Life insurance digitizes the claim payment process

Many insurance companies have stepped up digitization of the entire claim process, from application submission, approval to transfer... to help customers carry out all procedures right on their phones.

The seminar shared important knowledge, as well as stories related to life insurance benefit payments - Photo: HUU HANH

The seminar "Stories behind insurance contracts" was recently held at Tuoi Tre newspaper, coordinated by the Vietnam Insurance Association.

Digitalization to speed up benefits payments

Mr. Ngo Trung Dung - Deputy General Secretary of the Vietnam Insurance Association said that in the first half of 2025, life insurance companies paid out more than VND 28,890 billion in benefits, demonstrating their commitment to millions of Vietnamese families.

The market also recorded positive signals, with total life insurance premium revenue of the entire industry estimated at over VND72,090 billion, up 2.4% over the same period last year. Of which, new exploitation fees reached nearly VND13,050 billion, up nearly 9%, showing that coverage continues to expand in the community.

“We are at a special time in the development journey of the industry,” Mr. Dung commented. Since July 1, all businesses have restructured their products to comply with the new regulations. Recently, many companies have also promoted the digitalization of the entire compensation process, from submitting documents, reviewing to transferring money... to help customers carry out all procedures right on their phones.

In some places, it takes less than 24 hours from receipt of complete documents to complete payment. Some businesses even apply artificial intelligence to shorten approval time to just a few hours.

According to Mr. Dung, the legal framework of the industry has become increasingly complete and stricter, contributing to better protection of life insurance participants.

However, it is also necessary to frankly acknowledge that there are still problems related to people's understanding and experience of life insurance. "The problem is no longer a lack of regulations, but how to properly implement, standardize the profession and take advantage of technology to make the entire market transparent," Mr. Dung emphasized.

Therefore, the Vietnam Insurance Association is closely coordinating with businesses to improve the professional ethics of the consulting team, while tightening sales activities to protect consumer rights.

Access to advanced treatments through life insurance

Mr. Nguyen Van Hieu has access to modern treatment methods thanks to life insurance - Photo: HUU HANH

At the program, Mr. Nguyen Van Hieu (District 3, Ho Chi Minh City) shared that he initially strongly objected when he heard his son express his intention to pursue a career as a life insurance agent: "If he pursues insurance, I will disown him."

However, after being persuaded by his son, he agreed to pursue a career as an insurance consultant and signed a contract with a health care card for himself. Suddenly, less than a year later, Mr. Hieu himself discovered he had kidney cancer and had to be hospitalized for treatment.

At first, Mr. Hieu was treated with the targeted drug Pazopanib, costing more than 30 million VND/month. Of which, health insurance covered half, the rest was paid by life insurance. However, due to serious side effects such as high blood pressure, high liver enzymes, gray hair, skin rashes, etc., the doctor asked him to stop taking the drug.

He then switched to Keytruda immunotherapy at a cost of VND65 million for three weeks. The life insurance company quickly approved the payment after only seven days, renewed his health card and continued to support the treatment costs.

Dr. Nguyen Ngoc Tuan - lecturer of Orthopedic Trauma, Pham Ngoc Thach University of Medicine said that health insurance brings many benefits and is universal, reducing the burden of social security. However, there are many cases that need the cooperation of life insurance.

In the context of escalating medical costs, many expensive drugs, along with modern intervention techniques, life insurance is a lifesaver to help many families have more financial capacity, pursue the treatment process without falling deeper into debt.

According to data from the Vietnam Insurance Association, there are currently about 11.7 million life insurance contracts in force nationwide, equivalent to less than 12% of the population participating. This rate is still quite modest compared to many countries in the region and in the world , such as the Philippines reaching 38%, Malaysia 50%, Singapore 80% and the US up to 90%.

Meanwhile, according to the target set in the Government 's strategy, by 2030, Vietnam needs to reach a life insurance participation rate of 18% of the population. This shows that there is still much work to be done to realize the target.

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Source: https://tuoitre.vn/bao-hiem-nhan-tho-so-hoa-quy-trinh-chi-tra-boi-thuong-20250808171522701.htm