The Korea Insurance Development Institute is pushing to enter the Vietnam market with a target of next year. DB Insurance(005830) It plans to set up an online training program for planners affiliated with the local Vietnam subsidiary. The institute will soon meet with DB Insurance to discuss details such as how to run the program and to flesh out the business plan.
According to the insurance industry on the 28th, Ha Tae-kyung, head of the Korea Insurance Development Institute, plans to meet soon with Jeong Jong-pyo, president of DB Insurance, to discuss the push into Vietnam.
The Korea Insurance Development Institute plans to set up an online training program to prevent improper sales, targeting planners affiliated with DB Insurance's local Vietnam subsidiary. Working with DB Insurance, the institute will identify the training content needed locally and reflect it in the program. Once the program is finalized, cooperation is expected to proceed with DB Insurance paying a set amount to purchase it.
The Korea Insurance Development Institute has identified overseas expansion as one of its key goals this year. At a press briefing in January, Director Ha said, "In Vietnam, competition among insurers is intense, and there are many cases of insurance fraud and improper sales, so related training is needed," and noted, "We are discussing in detail how to conduct the training with DB Insurance, Hanwha Life Insurance(088350), and Hyundai Marine & Fire Insurance(001450), which have entered Vietnam."
In the first half of this year, direct premiums at DBV, DB Insurance's local non-life insurer in Vietnam, totaled 159.4 billion won, up 86.2% from 85.6 billion won in the same period last year. Another Vietnam subsidiary, Saigon–Hanoi Insurance, also turned profitable last year.