HPC eyes growth in life insurance business
HPC eyes growth in life insurance business
The life insurance business is projected to grow in Laos as many people look to protect their families and assets amid improving living standards.
President of HPC Life Insurance Lao Co., Ltd Mr Bounlan Lawsavath said the company only opened just under two years ago but their business is growing rapidly. Currently, the company has more than 26,000 customers and 500 insurance sales representatives across the country.
He said the company still needed more insurance sales representatives in response to the increasing number of customers. This year the company was set to increase its target from 26,000 to 30,000 customers and sales representatives from 500 to 1,000.
Life insurance was often considered a wise investment as it allowed policy holders to pay a small amount of money for insurance but in the case of sudden death of a person, his or her dependents would benefit from the life insurance cover, Mr Bounlan pointed out.
So far, the company has already paid out insurance policies in 290 cases across the country, he added.
At present, it observed that more local and foreign insurance companies had set up shop in Laos in the hope of market penetration ahead of Asean Economic Community integration at the end of this year.
Recently, Agriculture Promotion Bank signed a cooperation agreement with Dhipaya Insurance Co., Ltd. to offer life insurance packages for customers in Laos.
The two parties cited cooperation as a way to allow both organisations to provide new services and advice on general and life insurance to customers in every province throughout the country.
HPC is facing challenges as currently it only offers life insurance packages to customers while foreign competitors offer both health and life insurance.
However; the company planned to compete and offer more insurance services and increase advertising to build the brand, he said.
“In response to growth in the market there is a need to develop insurance products that meet the diverse needs of people whilst improving public confidence regarding the sector,” Mr Bounlan said.
