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1 MONTHLY REPORT May, 2010 May, 2010 Planning Division Howard Wang 28 May. 2010
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2 Market information updated Analysis of promotion product Analysis of surrender policy Southeastern Asia insurance market Engaged Project This Month
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3 Market News After receiving Application Form and First Year Premium, Agent sends SMS to Korea Life.This SMS is an evidence for Temporary insurance. (SMS = Short Message Service) After receiving Application Form and First Year Premium, Agent sends SMS to Korea Life.This SMS is an evidence for Temporary insurance. (SMS = Short Message Service) New service in Korea Life
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4 Market News Prudential has used GA model to extend it’s business in Vietnam since 2003. Nowadays, Prudential has 130 GA offices in 63 provinces. GA model contributes 71% total income from new contracts. Dai-ichi started to use GA model from 2009. It has 3 GA offices in the first quarter of 2010 and plans to open other 10 GA offices during this year. Prudential has used GA model to extend it’s business in Vietnam since 2003. Nowadays, Prudential has 130 GA offices in 63 provinces. GA model contributes 71% total income from new contracts. Dai-ichi started to use GA model from 2009. It has 3 GA offices in the first quarter of 2010 and plans to open other 10 GA offices during this year. General Agency (GA)
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5 Market News CompanyPrud.Bao VietManuACEAIADaiichiCathay Prem. Income220.9166.777.650.158.253.810.3 Proportion33.3%25.1%11.7%7.5%8.8%8.1%1.6% * Korea(20.7), Prevoir(4.8), G. E.(1.3) and VCLI(0.03) / S ource: AVI 2010 Q1 Report In Billion NB Premium Income 33.3% 25.1% 11.7% 7.5% 8.8% 1.6% 8.1% 42.1%
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6 Market News Total Premium Income CompanyPrudentialBao VietManulifeOthers Total Prem. Income1.130.930.310.49 Proportion39.4%32.6%10.8%17.2% Source: AVI 2010 Q1 Report In Trillion
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7 Market information updated Analysis of promotion product Analysis of surrender policy Southeastern Asia insurance market Engaged Project This Month
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8 Promotion-A03 4th WM:35 5th WM:14 4th WM:16 5th WM: 4 Source: data update to 2010/5/19 from company’s database Unit: Number of Policy
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9 Promotion-A03 Unit: million VND Working Month 4th WM5th WMTotal No. of Policy642791 First Premium703.0229.5932.5 Annualized Premium1,017.3356.51,373.8 There are two long term vacations in 5th Working Month, so no. of policy in 5th WM is less than it in 4th WM.
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10 Promotion-A03 Promotion Period: 6th working month Mode: Original Performance FYP rate × 2 OriginalPromotion Period PFYP rate10%20%
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11 Exciting Summer -C05 、 C06 、 C07 Unit: Number of Policy 5.1% 8.0% Total Number of Policy
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12 Exciting Summer -C05 、 C06 、 C07 Unit: million VND 4.8% 10.2% Total First Premium
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13 Exciting Summer -C05 、 C06 、 C07 Unit: Number of Policy 26.9% 40.6% * FP standard : C05 and C06 are 3.5M, C07 is 5M No. of Policy reach the standard
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14 Exciting Summer -C05 、 C06 、 C07 Conclusion : After comparing the number of policy and total first premium with 3rd working month, both of them are increasing in 4th and 5th working month. The statistics of didn’t reach the standard : 65 policies(8%) have 1M less than FP standard. 189 policies(24%) only have basic plan. 121 policies(15%) model are not annual payment. Conclusion : After comparing the number of policy and total first premium with 3rd working month, both of them are increasing in 4th and 5th working month. The statistics of didn’t reach the standard : 65 policies(8%) have 1M less than FP standard. 189 policies(24%) only have basic plan. 121 policies(15%) model are not annual payment. Add Rider Annual Payment More Chances
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15 Market information updated Analysis of promotion product Analysis of surrender policy Southeastern Asia insurance market Engaged Project This Month
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16 Surrender Policy Unit: Number of Policy
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17 Surrender Policy Unit: Number of Policy Policy yearHCMHNTotal 0~121214 1~256133189 There are 132 policies only pay one time yearly premium and 54 policies of Single Payment.
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18 Surrender Policy Reasons: 1. Most of our customers need money for treatments or their family. 2. Few of our customers expatriate to other countries. Suggestion : Our employees dissuade customers from submitting their surrender application. For new products, they will have surrender value after paying two times of yearly premiums. To keep educating our agents to make sure what customers need. Reasons: 1. Most of our customers need money for treatments or their family. 2. Few of our customers expatriate to other countries. Suggestion : Our employees dissuade customers from submitting their surrender application. For new products, they will have surrender value after paying two times of yearly premiums. To keep educating our agents to make sure what customers need.
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19 Market information updated Analysis of promotion product Analysis of surrender policy Southeastern Asia insurance market Engaged Project This Month
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20 Southeastern Asia Insurance Market
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21 Southeastern Asia Insurance Market Source: Swiss Re, sigma No 3/2009 Life insurance market information : CountryVietnamSingaporeMalaysiaThailandIndonesiaPhilippines Insurance density (USD)7.52,549.0225.977.220.116.2 Insurance penetration0.7%6.3%2.8%1.8%0.9% Premium (million USD)66011,4456,1054,9664,7041,449 Share of world market0.03%0.46%0.25%0.20%0.19%0.06% Note : 1.Insurance density: premium per capita in USD in 2008 2.Insurance penetration: premium in % of GDP in 2008
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22 Southeastern Asia Insurance Market Source: LIMRA 2008 Marketing channel : Note : According to LIMRA report, Philippines’s main sales channel is Traditional marketing, but there is no numbers in each sales channel in the report. CountrySingaporeMalaysiaThailandIndonesia Traditional (Agency)75.0%49.4%75.0%55.0% Bancassurance21.0%45.3%15~20%20.0% Insurance broker3.0%2.4%5~10%15.0% Direct marketing0.9%2.1%0.0%10.0% Others0.1%0.8%0.0%
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23 Southeastern Asia Insurance Market Source: Monetary Authority of Singapore Product Development : CompanyTraditionalInvestment AIA 16.2%12.4% Great Eastern 16.3%7.9% Prudential 7.5%12.8% NTUC Income 15.1%2.5% AVIVA 4.8%4.5% Total 59.9%40.1% 1. Singapore: (Main life insurance companies)
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24 Southeastern Asia Insurance Market YearTraditionalInvestment 200750.8%49.2% 200863.2%36.8% 200971.5%28.5% Source: Country Bank of Malaysia Product Development : 2. Malaysia: 3. Vietnam: YearTraditionalInvestment 200973.9%26.1% 2010Q169.4%30.6% Source: AVI 2010 Q1 report
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25 New Product GA model research Review Agent System Review product Promotion and marketing activity Planning Project Next Month
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