Businesses and Employers need ongoing professional insurance broker advice
Insurance for Employers in Vietnam
Businesses find it difficult to choose the best insurance for their specific needs. Private insurance is new in Vietnam; for health, property or professional liability.
For most managers have no degree or professional experience. With the recent economic growth, many new insurers and various protection coverage recently entered the market.
Health coverage & Insurer selection
If you are a HR employer, Manager, business owner or investor, you must know that private Health & liability insurance are a new sector in Vietnam since 2005. There are no regulatory laws or degrees in insurance.
Businesses and Employers in Vietnam are ill-equipped to deal with insurance protection for 2 main reasons: New insurance products are launched as needs arise and insurers in developing countries of Asia are largely unregulated, they change terms & conditions as they see appropriate to avoid losses. We provide yearly updates.
Employer obligations include social security & paying costs for staff illness or disability
Employers in Vietnam agree that finding and retaining the best employees is their top challenge. Our team of consultants are trained to HR international best practices. New insurance products have built-in benefits to comply with various corporate needs.
Corporate discounts in insurance require an art of negotiation
Cheap health cover can be found with a set of conditions depending on the insurers commercial strategy. As there are no degrees in insurance for accountants or finance professionals, only few insurance brokers understand what is negotiable or not; and with whom. There are no governing laws, insurers decide on their terms and conditions, from year to year. Every year new insurers, products, practices and fine prints appear to minimize insurer’s losses.
Offices, hotel & factories, car & bus fleets
Those rare occurrences involve big claims refund. The good selection of an insurer is crucial to be sure you will get a claim refund. Insurers will come and go as they can not provide the service or meet the payments to their clients. For instance, it is now hard to find insurers for: resorts near the beachfront because of typhoons, wood furniture factory cover, textile and chemicals are banned. Recently with Covid19 insurers walked out of travel insurance as any single trip was disrupted one way or another.
Professional liability insurance a nascent sector
For the past 20 years, Investors and partners in Vietnam have been willing to protect their investment using insurance products. As the country was a high risk, mitigating was a major concern to purchase life insurance for key persons -founders or main managing partner-, professional liability for architects or doctors, directors & administrators responsibility or product liability as workmanship, international standards and controls are largely under developed.
