Insurance agencies to review processes, conduct: MoF
Insurance agencies to review processes, conduct: MoF
Insurance companies must tighten the supervision and inspection of insurance agencies, quality of consultation, and sales, said the Insurance Supervisory Authority, the country's insurance industry regulator under the Ministry of Finance.
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The supervisory said it had received numerous negative feedback from the public over poor insurance consultation, poor transparency and presentation of insurance products.
It demanded insurance agencies immediately take measures to provide clients with complete and accurate information and review the quality of their agents' consultation and sales techniques.
It stressed that agents' violations would be dealt with, and their agencies would bear part of the responsibility if said agents acted on the agencies' behalf.
Meanwhile, the ministry proposed agencies to review and improve customer service quality, business operations, internal regulations and risk management to ensure they are all in compliance with current regulations.
In an earlier development, a Vietnamese actress live-streamed her grievances over her family's insurance policy and attracted a large amount of attention from the public.
The actress said she bought the policy from Aviva JSc., which was later acquired by MVI Life, and was shocked to find out clauses that she was not aware of previously.
MVI Life said they had been in contact with both the actress and her lawyer to work out the details of her policy.
The insurance company said all clients' rights and benefits were guaranteed after Aviva's acquisition, and the company adjusted the actress's policy after she requested them.
The Ministry of Finance later issued a demand to MVI Life, requesting the agency to review the entire contract it has provided the actress, the disclosure of information during the process and its customer service quality.
MVI Life has been told to review how agents present products and consult clients and the information they provide.
If its agents were found to have violated insurance sales regulations, the agency would be held responsible.
The ministry said it expected a report from MVI Life shortly.
