Shinhan Life Insurance of the Republic of Korea on January 25 launched operations in Vietnam.
Lee EuiChul, general director of Shinhan Life Vietnam, said, “As a newcomer to the market, but with extensive experience in the insurance and financial sectors from the parent company Shinhan Life Korea, we are confident of bringing new and exciting experiences to customers differentiated products and distribution channels and services that have not yet been exploited by the market.”
Initially the company will focus on independent health insurance products for children and providing free leukemia insurance for children on its digital platform.
In the next phase, it will establish telemarketing and digital distribution channels.
At the launch, the company introduced its first product, Shinhan - An Binh, the blood cancer protection insurance for children.
“Because of the COVID-19 pandemic, consumers have faced important changes in consumer awareness, demand and behaviour, especially in health-related products.
“We hope that the importance of life insurance has become more recognised, and will increase the penetration rate.”