries. Specifically, each Vietnamese person lives with illness for an average of 10 years. As the number of healthy years decreases, the burden of medical costs also increases. Information from the leader of Vietnam Social Security in July 2023 said that Vietnamese people are having to pay about 40% of medical examination and treatment costs themselves, twice as much as recommended by WHO, higher than the average level of countries in the region. Also in a WHO report, serious diseases such as cancer, cardiovascular disease, diabetes, etc. are the cause of over 70% of deaths in the world. Due to many factors such as environmental pollution, stressful modern life, unscientific living, etc. Serious diseases are tending to be younger and appear more and more in working age. Having to face risks not only puts a person in a situation where they have to spend a certain amount of money to overcome the consequences of the risk, but also face the risk of losing the ability to work, as well as reducing or losing their current source of income. Therefore, according to many experts, the age from 25 to 39 is the "golden" time for each person to equip themselves with a financial backup solution for risks or unexpected events. Because at this stage, income begins to stabilize, health conditions are met, and health risks are still low. Every year, with tens of thousands of billions of VND paid, the life insurance industry, as a "shield", has helped reduce financial losses for people against unwanted risks. Along with that, the simple, fast and continuously improved payment process by insurance companies has helped improve service quality and bring satisfaction to users. In 2023, Prudential's automated insurance claim settlement process recorded 82% of claims submitted online, 77% of claims processed within the day. Prudential's insurance claim approval rate in 2023 was recorded at over 90%, meaning that out of 10 insurance claims, 9 cases were approved for payment by Prudential. Recently, Prudential was also honored at the Insurance Asia Awards for the Claims Initiative of The Year - Vietnam category, which is one of the bright spots in the industry's payment. Ms. Nguyen Thanh Ha, Deputy General Director of Insurance Transactions - Prudential Vietnam shared: "We believe that our role will not only stop at insurance compensation, but also build trust, bring more values to customers on their journey with Prudential. This goal motivates us to courageously make many important changes, from upgrading the core value of the product, improving the quality of distribution channels, promoting digital transformation, automating the process from participation to compensation, insurance payment to bring satisfaction, personalized experience to each of our customers".
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