Manulife Vietnam details insurance innovation in Business Chief and FinTech magazines
(Norwich, UK, 12/09/2019)
In this month’s Business Chief Asia and FinTech magazines, Chief Operating Officer at Manulife Vietnam, Kevin Kwon, elaborates on the power of innovation in transforming the insurance sector.
Manulife Vietnam has embarked on a significant digital evolution that has seen it take the lead in automating and digitising the life insurance sector. Kwon comments on this journey in more detail in the publications, focusing on the importance of Manulife’s strong culture in aiding its transformation. “Technology, of course is a major enabler of any transformation,” he says, “but it’s more about shifting people’s mindsets so that you can make change and innovation the new normal. That’s when transformation can become really powerful.”
Kwon explains how Manulife Vietnam has evolved from conventional methods of doing business to implementing the latest cloud-based and automation technologies in order to better manage its data. He states: “The most important step, from a technology point of view, was establishing a target architecture that enables a seamless data flow from one end to another and provides our customers with a full end-to-end solution. All the time we were driven by improving the customer experience.”
Innovations at the company include the development of an auto-underwriting engine in the back end and the building of a front-end solution that allows advisors to digitise all the information that was previous. This, says Kwon, has allowed the business to “provide opportunities to upskill and retrain, and to be successful within Manulife, all while improving the experience for our customers. Often, people think a digital transformation is simply about reducing costs or streamlining. There are far greater benefits than that.”
Read more in the magazine.