Market Research & Product Development for New Insurance Company in Vietnam
Insurance market in Vietnam has shown very strong growth rate in the past 5 years with average growth rate of 13.7% during 2015-2019, with general insurance grew at more than 25% consecutively. Despite the Covid-19 pandemic in 2020, total insurance premium revenue in 2020 is estimated at USD 7.86 billion, an increase of 15% compared to 2019.
As of today, Vietnam has 31 life insurers and 19 non-life insurers. The number is keep expanding as Vietnam Insurance market certainly attracts global’s attention and invites new players to come to the market.
FIRIS has came a long way to help new insurance companies who want to extend their hand in Vietnam big market opportunity. Having an extensive experience in the market and well-relationship with insurance partners and MoF (Ministry of Finance), we help our clients in determining the best approach and product strategy to deploy in the market.
Market research is both essential and crucial for the new insurers in stepping to the market. FIRIS build the depth insurance market reports, knowing all competitors’ strengths and weaknesses and start from there. Product development coming next, we help our clients in preparing the filings and requirements for MoF, this includes policy wording, product pricing and strategy. Our happy clients include local and international insurance players such as: Allianz SE, HDInsurance, etc.