The Vietnam Actuarial Conference 2018 hosted by Prudential with the attendance of over 200 actuaries and insurance professionals discussing Big Data More insurance businesses are now planning to apply new technologies in their management systems and improve customer services, while many also plan to develop new products to meet market demand as well as diversify insurance sales channels, according to a survey released by Vietnam Report in June last year. In particular, 82.4 per cent of insurance companies said they were building a Mobile Internet development strategy and 64.7 per cent have adopted strategies based on two key factors in Industry 4.0: the Internet of Things (IoT) and Big Data. Disruptive technology Big Data provides new insights from social networks, telematics sensors, and other new information channels. As a result, it allows understanding customer preferences better, enabling new business approaches, product development, and enhancing existing internal models, … [Read more...] about How can Big Data drive the future of insurance?
How insurance premiums are calculated
Price Waterhouse Cooper’s (PwC) 2018 Global Economic Crime and Fraud Survey in Vietnam finds that 52% of Vietnamese enterprises had experienced economic crime in the past two years. This is the first PwC survey in Vietnam. According to the survey, this crime rate is higher than the average in Asia-Pacific's 46% and the global rate of 49%. Even though 40% of the asked people said they hadn't encountered any criminals, it's highly likely that the crimes just haven't been exposed yet. The most common crime in Vietnam is embezzlement with 40% votes and bribes and corruption with 36%. 11% of the asked people don't know or don't want to say. About 53% of the criminals in major cases are insiders with 61% of them are low-level or middle-level managers. 32% of the surveyed said they suffered more than USD100,000 in damage not to mention damage to reputation and business relations. Marcus Paciocco from PwC Vietnam said some measurable financial losses included legal costs or actual loss … [Read more...] about BUSINESS NEWS IN BRIEF 21/11
Nguy Thi Khanh Nguy Thi Khanh, executive director of Hanoi-based Vietnamese non-profit Green Innovation and Development Centre, writes about the challenges and opportunities for Vietnam in attracting further investment into these projects. With low-level greenhouse gas emissions, Vietnam has a great window of opportunity to leapfrog fossil fuel investments and experience a smooth transition to a low-carbon future that will benefit both the citizens and the country. A fair competition for fossil fuels and renewable energy generation needs to be developed in order to accelerate the potential of renewable energy in an economically efficient manner. A level playing field in the energy sector along with political will is required, to avoid locking the country in a fossil fuel structure that involves an increasing risk of stranded assets as well as higher energy dependency. Climate change, together with the required actions, can be seen as an opportunity to redirect Vietnam’s … [Read more...] about Financing a shift towards green energy
Mobile World leader to sell VND41 billion worth of shares After five years of being a member of Mobile World’s Board of Management, this is the first time Robert Alan Willett registered to sell a large amount of MWG shares. According to the Ho Chi Minh City Stock Exchange (HSX), Willett has just registered to sell 415,000 MWG shares to reduce his ownership to two million shares. The transaction will take place between July 11 and August 9. On the stock exchange, the price of MWG has decreased by 20 per cent over the last month to around VND100,000 ($4.4) from VND130,000-140,000 ($5.7-6.1). At this price, Robert Alan Willett could gain VND41.5 billion ($1.83 million). Willett is former CEO of BestBuy International. He become a member of Mobile World’s board of management in April 2013 and has been a member of Phu Nhuan Jewelry JSC (PNJ)’s board of management since April 2018. At the end of May, the two sisters of Nguyen Duc Tai, chairman of MWG, surprised the market by … [Read more...] about BUSINESS IN BRIEF 18/7
Vietnam Airlines adopts QR Pay Vietnam Airlines has signed a deal with Việt Nam Payment Solution Joint Stock Company (VNPAY) – the biggest QR code payment firm in Viet Nam, to apply QR code technology for online ticket bookings. With the deal, Vietnam Airlines becomes a pioneer in Việt Nam’s aviation sector by using QR codes for online ticket booking at :vietnamairlines.com Customers will have a new, safer and more convenient way to pay for their flights. Accordingly, QR Pay will be implemented both online and at Vietnam Airlines’ official ticket office system nationwide from the beginning of this month. After successfully booking their tickets, customers will be able to use the QR code to pay without entering bank account of card information. The QR Pay system ensures safety thanks to two-factor verification including mobile banking sign in and one-time pass (OTP) through SMS or fingerprint verification. Payments via smartphones have risen in the last … [Read more...] about BUSINESS IN BRIEF 4/7
Danang Hi-Tech Park needs VND1.3 trillion Danang City is promoting investments into housing, training and service facilities in Danang Hi-Tech Park (DHTP) worth a combined VND1.268 trillion, according to the Danang Investment Promotion Agency. Director of the agency Le Canh Duong on March 26 said local and foreign firms could choose to invest through public-private partnerships (PPP), which include build-operate-transfer (BOT). In addition to seeking capital for these facilities, DHTP also wants to attract investors to a research and development center to assist operations of enterprises there. Such projects can be financed by official development assistance (ODA) capital, according to Doan Ngoc Hung Anh, deputy head of the DHTP management board. In particular, the housing development project comprises villas, adjoining houses and condominiums with an investment estimated at VND842 billion. It aims to provide quality accommodation for employees, experts and scientists working at DHTP. … [Read more...] about BUSINESS IN BRIEF 31/3
Fire threat stalks Bình Dương wood workshops Many woodwork plants in Bình Dương Province face a high risk of fire since they lack proper prevention equipment. —Photo: thanhnien.vn With the year just three months old there have already been fires at many wood processing workshops in Bình Dương Province, which have caused injuries to people and damaged properties. Recently there have been several fires in Tân Uyên town that caused serious damage with thousand of square metres of workshops burnt down and several businesses going bankrupt as a result. In February a fire destroyed a 1000sq.m facility belonging to Mỹ Nghệ wood processing workshop in Thuận An town. The province has more than 600 woodwork facilities, but only 10 per cent of them have effective fire prevention equipment. Though losses caused by fire are huge, most businesses, with an eye on cost, fail to invest in fire prevention equipment. … [Read more...] about Social News 30/3