Mr. Kevin Kwon, Chief Executive Officer of Prudential Vietnam: “Rebuilding trust in the insurance industry takes just one formula”

Vietnam’s leading life insurer is regaining its sales momentum, with a renewed focus on rebuilding customer trust, emphasizing transparency and a clear distinction between protection, savings, and investment.

Every two weeks, in a meeting room at Prudential Vietnam’s headquarters, Mr. Kevin Kwon sits down with the management team to listen to real customer calls.  The routine has become a fixture since his return to the role - not only  to resolve complaints, but to rebuild customer trust, an intangible asset the entire industry is striving to restore.

“When I left Vietnam in 2020, the market was very different,” he recalls. The COVID-19 pandemic paralyzed many sectors, but insurance was a rare exception. Industry-wide premium revenue still grew by more than 15% year-on-year, while total investments back into the economy reached record highs. Life insurers paid out over VND 25 trillion in benefits, acting as a financial shield for people amid uncertainty. Prudential Vietnam alone contributed more than VND 6 trillion.

The Trust Formula

 As of the first half of 2025, Vietnam’s insurance market appears to be regaining balance, with total revenue up 2.4%. The company manages more than VND 192.5 trillion in total assets, of which VND 173.2 trillion is invested long term to secure customer benefits. Its solvency margin stands at 206%, well above the legal minimum, ensuring full claims capability even in volatile markets.

As of the first half of 2025, Vietnam’s insurance market has shown signs of renewed stability, with total industry revenue rising by 2.4%. Across the sector, insurance benefit payouts reached VND 29 trillion, of which Prudential Vietnam accounted for 25%.

Recently, Vietnam Report recognized Prudential Vietnam as the “Best Foreign Life Insurance Company,” underscoring the firm’s effective management and strong competitive position. Backed by a robust financial foundation, Prudential now manages total assets exceeding VND 192.5 trillion, including VND 173.2 trillion in long-term investments, and maintains a solvency margin of 206%—well above regulatory requirements.
“Restoring customer trust will be our top priority as we continue to grow,” emphasizes Mr. Kevin Kwon.

In Vietnam, only about 11.7% of the population owns life insurance, roughly one in ten people. This figure lags far behind the Philippines (38%) and Singapore (80%) and has remained stagnant for years despite rising incomes.  It reflects a  a deep-seated stagnation in consumer trust. Addressing this trust deficit is urgent, not only for insurers’ short-term growth, but to expand coverage, strengthen social security, and enhance financial resilience for millions of households. By nature, insurance is a mechanism for risk-sharing, helping citizens stabilize their finances and reducing the burden on the national budget.

“The essence of insurance is to provide a shield of protection,” Kevin says. “People need food, clothing, and a roof over their heads. Once those needs are met, they seek to protect what they have built.  The demand for insurance is therefore natural. Misunderstandings arise only from how it is sold and advised, which ultimately led to a crisis of trust.”

According to Prudential Vietnam’s CEO, there is no formula for restoring trust other than simultaneously improvingthe quality of both service  and sales. This approach is grounded in the belief that quality attracts quality. Through this, Prudential Vietnam aims to lead the life insurance market as it enters a phase of restructuring.

Rebuilding from Within

Looking beyond 2025, the outlook for Vietnam’s life insurance sector is gradually brightening. Legal frameworks are being strengthened, technology is advancing, and products are increasingly tailored to customer’s real needs. Rising healthcare costs and rapidly aging population also are also laying the foundation for sustainable growth in the medium and long term.

Companies such as Prudential Vietnam are continuosly introducing transparent, flexible products and clearly differentiated between protection, savings and investment - fostering expectations of a stronger  financial safety net for the public.

“The industry has always valued human touch,” Kevin says. That is why Prudential’s transformation begins with enhancing the capabilities of its consultants through a series of continuous learning initiatives connecting headquarters and the front line.

Regular customer call reviews, held every two months by the executive team, exemplify this approach. Each piece of feedback or complaint is analyzed on the spot and directed to the department responsible. Another initiative, “Core Agents Shadowing,” allows office staff to observe and learn from real customer meetings, bringing insights back to headquarters to refine processes and improve support for advisors and clients.
“Only by understanding why customers hesitate or lose trust can we address the root cause,” Kevin stresses.

Another structural shift lies in how performance  is measured. Instead of focusing solely on sales, Prudential Vietnam now tracks customer experience across key touchpoints such as sales, claims, and product consultation. Each month, the company records over 2,500 service feedback entries, a valuable data source for continuous improvement.

Once people and processes are strengthened, the next pillar is technology.

Artificial Intelligence (AI) is being deployed not only to automate operations but also to  enhance the capabilities of its agents,from supporting product knowledge to optimizing advice, and enhancing customer care. “If used correctly, technology does not eliminate jobs - it creates opportunities,” Kevin affirms.

He also emphasizes that Prudential is not pursuing AI imply because it is a trend. Before investing, the company focused on building a solid, accurate, and integrated infrastructure. This foundation includes not only hardware and software but also data quality and flow across departments. Disorganized or disconnected data leads to poor AI outcomes. Only with the right infrastructure can AI deliver its full potential.

More than 15 years ago, Kevin Kwon joined Prudential through a UK-based recruitment and training program, designed to develop future leaders from outside the insurance industry. “I was part of the first cohort,” he recalls. “Every three years, I rotated into a new role. That experience gave me a strong foundation and broad exposure,” he shares.

“From day one, I promised myself to be ready, by gaining diverse experience across insurance roles, so when the opportunity to become CEO came, I would be prepared,” he says.

That moment is now. “We are not in a hurry,” Kevin concludes. “With a solid financial base and a long-term strategy built over 26 years in Vietnam, we can patiently do the right thing, in the right way, with the right people  and trust will return.”

For over 26 years in Vietnam, Prudential has maintained its commitment to sustainable growth through long-term social responsibility programs. Prioritizing safety and public health, the company regularly participates in disaster relief and supports communities during challenging times. In the long term, financial education initiatives such as Cha-Ching for children are equipping the next generation with essential money management skills. These efforts demonstrate that Prudential is not merely a life insurance provider, but a steadfast companion in Vietnam’s journey of development.

With prudence and determination, Mr. Kevin Kwon and Prudential Vietnam are redefining the meaning of holistic peace of mind in the insurance sector. With transparency as a foundation and sustainability as a guiding value, Prudential is setting a new standard for protection and empowerment for every Vietnamese family.