Transformation of the insurance to seize opportunities from big data

Ngành bảo hiểm “chuyển mình”

Vietnam Actuarial Conference 2018

Ngành bảo hiểm “chuyển mình”

Ho Chi Minh City, December 14th 2018 - Vietnam Actuarial Conference 2018 (VAC) was hosted by Prudential Vietnam Assurance Private Ltd. (Prudential) at Lotte Legend Hotel. The main theme of the Conference is about opportunities and challenges brought by Big Data to the insurance industry.

The conference was attended by representatives from the Insurance Supervisory and Authority, Ministry of Finance (ISA) led by Mr. Phung Ngoc Khanh, Commissioner of ISA; Representatives of the Insurance Association Vietnam (IAV) led by Mr. Ngo Trung Dung, IAV Deputy Secretary General and more than 200 specialists of the insurance industryincluding actuaries from both domestic and multi-national insurance firms. Presentations and conversations at this-year conference revolve around opportunities and challenges for the insurance industry with the development of Big Data. With the contribution of international experts, the attendants were provided with new perspectives on various topics relating to Big Data including data collection and analysis, data science in finance and insurance, career development for actuaries, and applying Big Data to meet the growing demand for health care and health protection in Asia and Vietnam.

The conference was particularly meaningful to actuaries to transform themselves by acknowledging clearly and preparing well for the challenges as well as opportunities from Big Data in the rising digital age. Data science was also discussed as a new focus for actuarial career development. With combination between actuarial and data-science skills, actuaries can perform statistical computations and analyzing data not only by cohort but also by individual policy. Actuaries who are comprehensively knowledgeable about insurance enterprises’ business will find more opportunities from the rising of Big Data to optimize business through product development, underwriting, claim, and customer experience.

For insurance companies, the conference also raised the opportunity to develop new products to serve the increasing demand for health care and heatlh protection in Asia and Vietnam. When one person’s health data is integrated and accurately calculated, financial protection solutions are also designed accordingly with special offers for each customers. Big Data helps insurance companies approach more easily and understand customers more clearly to provide them with solutions to actively avoid risks and balance their lives. The data source is vast and ever increasing, and the big challenge is how to structure and organize it into useful information.

The development of Big Data also contributes to collaboration between various entities including insurance firms, reinsurance companies, and insurtech start-ups, so that they can together tackle the challenges and take advantages of opportunities brought by this trend. We can expect that this collaboration would bring remarkable improvements for the insurance industry in the fast growing and connected world.

Mr. Phung Ngoc Khanh - Commissioner, Insurance Supervisory and Authority, Ministry of Finance, said that Big Data is a new topic for insurance companies in Vietnam. From the perspective of the regulator, ISA considered this was the ‘turning point’ to promote the insurance industry by new technology utilization and to develop a comprehensive insurance plan combining life insurance, health insurance, and our national medical insurance. With the session and topic suggestion for this year conference, Prudential is expected to be active to strengthen the exchange between relevant domestic and international units and to promote new technology. "I am expecting the conference to clarify the features of Big Data, its application and future trends. Besides, the conference also discussed the status of health insurance and medical insurance, analysed international experiences and advised the best solutions to be applied in Vietnam. All these issues are the basis for insurance companies to study, for regulators to set policies managing insurance market in accordance with government’s policies, social welfare, and with changes in the world and soon to build trust on insurance." Mr. Khanh said at the conference.

Mr. Clive Darren Baker – CEO of Prudential, said: “Prudential is always ready to take the lead and to be a pioneer in technology innovation which has been helping us to connect with customers more closely and provide them with greater control over their journey with Prudential. The use of Big Data is aligned to this direction. We identify Big Data as an opportunity to better listen to, and understand our customers, thereby providing the best possible financial and health protection solutions. It means we can offer our customers with better designed products at the most economical premiums while still ensuring effective operation and financial safety for the company”.

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