PVI Sun Life aims to lead Vietnam’s life insurance market
PVI Sun Life has officially launched three new insurance products designed specifically for the Vietnamese market.
The new policies, named Bao An Gia, Bao An Sinh and Bao An Nhan serve parents that want to create a fund for their children’s education, middle-aged couples planning retirements, and the breadwinner of the family, respectively.
“The launch of the three products is in PVI Sun Life’s plan to improve quality and diversify its product portfolio as well as clientele in 2015,” said CEO Michael Stewart Elliott.
“Vietnam’s life insurance market has much potential for growth,” he added. “Our new products are going to stand out among the many life insurance products available right now due to their being designed to suit the specific needs of Vietnamese.”
PVI Sun Life was officially established in 2013 as the joint venture between Vietnam’s PVI Holdings and Canadian Sun Life Financial. Besides the three newly launched products, PVI Sun Life has seven main products and many side products as well as the PVI Sun Life pension product, which is currently very popular in Vietnam.
PVI Sun Life ranks seven out of the 17 life insurers in Vietnam in terms of market share and first in voluntary pension with its PVI Sun Life pension product, which holds a 90 per cent market share. Since its launch in April last year, PVI Sun Life has been serving 10,000 employees in more than 20 firms all over the country.
In 2014, PVI Sun Life records a 117 per cent on year increase in the number of new policies to 4,830.
In Vietnam, the company has over 3,000 agents working in 63 cities and provinces, and 23 offices in the north, central and south regions. It aims to become the leading life insurer in Vietnam in the next five years.