How do you assess QBE's 20-year development journey in Vietnam, and what role does Vietnam play in QBE's broader North Asia strategy?
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| Lei Yu, CEO of North Asia at QBE Insurance |
Lei Yu: Vietnam holds a strategic position in our wider Asian operations. Over the past 20 years, QBE Vietnam has grown from a small office to double its scale, introducing innovative products such as general liability, cyber, and protection and indemnity (P&I) insurance.
We are confident in Vietnam's strong economic outlook, with GDP growth above 7 per cent, rising foreign direct investment (FDI), an expanding middle class, and growing enterprises. While insurance penetration remains low and our market share is modest, there is significant room for growth.
To seize this potential, we are investing in local operations, technology, capabilities, and people, enabling us to grow our business and better serve partners and customers.
What key factors have enabled QBE Vietnam to grow sustainably over the past 20 years, and what would you consider its greatest competitive advantage compared to both local and international insurers?
Tran Cong Nhan: We have a very clear strategy: investing in our people and systems to drive sustainable growth. This strategy is our greatest competitive advantage, as it brings our global expertise to the local market. In addition, we're able to leverage our in-market presence and local workforce to ensure that we are at the heart of local market demands and needs.
Currently, which product lines is QBE Vietnam prioritising to meet market demand, and why has the company chosen to focus on its two flagship products: cyber insurance (QCyberProtect) and property and engineering insurance?
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| Tran Cong Nhan, general director of QBE Insurance (Vietnam) |
Tran Cong Nhan: QBE Vietnam offers a range of products across property and engineering, marine, liability, and financial lines to serve the growing Vietnamese economy.
We prioritise cyber insurance because cyber risk is no longer a niche issue, it is one of the fastest growing and most complex threats businesses face today. From ransomware attacks to data breaches, the financial and reputational impacts can be severe. Our approach goes beyond providing coverage, we work closely with clients to identify vulnerabilities and strengthen defenses. This aligns with Vietnam's national agenda, which emphasises digital transformation and cyber security as foundations for sustainable growth.
Property and engineering remain another key focus, giving Vietnam's annual exposure to natural disasters. As a general insurer, we help clients mitigate risk, restore assets, and resume operations. Together with intermediaries and clients, we strive to bring QBE's vision of enabling a more resilient future to life.
Apart from these product lines, are there other solution lines that also have potential in the Vietnamese market?
Tran Cong Nhan: Vietnam has a population of over 100 million, making it a highly promising market for various types of insurance products. We are currently exploring the introduction of healthcare insurance for the Vietnamese market and have already begun entering this segment. To succeed, we need to build the right platform, develop a network of distributors and colleagues to deliver the products, and ensure that our offerings are compelling enough to attract customers.
How has QBE maintained consistency in its development vision throughout the company's operations, especially across very diverse markets in the region?
Lei Yu: As a global group, we share a common vision and purpose: be a trusted risk partner. We ensure consistency through global training in technical expertise and customer understanding, as well as standardised performance measures covering operations, finance, and client satisfaction. Each country has local advisors and decision-making authority to adapt to context, guided by QBE's DNA: understanding customers, acting quickly, and being thoroughly. This approach balances global consistency with local adaptability.
How does QBE approach digital transformation, and what role will it play in QBE's growth strategy in the Vietnamese market going forward?
Tran Cong Nhan: Digital transformation provides the foundations for building a solid platform for our business. At QBE Vietnam, we have developed an integrated system that covers all operational aspects, from underwriting and claims to accounting. QBE Asia has made significant investments to establish this core system, which serves as the base for multiple additional IT layers.
For example, QNECT is designed for marine and cargo customers, enabling them to quickly obtain insurance certificates on their own. We also offer a one-stop householder platform that enables end-to-end online transactions where any customer or buyer can purchase policies and make payments independently, significantly shortening processing times. Additionally, our underwriting workbench streamlines the underwriting process and improves efficiency. Most recently, QBE Vietnam has invested in AI tools to further enhance underwriting and operational efficiency across the business.
These initiatives in Vietnam align with QBE's broader Asia strategy, creating a unified digital ecosystem, investing in automation, and leveraging data-driven insights to deliver consistent, high-quality service across diverse markets.
Lei Yu: This aligns closely with QBE Asia's broader digital transformation agenda. First, we aim to leverage technology to streamline underwriting and operational processes, improve efficiency, and ultimately deliver faster, more seamless services to our business partners and customers.
Equally important, digital technologies enable us to generate deeper insights. By capturing and analysing data across our systems, we can leverage GenAI and automation to generate data-driven insights that fuel innovation and support the development of new customer-centric solutions. At the Asia level, this is a key priority.
We are also embedding GenAI into our internal workflows. For instance, many of our colleagues now use Copilot for daily tasks such as drafting emails and handling routine operations. Upskilling our people in GenAI and modern technologies is essential to building a future-ready workforce. The initiatives we implement at the regional level are being rolled out consistently across all our local offices.
What does QBE's new brand, “At the Heart of It”, signify for the Asian market in general and for Vietnam in particular?
Lei Yu: When we talk about QBE's new brand, “At the Heart of It”, we mean getting closer to our customers and business partners to truly understand what matters most to them. As an underwriting company, we possess extensive technical expertise and intelligence, but to be a better insurer, we also need empathy, to understand the needs and challenges of our customers and partners.
In the context of Vietnam, this means understanding how we can support the growth of local businesses. It also involves upskilling our colleagues, equipping them with the capabilities to understand the business environment, anticipate evolving risks, and provide relevant solutions. Ultimately, it's about being present at the heart of our customers' and partners' priorities while helping them navigate a constantly changing risk landscape.
What are your expectations for QBE Vietnam's development over the next 5 to 10 years?
Lei Yu: We have the ambition to double our business within the next five years. Looking ahead to the next decade, we aim to become one of the top insurers in Vietnam, not just among international insurers. We want QBE Vietnam to play an active role in the country's success, supporting both the business community and the local community, and to be recognised as a company that contributes meaningfully to Vietnam's growth.
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