Trying to navigate the insurance landscape in a foreign country is kind of like trying to fix your own motorbike without being a mechanic. Sure, with the help of the right online resources you can definitely do it, but was it easy, are you 100% sure your motorbike will work properly and did you actually save any money by doing it yourself?
Insurance brokers in Vietnam are much like mechanics. Except, where mechanics charge you to fix your motorbike, insurance brokers don’t cost you a penny (despite common misconception).
The one thing that insurance brokers in Vietnam do offer is industry knowledge and expertise. Specifically, inside information as to which health insurance provider is the most lenient when it comes to claims, or which life insurer is actually regulated by a real jurisdiction.
Insurance Brokers in Vietnam: 4 Things to Know
- Insurance brokers do not cost you anything.
- A good insurance intermediary in Vietnam should provide ongoing customer support.
- Brokers cannot provide quotes without knowing your age, current health and pre-existing illnesses/injuries.
- Claims are more likely to be accepted without issue when using an insurance broker compared to buying insurance directly from a provider.
This article aims to explain the role of insurance brokers in Vietnam and names a few of the best intermediaries in the country.
The Role of Insurance Brokers in Vietnam
Regardless of the country, insurance brokers play an important role in any insurance market. By acting as intermediaries between individuals and multiple insurance companies, insurance brokers can help assist by comparing multiple options at once, providing insightful information and identifying suitable policies based on your unique circumstances. Insurance professionals also have an incredibly intricate understanding of the intricacies of insurance policies which makes them invaluable when it comes to your insurance journey.
The purpose of an insurance broker also includes providing unbiased advice, ensuring that recommended policies align with specific requirements and ensuring that any insurance policy purchased is fully understood by the client. Not only do brokers do the administrative legwork, but a good insurance agent will also review your application, submit it to providers and help mediate underwriting if any complications arise.
The role of an insurance broker in Vietnam cannot be understated and if the above hasn’t convinced you that you should consider asking one for help, the rest of the article might.
Avoid ‘Independent’ Financial Advisors
So-called IFAs are not insurance brokers. They might sell some health or life insurance policies, but usually they use this to try and up-sell a financial product. Speak to a fee-only financial planner if you need help with personal finances in Vietnam.
Why Expats Need an Insurance Broker in Vietnam
While life and health insurance may look easy on the surface, expats in Vietnam will quickly realise that the industry is anything but. Prices vary, terms and conditions have lots of fine print, insurance regulation is uncertain, rogue salespeople exist, some insurers offer discounts and some plans are incomprehensibly expensive. What gives?
Expats need an insurance broker to help them wade through the sh.. terrible options.. and fine the gem that is right for them. With a deep understanding of which insurers you have to avoid, how much you should really spend on good coverage and why a community-rated policy might be better than an experience-rated plan, insurance brokers are worth their weight in gold. Except, they don’t cost anything.
Benefits of Using an Insurance Broker
To simplify, here is a quick bullet point list as to why expats need an insurance broker in Vietnam.
- Provide expert knowledge and advice
- Can easily compare and quote multiple insurance plans and options
- Are completely free of charge
- Save you time and effort
- Fully explain insurance jargon
- Provide ongoing claim support
- Act as liaison with clinics and hospitals
- Have in-depth insurance knowledge
- Know every aspect of insurance providers
- Have a higher chance of getting claims approved
- Handle all necessary paperwork and communication with the insurance company
- Can negotiate better terms for your policies as they have more leverage
Having a reliable insurance broker by your side will eventually save you time, money, and a lot of stress. Especially here in Vietnam where you might stumble into language barriers.
The Best Insurance Brokers in Vietnam
Determining the best insurance brokers in Vietnam depends on numerous factors. Some of these include their range of products and services, industry knowledge, ongoing customer service, reach and reputation. But, the most important factor likely depends on who you are and why you want the aid of an insurance broker in the first place.
Normally, there are two types of brokerage companies: those that help individuals and small businesses, and those that help larger, often transnational companies. Below I have listed the best insurance brokers in Vietnam based on these categories.
Best insurance brokers in Vietnam for individuals and small businesses
The following is a list of some of the top insurance brokers that help individuals and small businesses secure indemnity policies, life cover, health insurance policies and more, throughout Vietnam and Southeast Asia.
Tenzing Pacific Services Ltd
Tenzing Pacific Services Ltd is one of the most reputable insurance brokers in Vietnam and has over 100 five-star reviews on Google. Established in 2012 and initially catering solely to expats, the company has grown from strength to strength and now offers insurance brokerage services to expats, locals and small businesses throughout all of Southeast Asia.
Boasting partnerships with over 60 local and international insurance providers, Tenzing Pacific has arguably one of the broadest selections of insurance options when compared to other brokers in the region.
Tenzing Pacific Services Ltd can be contacted via all forms of social media, from Facebook to Whatsapp, as well as through the classical mediums like their website, email and phone. They even invite drop-ins to their office on Pham Viet Chanh in Binh Thanh, Ho Chi Minh City.
Insuranceinasia.com
Insurance In Asia has offered advice to businesses and expats in Vietnam under the name IF Consulting since 1994, then formally launched Insurance In Asia in 2015 to cater for the exponential need for insurance expertise in the region.
From health and life insurance to travel insurance, car/motor insurance, public liability, professional indemnity, and all things business insurance, Insurance in Asia appears to be a one-stop shop that does it all.
With a good online presence, Insurance in Asia can be contacted by all the traditional means including Facebook messenger and Whatsapp.
Asia Summit Consulting (ASC)
Asia Summit Consulting is an insurance broker in Vietnam and Cambodia that specialises in health and life insurance, with a mission to provide the best healthcare insurance cover in SEA.
With an extensive online presence, over 20 five-star reviews on Facebook and 3 five-star reviews on Google, ASC appear to have a good reputation for taking care of their clients.\
ASC appear to be contactable through their website, email and social media platforms where they are also extensively mentioned by current clients.
Insurance brokers in Vietnam for large companies
While the slightly smaller insurance brokers in Vietnam such as Tenzing Pacific Services Ltd are capable of serving large companies and their insurance needs, bigger corporate clients tend to solicit the services of worldwide insurance brokerages. These include:
Aon Vietnam (Aon Việt Nam)
Aon Vietnam Limited have over 100 qualified consultants in Hanoi and Ho Chi Minh City, helping corporate clients with anything from general business liability to specific construction, marine and crisis management risk solutions.
According to their website, Aon began their operations in Vietnam in 1994 and has grown into one of the largest all-round risk management solution companies in the country. Whether you’re in aviation, marine, mergers & acquisitions, entertainment or healthcare, Aon can help your company review your risk and find solutions.
Willis Tower Watson (WTW)
Similar to Aon, Willis Tower Watson Vietnam offer the full range of risk management solutions to conglomerates with a bit more of a focus on risk associated with climate, technology and FINEX. However, they also provide all the basic risk solutions for aviation, marine, health, property risk and general liability.
With a smooth and modern website, companies looking for help with their insurance needs can easily reach out via WTW’s contact page.
It is important to note that the difference between the best insurance broker and the best insurance broker for you can be quite vast! No one broker fits all. The factors to consider might help you if you do decide that you want the help of an insurance agent.
Things to Consider When Choosing an Insurance Broker
Choosing an insurance broker based on their industry knowledge in your geographical region and expertise is fundamental. However, skill and expertise should only account for so much. One of the most important aspects that you should consider when deciding between insurance brokers is how comfortable they make you feel. If you are speaking to an insurance agent who doesn’t make you feel at ease, or who seems to care more about a sale than your actual needs, then you should probably keep looking.
The reason for this is that the insurance broker you end up choosing will in all likelihood end up working with you for a long time. So, not only should they know the insurance industry inside and out, but they should also care about your needs, make you feel heard and want to build a long-term relationship with you and your family.
I understand that choosing an insurance broker isn’t easy so I’ve made the rundown of questions below that you should consider asking yourself when engaging an agent!
- Is this insurance broker recommended in Vietnam/Southeast Asia?
- Do they seem to care about what I want?
- Are they helping me understand the insurance policy and technical jargon?
- Do they have a lot of experience?
- Does the insurance broker offer continued support after the sale?
- Can they cater to my other insurance needs, such as life insurance?
Expat Health Insurance Brokers
Despite Vietnam’s improving healthcare and infrastructure, accessibility to quality medical treatment varies greatly. While some local clinics and hospitals may provide good service, you might find it tough to find English-speaking doctors and nurses. And, where English speaking staff isn’t an issue, you might find that the prices for medical treatment are unaffordable. Health insurance breaches that gap and ensures that you’re able to get the best care possible without having to worry about any financial impact.
Unfortunately, since there are hundreds of health insurance options offered by numerous international and local providers it can be hard to find one suitable for you. Should you just opt for an emergency inpatient option or do you need comprehensive cover? Will the insurance provider cover your pre-existing conditions like allergies or diabetes, or will they be excluded from cover?
This is where good insurance brokers shine. Not only will they help you compare and find the health insurance policy that is right for you, they should also be able to provide you with helpful ongoing support and communication between clinics, hospitals and your insurance provider.
Don’t hesitate to read my article for more in-depth information on expat health insurance in Vietnam.
In Conclusion: Do you need an Insurance Broker in Vietnam?
While you may not necessarily need to contact an insurance agent, it costs you absolutely nothing to reach out to one to see if they can help. A good insurance broker will be able to simplify the insurance buying process, save you time and money all while ensuring that your insurance needs are met.
Just remember that they will have to ask you a few personal questions in order to be able to provide you with options and quotes since insurance premiums vary depending on your unique situation. There is no one-size-fits-all insurance solution.
