Manulife Vietnam today announced the launch of its ‘Bridge the Gap’ campaign to raise awareness of the insurance protection gap.
A key pillar of Manulife’s Global Impact Agenda is focused on opening up economic opportunities for all, accelerating the upward mobility of underrepresented groups, and making financial solutions more accessible. ‘Bridge the Gap’ reaffirms Manulife’s commitment to providing comprehensive protection solutions to help customers in Vietnam and their loved ones build a better future.
|Left to right: Sang Lee- CEO Manulife Vietnam, Marilyn Wang, Chief Marketing Officer and Phung Ba Khang, Chief Product & Health Officer|
Throughout the campaign, Manulife Vietnam will provide educational materials, including articles, videos, and minigames on social media to help increase awareness of the insurance protection gap and the importance of having adequate life insurance coverage.
The insurance protection gap - the difference between the resources you need and the resources you have available in the event of an unfortunate event occurring - is a growing problem globally, one that affects emerging and developed nations.
According to a report from Swiss Re, the mortality protection gap across all Asia-Pacific countries was at US$83 trillion in 2019.
In Vietnam, only 11% of the population had life insurance in 2021. The life insurance penetration rate by GDP is also low - accounting for only about 2.47% of total GDP in 2021. At the same time, household out-of-pocket healthcare expenditure accounted for about 43% of total health costs, twice that recommended by the World Health Organisation.
“The large protection gap indicates that insurance and financial protection solutions are not yet top-of-mind priorities for the Vietnamese people. However, it is clear that awareness of the importance of such protection is increasing, especially due to the pandemic. This is an opportunity for life insurers to increase their efforts to improve financial literacy so that customers can have the confidence to make the right financial decisions,” said Sang Lee, CEO of Manulife Vietnam.
Manulife Vietnam Chief Marketing Officer Marilyn Wang said: “It is very important to protect what you have, whether that means having enough money to pay for your medical bills or achieving financial security to protect your family should you be unable to work. The earlier you buy insurance, the cheaper it is. Through our ‘Bridge the Gap’ campaign, Manulife Vietnam aims to inform customers about the protection gap and help them make better insurance plans for the future.”
Bridging the gap for every household
With its desire to bridge the protection gap for every household, Manulife Vietnam has continued investing in its products and digital transformation to simplify the customer experience and increase access to insurance services.
“The key to bridging the existing protection gap is to design products that meet customer expectations. As one of the leading life insurers in Vietnam, Manulife is committed to providing best-in-class insurance products and services to help protect the people of Vietnam,” said Phung Ba Khang, Chief Product & Health Officer for Manulife Vietnam.
In 2021, in response to customer protection and investment demands fuelled by strong stock market performance, Manulife Vietnam launched an all-in-one investment-linked product (ILP) - ‘The Gift For Your Future’. In addition to providing a clear, long-term investment path over time, the product delivers comprehensive protection against risks of up to 200% of the sum insured.
The company also launched multiple health riders to address the increasing demand for health protection in the wake of the pandemic. In particular, the Critical Illness Plus Rider and Medicash Plus Rider pay out claims to customers based on certain criteria for treatment or surgery without having to meet the actual disease definition. As well, for the first time in this market, Manulife Vietnam’s Juvenile Critical Illness Rider and Prenatal Rider offer exclusive benefits to] pregnant women and children.
Furthermore, the recent launch of the Manulife Shop e-commerce platform and online health products, such as Max - Health and Max - Peaceful Beginning, now give customers a hassle-free way to purchase comprehensive insurance coverage at an affordable price.
Alongside its e-commerce platform, Manulife Vietnam also aims to provide a holistic financial ecosystem through its ManulifeMOVE app. This behavioral insurance platform rewards customers for embracing healthy habits and provides access to end-to-end healthcare services, such as online doctors, telemedicine, and tele-pharmacy.
This year, ManulifeMOVE integrated its policy management feature, allowing customers to manage their policies online. By logging into ManulifeMOVE, customers can track their policies easily and have access to eClaims, online payments, and ManuConnect. Moreover, they can access their medical card and find their nearest direct billing hospital by GPS.