Mrs. Vuong My Phung

Chief Marketing Officer
FWD Vietnam

Biography
Over 24 years of experience in branding, marketing and new business development for leading international brands in FMCG and financial services, including Unilever, S.C. Johnson, Mead Johnson, HSBC and FWD.
Impressive track record in building up & cultivating challenger brands, strategic partnerships and digital direct to customer channel, new businesses and categories such as SCJ’s kitchen cleaner, HSBC credit cards, FWD’s online channel.
Pioneered in making a progressive change for life insurance landscape by bringing life insurance closer to digital savvy customers by introducing a simple and affordable product with completely straight through online purchasing experience via Tiki- FWD’s exclusive partner.
Brief international work exposure in Hong Kong and Australia.

Topic
DIGITAL-NATIVE INSUTECH – Innovative strategy towards protecting millions of happy customers

ABSTRACT
Vietnam is in its critical time for the booming era of E-commerce with 87% CAGR, driven mainly by 53% of the population who are under 35 – the change leading generation.
Nevertheless, this reality has never been relevant for life insurance industry, which is perceived as a complex investment, limiting our opportunity to financially protect Vietnamese. A huge source of growth was not leveraged, partially explaining why the penetration of insurance is only 8% in Vietnam, and even lower among the Young.
The key players merely display existing portfolio on stand-alone websites to collect leads for offline conversion. Customers have to go through a tedious process in order to get protected and products were mostly “sold”, rather than proactively searched and bought. Yet, only one brand dares to be different – FWD. With the vision to change the way people feel about insurance, FWD Vietnam was the first to disruptively initiate a straight-through e-insurance era.
Putting digital customers at the core, FWD has introduced simple & affordable protections with a seamless 3.5-minute online purchase experience. All were to make insurance simple to understand, and easy to buy – a problem incumbent insurers struggle to solve.
The digital portfolio that FWD currently uses to penetrate into this online market includes FWD Cancer Care and FWD Medicare. While FWD Cancer Care offers 1000x protection value with the lowest premium ever in the market – only from $5, FWD Medicare helps customers to save their income to further enrich experiences with up to $6,000 protection covering medical expense. Both distinctive products focus on Accident & Health – raising concerns among the Young with simple unique selling points emphasizing on low premium to start, simple policy to understand, and high protection values.
FWD’s core of distinctiveness was not the product only, but also the straight-through online customer journey that never happened in insurance industry. This innovation was initiated by FWD’s exciting partnership with Tiki – the “Amazon of Vietnam” embracing their well-built trust as an attribute. Never stop driving for better customer experience, FWD has drove this straight-through innovation to the next level with iFWD – our very 1st owned platform with diverse brand initiatives and even more simple purchasing flow.
Nearly 30,000 customers so far and 77% satisfaction rate indicate that FWD is striving on the right direction towards our ambitious vision – changing the way people feel about insurance, to protect millions of happy customers.