The life insurance market in Vietnam has become a potential market with annual revenue increasing over 40%. Along with this momentum, many insurance distribution models were also appeared to catch up with the worldwide trend and provide more channels for customers to choose.
KITI application – A new business solution in the field of finance and insurance in Vietnam
Exploding with the integrated insurance model
With the desire to give customers the opportunity to consult all health and financial protection products by just one company, the "insurance supermarket" model was created. The reason for the name "Insurance Supermarket" was because there were many product packages from the best life and non-life insurance companies today, which customers had the right to compare and choose accordingly.
The insurance supermarket at ABank was formed with the vision of becoming an organization providing insurance and financial solutions to Vietnamese people. So any Vietnamese citizen could own the most suitable and prosperous insurance product when signing an insurance contract.
ABank operated on the basis of authorized agreements according to the legal regulations of insurance companies. Accordingly, based on a contract with specific conditions, the model would provide many products from life to non-life insurances according to the provisions of the Law on Insurance Business and other related regulations.
Thanks to the diversity of product packages providing by the model, ABank has operated as a true insurance supermarket with a full process from introduction, information consultation to performing other activities related to the performance of an insurance contract.
With consulting activities, Abank provided information on insurance product packages according to customers' needs, including aspects such as financial ability, position of responsibility, reputation, address, and other related issues.
After clearly explaining the customers' rights and obligations when participating in a suitable insurance, at the "insurance supermarket" it would take place the activities of signing insurance contracts, collecting insurance premiums and following up to help customers afterwards. Obviously, this was an extremely convenient model for customers to investigate and promptly make a decision to buy insurance.
The opening ceremony of KITI application with great attention from experts and customers
Besides the efforts to bring suitable insurance packages to customers, ABank also launched the KITI app - an application to buy insurance. With a user-friendly design and many advanced features, the KITI application helped customers manage insurance policies, make transaction requests or look up insurance policy information and learn about services and products, etc... easily, quickly and conveniently anywhere and anytime with just few "touches" on mobile devices.
Customers could download the application on the App Store or Google Play using the keyword "KITI" or by scanning the QR code redirecting to the App link according to Android and IOS operating systems.
KITI provided customers different services through the application including: paying insurance premiums online; submitting and tracking the processing information on claims for insurance benefits of all cases such as illness, accident, and death; looking up and using reward points to redeem gifts in the "Long-term commitment" reward program; searching for corporate offices, premium payment points, hospital fee guarantee; querying insurance contract information; downloading your premium bill…
In addition, KITI also updated news, company activities as well as new products and services. Customers using KITI would log in and transact with password or fingerprint, face recognition, entering authentication code via SMS OTP or Smart OTP according to international standards.
ABank was increasingly "touching" closer to the entire needs of customers across the country because of its product diversity, which partly affirmed that operating under the insurance supermarket model was the way leading to the stable development and bringing sustainable values to customers.
Currently, Abank has cooperated and distributed a variety of products from many different reputable insurance companies… However, this has also become a big challenge for ABank, as making consumers still considering among product qualities.
In this regard, ABank has been increasingly training and regularly testing to justify and improve the consultants' understanding. Only when the quality of consultants was well established, product quality and renewal rate were high, it would be then easier and smoother to gain trust and maintain cooperation and distribution of insurance products from large enterprises.
ABank Vietnam's Board of Directors attended the National Innovation and Startup Festival TECHFEST VIETNAM 2020
Insurance had important meaning to customers
In Vietnam, the design and formation of a simple and fast insurance purchase process became a trend and initially was trusted and appreciated by customers. The insurance products sold were diverse with outstanding protection benefits suitable for a wide range of customers. Signing a contract was simple and the payment was also promptly proceeded for customers to easily decide.
It was not until now that people were interested in insurance, but the previous process used manual methods, therefore insurance has not been really upheld its role. From 2020 to 2021, the shadow of COVID-19 continued to cover most of countries around the world, sweeping and penetrating all systems, causing many industries to face various difficulties and challenges. In that context, only the insurance industry really "stepped out" to highlight its importance. It was also an opportunity for Abank to be consistent with its mission and core values based on understanding, respect, and protection of the customers’ benefits. Thanks to the e-commerce platform, it has adorned Abank in particular and the insurance industry in general with bright colors. If brands like Abank developed, the future of the insurance industry would be differen- it would be an industry driven for people's lives.
“In the current situation, when difficulties surrounded us, we were deeply aware that Abank must change through creating different values- difference in information, difference in perception, difference in perspective and form of expression, to benefit the country and the people and serve customers better…” Mr. Do Truong An, Founder of Abank Vietnam Joint Stock Company, shared.
ABANK VIETNAM JOINT STOCK COMPANY
Head office: 5th floor, 88 To Vinh Dien Street - Thanh Xuan District - Ha Noi.
Hotline: 247 303 9669 or 1900 636 681.
Website: https://abank.com.vn
Fanpage: https://www.facebook.com/abank.com.vn
Mail: [email protected].
