The Vietnam Actuarial Conference 2018 hosted by Prudential with the attendance of over 200 actuaries and insurance professionals discussing Big Data More insurance businesses are now planning to apply new technologies in their management systems and improve customer services, while many also plan to develop new products to meet market demand as well as diversify insurance sales channels, according to a survey released by Vietnam Report in June last year. In particular, 82.4 per cent of insurance companies said they were building a Mobile Internet development strategy and 64.7 per cent have adopted strategies based on two key factors in Industry 4.0: the Internet of Things (IoT) and Big Data. Disruptive technology Big Data provides new insights from social networks, telematics sensors, and other new information channels. As a result, it allows understanding customer preferences better, enabling new business approaches, product development, and enhancing existing internal models, … [Read more...] about How can Big Data drive the future of insurance?
Niche market insurers
Competition heats up for app-based ride-hailing marketThe Saigon Times Daily Driver-partners are going for a ride on the occasion of Go-ixe's grand opening in the Mekong Delta province of Bac Lieu - PHOTO: GO-IXE BAC LIEU HCMC – Just when the app-based ride-hailing market in HCMC was trying to cool down following the recent significant debut of the giant Go-Jek, locally named Go-Viet, another local firm, Go-ixe, has announced plans to join the ride-hailing race, promising to offer quality services at competitive prices, reported the local media. On September 12, the municipal Department of Transport and Go-ixe Software Technology Co., Ltd. co-organized a press briefing to announce the upcoming pilot operations of Go-ixe in the city. Despite being a latecomer, Go-ixe is confident in its services. Notably, it pledges to collect lower fares than its competitors, not only meeting the demand of customers but also guaranteeing stable incomes for its driver-partners, according … [Read more...] about Competition heats up for app-based ride-hailing market
Bitcoin, battered by warnings about volatility and bubble-like appreciation, may have found a way to play a niche role in a big market: overseas money transfers. Used as a transfer mechanism rather than a currency, bitcoin circumvents banks' transaction fees. Start-ups such as Bitspark in Hong Kong, and Bloom, Payphil, coins.ph and Satoshi Citadel Industries' (SCI) remittance unit Rebit in Philippines, are trying to turn that into a business model. Reduced liquidity on cryptocurrency exchanges and regulatory uncertainty are, for now, limiting monthly bitcoin-based remittancesto millions of dollars in a multibillion-dollar market, the start-ups say. But if cryptocurrencies mature, they say, traditional businesses will be in for some serious disruption. "Bitcoin is so much better as a mechanism to send money around the world," said George Harrap, chief executive of Bitspark, a company that performs transfers for dozens of remittance shops in Hong Kong, Philippines, Indonesia, Vietnam, … [Read more...] about Bitcoin start-ups in Asia take aim at remittances market
Making repairs: A corner of Khang’s saxophone "hospital". - Photo Tiền Phong Viet Nam News by Trần Nguyễn Anh Among the many jobs to which millions of people aspire – doctor, lawyer, entrepreneur – music instrument repairer is not likely on the list. And in Việt Nam, where jazz music is a niche passion, Nguyễn Khang, a saxophone repairer, dubbed “Dr Sax”, in HCM city, is in a class of his own. Khang’s family moved to the South long ago. Khang’s grandfather was a music instrument repair technician for the military. The family often received broken instruments from churches and artists, and Khang started learning from his grandfather when he was only 10 years old. “I was in fourth grade, so I didn’t understand the dedication of my grandfather to repairing instruments; he considered it a sacred job,” Khang recalled. “One day, during an instrument repairing lesson, I left … [Read more...] about Instrument doctor has int’l sax appeal
Firms are teaming up to excel in insurance world The firm’s CEO Khamsaya Soukhavong spoke to VIR about the company’s vision to grow sustainably in the Vietnamese market. Could you tell us about the development strategy of Mirae Asset Prévoir? Khamsaya Soukhavong Vietnam’s economy achieved a high growth rate and generally stable macro-economic environment in 2017. The insurance market has itself maintained a high growth rate of around 20 per cent with great potential to develop, as Vietnamese people have increasingly better incomes and a growing awareness of the necessity of insurance. Given these circumstances, Mirae Asset Prévoir (formerly known as Prévoir Vietnam) aims to increase its investment in key resources like professionals, technology, distribution, products, and services, to capture the growth opportunities of the market and anticipate its needs as well as those of the target customers. Shopping behaviours of consumers have been … [Read more...] about Firms are teaming up to excel in insurance world