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MINISTRY OF EDUCATION AND TRAINING
FOREIGN TRADE UNIVERSITY
SUMMARY OF PHD THESIS
RESEARCHING INTO THE LEVEL OF CUSTOMER
SATISFACTION WITH LIFE-INSURANCE COMPANIES IN
VIETNAM
Major: Business Administration
NGUYEN DUC NHAN
Hanoi – 2019
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MINISTRY OF EDUCATION AND TRAINING
FOREIGN TRADE UNIVERSITY
SUMMARY OF PHD THESIS
RESEARCHING INTO THE LEVEL OF CUSTOMER
SATISFACTION WITH LIFE-INSURANCE COMPANIES IN
VIETNAM
Field of study: Business
Major: Business Administration
Code: 62.34.01.02 (New code: 9340101)
NGUYEN DUC NHAN
Supervisor: Assoc. Prof. Dr. Pham Thi Hong Yen
Assoc. Prof. Dr. Phan Chi Anh
Hanoi – 2019
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PUBLISH LIST
1. Determinants of Customer satisfaction and loyalty in Vietnamese Life –
Insurance Setting. Tạp chí Sustainability tháng 4/2018
2. Sự hài lòng của khách hàng đối với dịch vụ bảo hiểm nhân thọ. Tạp chí
kinh tế và dự báo tháng 8/2016
3. Các nhân tố ảnh hưởng đến lòng trung thành của khách hàng đối với bảo
hiểm nhân thọ Bảo Việt. Tạp chí Kinh tế và dự báo tháng 5/2017
4. Trust and Customer satisfaction with E-Banking Service: The Case of
Sacombank. Kỷ yếu hội thảo Baasana tháng 4/2018
5. Các nhân tố ảnh hưởng đến sự hài lòng của khách hàng khi sử dụng dịch
vụ bảo hiểm nhân thọ của Tổng công ty Bảo Việt nhân thọ. Tạp chí Kinh
tế Châu Á Thái Bình Dương tháng 4/2018
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INTRODUCTION
1. The necessity of the research
The insurance market is demonstrating an increasingly significant role and
position in both the economy and the society. It is also contributing to the
successful implementation of key solutions in Vietnam’s Socio-economic
development strategy for theperiod of 2011-2020. Firstly, the insurance market
has contributed to the addition of long-term and stable investment capital for
the economy and the consolidation of the economy’s balance of investment and
savingsstrengthened macro balances of the economy in investment and
savings. According to the statistics of insurance companies, around 80% of
significant infrastructure construction works and economic works are
financially protected by insurance companies in case of insured incidents
without relying on the supporting fund for damage from the state budget. This
contributes to the successful implementation of tight fiscal policy and saves
budget spending.Secondly, by the end of 2015, the insurance market has
created jobs for more than 400.000 workers with stable income and financial
and insurance training. Thirdly, along with foreign insurance companies
joining the insurance market, the capital contribution of foreign strategic
investors to domestic insurance companies not only helps to improve their
financial, executive and administration capacitybut also contributes to building
the image of a healthy investment environment and attracting foreign investors
to other related fields. According to the statistics of Insurance Supervisory
Authority (Ministry of Finance), as of 31/12/2016, the insurance market has 62
insurance companies (including 29 non-lifeinsurance companies,18 life-
insurance companies, 02 reinsurance companies, 13 insurance broker
companies) and 01 branch of a foreign non-life insurance company.
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Along with the remarkable development of the insurance industry in
general, the Vietnamese life-insurance sector in particular is also growing
rapidly.According to data from the Insurance Supervisory Authority (Ministry
of Finance), the number of life-insurance companies in Vietnam has increased
from 09 companies by the end of 2007 to 18 companies at present with total
assets estimated at 171.828 billiondong (as of 31/12/2016). Among them, the
shares of total premiums belong to large companies such as BaoViet Life
(27.7%), Prudential (24.9%), Manulife (12.5%), Dai-ichi (11.2%), AIA (9.7%),
Chubb (3.8%), Generali (3.1%) and Hanwha (2.3%).
Despite the potential of the industry and the reality that it is growing
rapidly, the number of Vietnamese people participating in life-insurance is very
limited.The psychology of risk aversion, restricted awareness and difficulties in
accessing specific information about programs, productsand benefits in
practice are huge obstaclesthat prevent customers from participating in life-
insurance services.A majority of customers are often concerned and worried
most about how companies handle customers’ benefits when insured events
occur.
Given the demand for development of the Vietnamese insurance industry,
researching into customer satisfaction with life-insurance companies in
Vietnam is of great importance as it will lay the foundation for improving and
innovating insurance products and services as well as improving customer
satisfaction towards sustainable development of the industry.
Originating from the above-mentioned theoretical and practical
requirements, I decided to choose“Researching into the level of customer
satisfaction with life-insurance companies in Vietnam” as the topic for my
doctoral thesis in business administration.
2. Research objectives
