Shinhan Life Vietnam builds growth on people strategy

Shinhan Life Vietnam builds growth on people strategy

In an interview with VIR’s Anh Duc, Bae Seung Jun, general director of Shinhan Life Vietnam, discussed the company’s approach to talent management and how it has helped establish a strong foothold in the local life insurance market.

Since starting operations in Vietnam just over four years ago, Shinhan Life has focused on developing a people-centred strategy. Bae highlights how the company’s human resources (HR) policies have helped create an engaging workplace, retain talent, and support sustainable growth in the competitive life insurance sector.

Bae Seung Jun - general director of Shinhan Life Vietnam

The life insurance market in Vietnam is highly competitive, yet Shinhan Life Vietnam has quickly built a committed, high-performing workforce. What strategies have helped the company achieve this success?

We believe that sustainable growth must begin with the growth and pride of every employee. From day one, Shinhan Life Vietnam has pursued a people-centric strategy. I believe a company’s growth goes hand in hand with the development of each employee.

A self-ownership work culture has been our core value from the very beginning, serving as a powerful driver of self-leadership and self-motivation. It has enabled our employees to fully realise their potential while contributing to collective success. Building on this foundation, we have focused on creating the best possible working environment, offering career development opportunities, fostering connection, and ensuring competitive welfare policies.

Shinhan Life Vietnam has built a distinct brand identity through the creativity and collaboration of its people

Thanks to the collaboration and creativity of our people, Shinhan Life has built a distinct brand identity in just over four years of operation and earned the trust of thousands of Vietnamese customers. We currently offer a diverse and flexible product portfolio, ranging from protection to savings and investment, to meet the evolving needs of our customers.

This people-driven strategy has also been translated into encouraging business results. In 2024, Shinhan Life Vietnam recorded total revenue surpassing $16 million, with net revenue from insurance business operation amounting to $10.2 million, reflecting a 19 per cent growth compared to the previous year.

Given the challenges the life insurance sector has faced and its gradual recovery this year, how has Shinhan Life Vietnam maintained employee engagement and morale?

As a leader, I strive to make Shinhan Life Vietnam a place where everyone feels proud and inspired to come to work every day. I also encourage employees to nurture their aspirations because when they grow, the company grows, and together we all share in the benefits of that growth.

Over the past four years, Shinhan Life Vietnam has consistently prioritised initiatives to build a friendly, dynamic workplace that fosters collaboration and growth. In addition to encouraging open and direct communication, the company regularly organises training activities and internal activities to strengthen connections across all levels and departments.

In particular, we actively promote our core value of Shinhan Pride, which forms the foundation for sustainable growth and greater employee satisfaction. We believe that a creative, balanced, and open workplace makes employees happier while enhancing productivity.

At the same time, we align our business with community responsibility and environmental, social, and governance principles. This instills pride in every individual, reinforcing the idea that the company’s success is also their success.

Shinhan Life Vietnam was recently named ‘Best Companies to Work for in Asia 2025’ and ‘Most Caring Company 2025’ by HR Asia. What contributed to these recognitions?

Firstly, I would like to extend my heartfelt thanks to all our employees – those who dedicate themselves every day to making Shinhan Life Vietnam better. Their commitment, creativity, and tireless efforts are the key factors that enabled us to scoop these awards for the second consecutive year.

We are proud to be recognised by HR Asia with the titles ‘Best Companies to Work for in Asia 2025’ and ‘Most Caring Company 2025’. This recognition from an internationally respected organisation reflects our relentless efforts to implement distinctive HR strategies and foster an engaging and ideal workplace for our employees.

Receiving these prestigious awards two years in a row is a great source of pride and also a clear affirmation of Shinhan Life Vietnam’s unwavering commitment to building a professional, inclusive, and people-centric working environment.

Shinhan Life Vietnam being honoured by HR Asia

With the life insurance market recovering in 2025, Shinhan Life Vietnam has set ambitious growth targets. What strategies are you pursuing to achieve them?

The life insurance market is entering a new stage of development with a positive growth trajectory. Seizing this opportunity, Shinhan Life Vietnam has set clear priorities from the outset of the year: enhancing the quality of our employees and financial consultants, improving customer experience, expanding insurance benefits, and continuously upgrading our product portfolio.

We have been introducing new, affordable, and comprehensive products tailored to customer needs. In March, we launched the regular premium universal life product Shinhan – An Thinh, followed in July by four riders offering extended protection, from healthcare coverage to financial safeguards against critical illness, accidental injury, or death. At the same time, we are investing strongly in digitalisation to elevate customer experience, such as upgrading the Customer Service Portal - insurance contract management application Shinhan Life Care+ and diversifying payment methods.

Alongside product innovation, we are expanding our distribution network to make life insurance more accessible. Our current channels include the financial consultant channel, bancassurance, and corporate agencies, while we are also developing online platforms to provide customers with the most convenient access possible.

Beyond business growth, Shinhan Life Vietnam remains committed to social responsibility. We actively participate in charitable activities and community initiatives to spread the human values of life insurance. These efforts not only drive comprehensive growth for Shinhan Life Vietnam but also contribute to the overall recovery and sustainable development of the life insurance industry in the years ahead.

VIR