Ministry asks insurance companies to review processes, conduct
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.
Hanoi (VNS/VNA) - Insurance companies must tightenthe supervision and inspection of insurance agencies, quality of consultation,and sales, said the Insurance Supervisory Authority, the country's insuranceindustry regulator under the Ministry of Finance.
The supervisory authority said it had received numerous negativefeedback from the public over poor insurance consultation, poor transparencyand presentation of insurance products.
It demanded insurance agencies immediately take measures toprovide clients with complete and accurate information and review the qualityof their agents' consultation and sales techniques.
It stressed that agents' violations would be dealt with, and theiragencies would bear part of the responsibility if said agents acted on theagencies' behalf.
Meanwhile, the ministry proposed agencies to review and improvecustomer service quality, business operations, internal regulations and riskmanagement to ensure they are all in compliance with current regulations.
In an earlier development, a Vietnamese actress live-streamed hergrievances over her family's insurance policy and attracted a large amount ofattention from the public.
The actress said she bought the policy from Aviva JSC, which waslater acquired by MVI Life, and was shocked to find out clauses that she wasnot aware of previously.
MVI Life said they had been in contact with both the actress andher lawyer to work out the details of her policy.
The insurance company said all clients' rights and benefits wereguaranteed after Aviva's acquisition, and the company adjusted the actress'spolicy 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 theactress, the disclosure of information during the process and its customerservice quality.
MVI Life has been told to review how agents present products andconsult clients and the information they provide.
If its agents were found to have violated insurance salesregulations, the agency would be held responsible.
The ministry said it expected a report from MVI Life shortly./.
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Illustrative image (Photo: VNA) 
