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Expat insurance in Asia after Covid-19, what to expect?

Donald Rumsfeld (politician and businessman), the two-time former Defense Secretary once referred to “unknown known”: the things that you think you know but it turns out you did not know.

“As we know, there are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns – the ones we don’t know we don’t know” – Rumsfeld speaks at a press conference (exact from Vnexpress).

Due to Covid-19, the world will face random phenomena exceeding conventional predictions and have to develop adaptability.

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1. Summarized scenario of the current insurance industry

Asian market*

In order to meet customers’ expectations, personalized insurance was developed (travel and health insurance) instead of inflexible deal options as before. Personalized insurance in the Asian market has an efficient outreach process, attractive offers, and advertising messages targeted at the right time. In addition, personalized insurance promotes interaction (through artificial intelligence tools, virtual consultants/ assistants) between customers and Asian businesses.

Vietnam market*

Booking consultation appointments and health insurance are a prominent trend of the insurance sector in Vietnam.

Businesses take the initiative when supporting customers to ask questions directly with a team of professional, knowledgeable and skillful consultants. In addition, the “Covid-19” shock has both pressured and motivated Vietnamese businesses, forcing the insurance industry to form positive actions. Typically, most businesses have made changes to meet the needs of health protection. According to statistics, the revenue of health insurance in Vietnam has grown by more than 50% in recent years. Vietnamese businesses have begun to pay more attention to investing in technology to make a difference in the customer experience.

Customers also pay attention and interest in Vietnamese health insurance products.

*Reference source: Thoi Bao Tai Chinh

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2. There are advantages when Expat starts looking for insurance products

As a foreigner moving to a new environment, an Expat searches, collects instructions and data on the internet. Their priorities include finances, health and the necessary contingency.

Insurance facilitates Expat to arrange the plan as desired:

  • Querying important information
  • Experiencing customer service
  • Defining specific goals and saving time
  • Meeting a consultative
  • Updating the latest insurance plan
Maintaining the habit of getting insurance helps Expat quickly adapt and flexibly arrange a personal life.

3) Return to Vietnam or wait a little longer?

This question is easy to answer!

Vietnam always keeps the image of hospitality, welcoming visitors from all over the world, worthy of the title “Golden Star” of Southeast Asia. In the post-Covid-19 period, Vietnam is preparing many large-scale projects:

  • Restoring the tourism industry
  • Maintaining a stable economy
  • Developing service performance
  • Upgrading the healthcare system

Despite potential risks (natural disasters, floods which occur in the second half of the year), Vietnam has gradually improved, strongly overcoming obstacles and challenges.  The peaceful S-shaped country, stretching along the spectacular East Sea, has the advantage of becoming an ideal place to live. Back in Vietnam, Expats are completely assured about the quality of life.

Insurance products to choose from:
  • Travel insurance: Take a trip freely, enjoy all the moments thanks to travel insurance depending on your desires and schedules.
  • Health insurance: Feel confident on the journey and continuous tread. Health insurance provides a solid financial foundation for you to realize your dreams.
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