FC channel opens opportunity to new growth: Shinhan Life Vietnam

Bae Seung Jun, General Director of Shinhan Life Vietnam, makes a speech about the company's direction and strategy in 2024 at the FC launching event. Photo courtesy of Shinhan Life Vietnam

What are the attractive differences that Shinhan Life can offer to candidates looking for long-term career development opportunities?

At Shinhan Life Korea, the FC channel is the main contributor to sales revenue, playing a crucial role in the sustainable development of the company.

We will apply this successful model to Shinhan Life Vietnam to turn it into a key player that brings perceptual changes to the Vietnamese insurance market.

The goal of Shinhan Life Vietnam is to become a beloved life insurance company among the Vietnamese people.

Therefore, instead of merely pursuing profits, we aim for collaborative relationships, contributing to the economic and social development of Vietnam.

We strive to build Shinhan Life Vietnam into a company where employees and agents feel happy and proud to work with.

Furthermore, as a strategic channel, the FC team in Vietnam will receive comprehensive support from Shinhan Life Korea.

We will establish favorable income policies and attractive training programs to assist the FC team in achieving greater success in their career paths.

How will Shinhan Life's FC channel reignite the insurance agent recruitment market in the upcoming time amid stricter recruitment regulations?

In the past year, the life insurance market has undergone significant changes. Clearly, as the environment changes, customer perceptions of life insurance also evolve.

Consequently, the sales advisory teams must adapt, and our company has to adjust its operating methods to align with the market's new requirements.

In the current situation, Shinhan Life Vietnam will combine USP (unique selling proposition) and ESP (emotional selling proposition) to create a distinctive brand presence in the market.

USP is demonstrated in the synergy of the subsidiaries within the Shinhan Financial Group in Vietnam (One Shinhan) and through the transfer of insights from the experience of Shinhan Life Korea.

I believe that very few companies on the market can possess or replicate this factor.

Meanwhile, ESP is reflected through an excellent sales team and dedicated after-sales service.

To create a positive image in the eyes of agent candidates and customers, we are committed to quality and will not be compromised on trading-off quality for any reason.

We believe that with a unique business strategy, this will be an attractive point for candidates who want to challenge their abilities and develop their careers in a new and different environment like Shinhan Life Vietnam.

A representative of Shinhan Life Vietnam receives the flag of strength and spirit from Shinhan Life Korea. Photo courtesy of Shinhan Life Vietnam

After launching, what is Shinhan Life's plan to expand FC channel recruitment both internationally and nationwide?

Upon launch, our FC channel will operate with a focus on Ho Chi Minh City, aiming to develop professional consultants.

Alongside Shinhan Life's continuous development strategy for this year and to realize long-term goals, we will further expand both the quantity of FC representatives and broaden the business network of the FC channel in the upcoming period.

How do you elaborate on the goal of the FC channel as an opportunity for Shinhan Life to mark a new growth phase?

From zero, Shinhan Life Vietnam has now evolved into a company with over 100 employees and more than 200 consultants across all distribution channels.

In the past year, Shinhan Life Vietnam achieved insurance premium revenue of VND217 billion (US$8.8 million), representing a remarkable 90% growth rate compared to the same period last year. This is an encouraging result for a relatively new enterprise like ours.

In the short and long terms, Shinhan Life will try to achieve economic scale through rapid growth from diverse distribution channels.

The company has grown strongly through a product portfolio catering to various customer needs and diverse distribution channels such as bancassurance, telemarketing, corporate agents, and collaborations with subsidiaries of Shinhan Financial Group.

Particularly, the recent launch of the FC channel is expected to contribute significantly to the realization of these goals.

FC sales office, as well as the Customer Service Center, is located at CII Tower, 152 Dien Bien Phu Street, Ho Chi Minh City. Photo courtesy of Shinhan Life Vietnam

How do you perceive the recovery of the life insurance market in Vietnam this year and in the future?

In general, the economy, particularly the life insurance market, may still face various difficulties and challenges this year.

However, I believe that significant legal adjustments to the insurance business operations will contribute to fostering a positive market development.

Alongside the efforts and solutions from regulatory bodies and the strong involvement of insurers to enhance consultancy quality and provide products that genuinely meet customers' needs, I believe the market will soon regain customers' trust, leading to recovery and growth.

Examining substantial figures of annual investments back into the economy and payouts for life insurance benefits indicates their role in stabilizing the macroeconomic environment and contributing to social security policies.

Moreover, the participation rate of Vietnamese people in life insurance remains low, approximately 11%.

Therefore, we always have confidence that the life insurance market will soon recover and continue to develop in the coming time.

The launch of the FC channel at this moment is also a confirmation of Shinhan Life's belief in the growth potential of the Vietnamese life insurance market.