Insurance Calculator - Smart solution to help you choose the right package

Currently, the rate of Vietnamese people participating in life insurance is still quite modest, estimated at less than 10%. One of the major barriers is the limitation of information and knowledge, making people hesitant to access this type of insurance.

However, for individuals who are aware of the importance of insurance, the question is: how to choose an insurance solution that suits their needs and financial capabilities?

According to Decree No. 46/2023/ND-CP, insurance companies need to provide calculation tools so that customers can build their own insurance plans for each business insurance product on their website.

So what are the outstanding advantages of the insurance premium calculator?

The insurance premium calculator is convenient and easy to use, allowing customers to access and use it anytime, anywhere, without having to meet directly with a consultant. This tool provides detailed analysis and evaluation from many different aspects such as customer needs, desired premium payment period, and financial risk appetite if customers have investment needs. Intuitive illustrations help customers easily understand and compare insurance solutions, thereby making decisions that best suit their needs.

For example, Prudential 's "Insurance Premium Calculator" was launched in 2024, helping customers choose protection solutions that suit their financial capabilities by identifying their needs and providing solutions. This insurance premium calculator is currently only applicable to investment-linked insurance products including universal insurance products and unit-linked insurance products.

On Prudential Vietnam's website, customers can access the Insurance Premium Calculator via the link located below the information page of the insurance product they want to learn about.

Illustration of the product information page "PRU Universal Life Insurance - Maximum Protection" and link to the Insurance Premium Calculator

Interface of Insurance Premium Calculator on Prudential's website (https://tinhphibaohiem.prudential.com.vn)

Take the example of customer Nguyen Van A, 42 years old, a restaurant manager with a stable income. He wants to be insured and also be able to accumulate in the long term with a committed interest rate. In this case, the Universal Linked Insurance product may be a suitable option for Mr. A.

If in the past, Mr. A would have to "rely" 100% on consultants or hear word of mouth from relatives, now this customer can initially learn about suitable life insurance products through the online fee calculator on Prudential's website.

The Insurance Plan Results page is recommended by Prudential's "Insurance Premium Calculator" for Mr. A based on his need for both protection and investment, insurance amount of 1 billion VND, premium payment period of 20 years, and average financial risk appetite.

One of the outstanding features of Prudential's Insurance Premium Calculator is the account value illustration page that provides customers with information about the total premium paid and the corresponding total account value at each premium payment time.

Illustration page of account value for customer Nguyen Van A for the product "PRU-Maximum Protection General Linked Insurance"

PwC's 2024 survey shows that 69% of consumers in Vietnam trust artificial intelligence (AI) in collecting product information, 63% trust AI in providing product recommendations, and 59% trust AI in handling customer services. In addition to the "Premium Calculator", in 2024, Prudential Vietnam continues to commit to investing in technology-based innovations, including the application of AI to optimize operations and improve service efficiency:

• The 'Independent Check' process was created to verify personal information and customer needs when participating in insurance.
• The "Voice Recording" process during consultation for 100% of new customers is integrated with artificial intelligence (AI) technology to ensure protection solutions are suitable for customers' actual needs.

In 2024, Prudential Vietnam recorded total assets of VND 189,051 billion, an increase of 7% compared to the previous year. Total compensation and insurance payments reached VND 14,304 billion, an increase of 8.6%. With a high liquidity margin of 193%, Prudential Vietnam affirmed its solid financial position to fulfill all commitments to customers.

Source: https://thanhnien.vn/cong-cu-tinh-phi-bao-hiem-giai-phap-thong-minh-giup-ban-chon-goi-phu-hop-185250425201819129.htm