Ace Life offers more customer choices
Ace Life offers more customer choices
ACE Life hosted a range of events in the first half of this year, from the introduction of its new Premier Universal Life 2013 product to the opening of its fund management company. VIR sat down with Lam Hai Tuan, chairman and country president of ACE Life in Vietnam to gain more insight into the company’s strategy behind its activities.
ACE Life FMC [ACE Life Fund Management Company] opened in mid-June, only seven months after it was licensed. Could you explain why the company decided to open a fund management firm at this time?
Vietnam’s economy has been achieving steady growth which has led to increasing demand for financial services. This has created opportunities for fund management services to grow. Furthermore, over the past few years the Vietnamese government has put tremendous effort into stabilising the country’s macro-economic situation. This benefits all businesses in the country.
I think this was an appropriate time to open our own fund management company, to help ACE Life seize opportunities to further our objective of providing more benefits to customers.
There are around 50 fund management companies currently operating in Vietnam. As a late comer, ACE Life FMC will certainly face challenges, but also opportunities. What are the company’s distinct advantages and what does FMC offer to ACE Life customers?
The voluntary pension scheme is a crucial government project aimed at preserving and enhancing the social welfare of citizens. It is the intention of ACE Life FMC to study the government’s proposals and participate in the scheme, as part of our long-term commitment in Vietnam to financial market development.
ACE Life FMC will also support ACE Life in the development of other investment-linked insurance products to diversify its product categories and provide more choice to customers.
Moreover, the recent development of Vietnam’s financial market has revealed many opportunities for the fund management industry. The demand of each individual for their financial planning is increasing, while each investor has unique ‘tastes’. Therefore, ACE Life FMC will have suitable investment strategies for different groups of customers by providing a broad range of new products and services.
This promises an increasingly competitive market that will create more products and better services for customers.
What is the main business of ACE Life FMC?
Under the licence we were granted by the State Securities Commission of Vietnam, ACE Life FMC will operate mainly in the securities sector with three main business lines, including investment fund management, portfolio management services, and investment advisory services.
As a member of ACE Group, which is well known for its global expertise in insurance and reinsurance, there is no doubt that ACE Life FMC will benefit from the capital, management and international experience of its parent company when it calls on foreign investment into Vietnam. Is this a fair statement?
After almost 10 years operating in Vietnam’s life insurance market, ACE Life has achieved sustained rapid growth with total assets exceeding VND2.7 trillion, approximately $128 million. The establishment of a dedicated professional fund management subsidiary helps ACE Life to prepare for prospective opportunities that may help our development.
Additionally, with ACE Life Vietnam’s reputation, experience and support, ACE Life FMC will inherit a valuable brand name, which would allow it to gain more competitive advantages in raising capital, managing investment portfolios, and designing products suitable for various investors.
The company will, in all of its efforts, have the continuous support of ACE Group.
ACE Life introduced a new insurance benefits package The Gift of Life in early June. This product is part of your Universal Life product line and has been well received by the customers since its introduction. Could you tell us about this product?
The Gift of Life is an enhancement of the Premier Universal Life 2013 product, first introduced in 2013. It offers the added feature of comprehensive protection for the whole family – both father and mother of the main insured are the insured person of these supplementary benefits. It combines a wide range of benefits into one policy.
The launch of The Gift of Life was hoped to provide parents with more options in terms of finding the right insurance product and financial solutions to help them plan a secured future for their child and protect against unexpected risks.
When life throws a surprise at us, such as the loss of a parent or both parents, without the proper insurance, a child’s future education and livelihood could be at risk. This product provides a comprehensive financial solution to ensure a bright future for the child, even in the unfortunate case of unanticipated disaster.
Under the new package, ACE Life is focused on maximising protection benefits for children. Could you explain ACE Life’s reasoning behind this product development strategy?
Parents always want the best for their children. They prepare for their kids’ future from birth and save and invest for their education. How do you proactively plan ahead to ensure your child gets the education they need to excel? With that question in mind, ACE Life has continued to enhance the benefits of our Premium Universal Life 2013 products. This product line, and especially the supplementary benefits provided under The Gift of Life, should be considered an heirloom that protects not only one, but multiple generations of a family.
We believe our customers now have more choices in their selection of a comprehensive financial protection plan.
vir
