“Our Goal Is to Build Shinhan Life as a Beloved Life Insurer for the Vietnamese People”

Having been with Shinhan Life Vietnam since its entry into the market over three years ago, Mr. Bae Seung Jun is deeply committed to bringing life insurance closer to the Vietnamese people and enhancing their quality of life. “Our goal is to build Shinhan Life as a beloved life insurer for the Vietnamese people,” said General Director Bae Seung Jun of Shinhan Life Vietnam in an interview with Vietnam Business Forum.

In 2024, the life insurance market faces challenges, yet companies are striving for growth. What are your current business status and development goals for the coming years?

As a newcomer in the market with just over three years of operation, Shinhan Life is still in the early stages of building and expanding its presence. The year 2024 marks a significant milestone in the company’s growth journey in Vietnam, as we launched the FC channel with a professional advisory team. We are intensifying efforts to strengthen our distribution channels, expanding partnerships, and introducing new insurance products to meet the real needs of the customers. In addition, Shinhan Life is making substantial investments in technology to automate distribution management systems and build a comprehensive digital ecosystem for business operations, optimizing efficiency and data security, and enhancing the customer service experience.

Currently Shinhan Life Vietnam operates face-to-face channels, bancassurance channels, and corporate agency channels. In the future, we plan to expand products, systems, and organizational infrastructures that are suitable for each channel. We will also improve operational infrastructure to support sales efficiently and ensure stable growth for the company. In addition, we plan to actively carry out CSR activities that contribute to the development of our neighbors in need and society, as well as group-level volunteer activities. I think the current difficult insurance industry is a period of rest for qualitative improvement. We expect to enter a full-fledged recovery period starting next year, and we will focus on efficient sales expansion.

Could you share Shinhan Life Vietnam's strategy to further strengthen its growth and solidify its position in the insurance market?

As you may have observed, the Vietnamese life insurance market has undergone significant changes in both the regulatory framework and customer perceptions. Shinhan Life Vietnam, being a young and growing company, has the advantage of agility, allowing us to quickly adapt and align with the evolving market landscape.

In the current market landscape, we are implementing a differentiated business strategy that combines our Unique Selling Proposition (USP) and Emotional Selling Proposition (ESP) to establish a distinct brand presence. Our USP lies in the synergy of Shinhan Financial Group’s subsidiaries in Vietnam (One Shinhan) and the transfer of expertise from Shinhan Life Korea. Meanwhile, our ESP is demonstrated through an outstanding sales team and dedicated after-sales service. To build a positive brand image, we are committed to delivering uncompromising quality and refuse to compromise it for any reason.

Shinhan Life Vietnam is also pursuing quality-centered growth by continuously investing in organizations, systems and training. Shinhan Life Vietnam will continue to expand its business operations, strengthen distribution channels, and introduce superior insurance products with affordable fees. I want to emphasize that our products are designed with the customers' best interests at heart. We are striving to make Shinhan Life a beloved life insurance company for the Vietnamese people.

Shinhan Life office

In a specialized industry like life insurance, people are considered the most valuable asset. At Shinhan Life Vietnam, how has the company leveraged its human resources to drive growth?

Indeed, life insurance is a unique industry where every value centers on people and their protection. We recognize that our employees can deliver the best service to our customers only when they themselves are happy and fulfilled. That’s why at Shinhan Life, we prioritize the well-being of our team, knowing that their happiness directly translates into outstanding customer service.

I can say that at Shinhan Life Vietnam, the company’s development is always aligned with the growth of each employee. We prioritize creating an optimal professional environment, offering opportunities for employees to maximize their potential, fostering a culture of engagement, and providing competitive benefits and welfare policies.

At Shinhan Life, the spirit of "self-leadership" is highly valued, empowering our employees to freely explore and pursue personal growth ideas. I also believe in giving them more responsibility, providing opportunities to propose and implement their own initiatives.

I am happy to share that Shinhan Life Vietnam recently has been honored with two prestigious titles: “Best companies to Work for in Asia 2024” and “Most caring company” awards by HR Asia, a leading HR magazine in Asia. This award is a proof to Shinhan Life Vietnam’s efforts toward being a recognized and prestigious international organization, motivating us to do even better every day.

Shinhan Life prioritizes creating an optimal professional environment, offering opportunities for employees to maximize their potential, fostering a culture of engagement, and providing competitive benefits and welfare policies

What specific strategies has Shinhan Life's leadership implemented to strengthen its brand in the Vietnamese market and foster a Vietnamese business culture?

At Shinhan Life Vietnam, our vision is to "Enhance the Quality of Life through Innovation," aligned with the mission of our parent company, Shinhan Financial Group, to create "A Better World through Finance." Over the past three years in Vietnam, we have showcased our commitment to sustainable development by focusing on two core objectives.

First, we prioritize sustainable business growth by positioning Shinhan Life as a trusted life insurer, backed by high-quality distribution channels, comprehensive financial solutions, and a customer-centric approach. Second, we actively partner with stakeholders to implement initiatives that promote sustainable development within the community.

Furthermore, our goal is to establish Shinhan Life as a beloved life insurance provider for the Vietnamese people. To achieve this, we are committed to building collaborative, mutually beneficial partnerships that not only contribute to the sustainability of the insurance market but also support broader economic growth and social welfare in Vietnam.

Over the past three years, Shinhan Life Vietnam’s Corporate Social Responsibility (CSR) strategy has been clearly defined through various charity programs aimed at spreading compassion within the community. Alongside these efforts, we have launched long-term initiatives focused on investing in youth development, contributing to building a sustainable future generation for Vietnam.

With a One-Team spirit, we are committed to making our company a place where our people feel happy and proud, working together to build a successful and impactful Shinhan Life in Vietnam.

Thank you very much!

By Duy Anh, Vietnam Business Forum