Shinhan Life Vietnam expands market with unique business strategy

A new insurance brand, Shinhan Life Vietnam, has gradually achieved remarkable success in just two years of operations. With a team of over 100 employees and more than 300 consultants across distribution channels, the South Korean insurer has demonstrated its capacity to develop robustly through its own prudent business strategy. Despite the major market challenges in 2023, the company increased its insurance premium revenue compared to the previous year. In an effort to expand its market presence, Shinhan Life Vietnam is now implementing novel business strategies to establish a distinctive brand identity.

USP factor

The USP (Unique Selling Proposition) factor of Shinhan Life Vietnam appears in the synergy of Shinhan Financial Group companies in Vietnam, which is also known as the One Shinhan spirit. The strong support in finance, technology, and infrastructure that Shinhan Life Vietnam receives is a direct result of the close connection between members of this financial ecosystem and the diversity of services and products it offers to customers results in numerous outstanding benefits.

Furthermore, Shinhan Life Vietnam acquires and implements indispensable expertise and experience from Shinhan Life Korea, which is among the foremost life insurance organizations in the South Korean market. By incorporating these valuable lessons into the Vietnamese market, Shinhan Life Vietnam is able to gain a more comprehensive understanding of the market’s operating norms and requirements, which in turn enables the development of insurance products and services that are both responsive and tailored to the preferences of customers. Shinhan Life Vietnam’s competitive advantage is established by the One Shinhan ecosystem and the support of Shinhan Life Korea, which enables the company to solidify its position and establish a significant presence in the life insurance market.

ESP factor

Shinhan Life Vietnam’s ESP (Emotional Selling Proposition) factor is illustrated by its exceptional sales team and dedicated after-sales service. The company’s objective is to establish a trust-based relationship with its customers to create a positive and engaging experience in addition to providing insurance products.

Shinhan Life Vietnam affirms that quality is always prioritized, and the company will not be compromised on trading quality for any reason. This is also the foundation of the trust that the company has established with consumers and agents. Shinhan Life Vietnam guarantees that each product and service it offers adheres to the most stringent quality and customer satisfaction standards.

It is notable that Shinhan Life Vietnam prioritizes the establishment of a professional and ardent agent community in addition to establishing business success objectives during its development journey. The Financial Consultant Channel (FC Channel) has been expanding rapidly with the company’s support, with a particular emphasis on offering professional consultancy to serve diverse customer needs. Shinhan Life Vietnam will continue to expand the FC Channel team and business network, to enhance business efficiency and deliver exceptional customer service.

Achieving success by employing unique business strategies

Shinhan Life Vietnam has set a vision of “Enhancing Quality of Life through Innovation” since its establishment. The term “life” in this context refers to the enhancement of the quality of life for consumers and the enhancement of the quality of Shinhan Life, thereby fostering the sustainable development of the insurance market. Quality is not only a criterion but also a principle and the basis for all business decisions made by the company.

Nevertheless, Shinhan Life’s commitment to transparency, honesty, and reverence for the community and its consumers is not limited to the provision of high-quality products and services. This not only enhances business efficiency but also fortifies Shinhan Life Vietnam’s position in the insurance market, enabling the company to establish a dependable and enduring partnership with its customers.

Shinhan Life Vietnam won a Golden Dragon Award 2024 from VnEconomy / Vietnam Economic Times, a prestigious accolade for foreign-invested enterprises (FIEs) in Vietnam, due to its unwavering commitment to a rigorous strategy and consistent endeavors. The company’s initial success in a competitive business environment was also highlighted by its inclusion in the Top 50 Outstanding FDI Enterprises in the Awards program.