Restoring Customer Trust - The Key to the Insurance Market

(Dan Tri) - Every two weeks, Mr. Kevin Kwon, General Director of Prudential Vietnam, will sit down with the management team to listen to calls from customers to resolve complaints and improve customer confidence.

Mr. Kevin recalls: “When I left Vietnam in 2020, the market was very different. The Covid-19 pandemic caused many sectors to stagnate, but insurance was an exception. Total premium revenue in the market increased by more than 15% compared to the same period, and total investment back into the economy reached a record high.

Life insurance companies have paid out more than VND25,000 billion in benefits, becoming a financial shield to help people stay strong amid uncertainty. Prudential Vietnam alone has contributed more than VND6,000 billion. When I returned, customer trust had been eroded, which made me feel disappointed,” said Mr. Kevin.

Mr. Kevin Kwon: “Restoring customer confidence is the top priority for continued development” (Photo: Prudential Vietnam).

Formula for restoring trust

Recently, Vietnam Report ranked Prudential Vietnam as “Best Foreign Life Insurance Company”, recognizing the company’s management efficiency and competitiveness.

Prudential is managing total assets of more than VND192,500 billion, of which VND173,200 billion is long-term investment, with a solvency margin of 206%, far exceeding the legal requirement.

“Restoring customer confidence will be our top priority as we continue to grow,” Mr. Kevin emphasized.

The General Director of Prudential Vietnam also said that to restore trust, there is no other formula than simultaneously improving service quality and sales quality.

This approach is based on the belief that only quality attracts quality and through this, Prudential Vietnam aims to play a leading role in the life insurance market entering a restructuring phase.

Rebuilding from within

Looking to the period after 2025, the outlook for life insurance in Vietnam is gradually brighter. The legal framework is complete, technology is advanced and products are increasingly closer to the actual needs of the people.

In that context, Prudential Vietnam is introducing flexible products, clearly separating protection, accumulation and investment, aiming at a solid financial protection network for people.

At the heart of this transformation is the mission of bringing complete peace of mind to every Vietnamese family, not only financially, but also in terms of risk-taking, helping people to be more proactive in the face of life's fluctuations.

Therefore, Prudential started the rebuilding process by improving the capacity of consultants, through a number of continuous learning initiatives between the headquarters and the front line. One example is the activity of listening back to customer calls, maintained periodically every 2 months by the Executive Board, to analyze direct feedback and immediately transfer to the responsible department for immediate improvement.

In parallel, the “ Core Agents Shadowing” program allows office staff to directly observe and learn from the actual work of consultants. These actual observations are brought back to headquarters to improve processes and enhance the quality of support for consultants and customers.

General Director of Prudential Vietnam: "When you understand why customers hesitate or lose trust, you will know the root of the problem and fix it" (Photo: Prudential Vietnam).

Another important change is how performance is measured and evaluated. Instead of just looking at sales, the company also tracks customer experience at touchpoints like sales, claims resolution, and product consultation. Each month, the company records more than 2,500 pieces of service feedback, a valuable source of data for improving customer service.

Artificial intelligence (AI) is also being applied by Prudential to automate logistics and improve agent capacity, from product knowledge support to optimizing customer consultation and care.

“We do not follow AI as a trend. Before investing, the company prioritizes building a solid and synchronous infrastructure, from hardware, software to quality and data flow between departments,” Mr. Kevin emphasized.

More than 15 years ago, Kevin joined Prudential through the recruitment and training program for future leaders outside the industry at Prudential (UK). It was a big turning point, opening a journey of continuous experience and learning in a global corporation.

“I was in the first group of this program. Every three years, I was rotated and took on a different role. This was the foundation for me to accelerate, gain exposure and learn from both horizontal and vertical experiences,” he said.

These turning points show that Mr. Kevin is always ready to accept challenges, carefully prepares to seize opportunities and is ready for the time to become CEO.

“We are in no hurry. With a solid financial foundation and a long-term strategy built over 26 years of operation in Vietnam, we can be patient to do the right thing, in the right way, with the right people and trust will surely return,” he believes.

Mr. Kevin affirmed that, cautiously but firmly, Prudential Vietnam is redefining the meaning of complete peace of mind in the insurance industry. With transparency as the foundation and sustainable values ​​as the orientation, Prudential is building a new standard for protecting and empowering every Vietnamese family.

Source: https://dantri.com.vn/kinh-doanh/khoi-phuc-niem-tin-khach-hang-chia-khoa-cho-thi-truong-bao-hiem-20251023091749772.htm