AI's Value Lies in Customer Needs: Prudential Vietnam CEO

AI can make the insurance industry faster and smarter, but it will only be effective when it addresses customer needs, builds trust, and enhances customer experience, according to Kevin Kwon, CEO of Prudential Vietnam. Speaking at the Vietnam Insurance Summit 2026 in Da Nang, Mr. Kwon stated that the insurance sector is undergoing a strong transformation driven by big data and artificial intelligence (AI). AI helps businesses analyze data faster, personalize services better, and shorten processing times in many operations. However, he emphasized that technological innovation is only meaningful when it starts with the fundamental question: "What truly brings value to the customer?" Insurance is a long-term commitment, often spanning decades. When purchasing insurance, customers are not just choosing a product but entrusting their faith in the company to accompany and fulfill its commitments in the future. "Trust is always the foundation of every decision," said Mr. Kevin Kwon. The Vietnamese insurance market still has significant room for growth. The economy is maintaining its recovery momentum, with GDP increasing by 8.18% in the first six months of the year, and the middle class is projected to account for over half of the population by 2035. Simultaneously, challenges such as an aging population, rising healthcare costs, and an increasing need for proactive financial protection exist. Despite these factors, the penetration rate of life insurance is currently only about 11.7% of the population, significantly lower than in Malaysia (50%) or Singapore (80%). According to Prudential, this gap indicates challenges not only in risk awareness but also in the ability to translate protection needs into insurance purchase decisions. From this perspective, Mr. Kevin Kwon believes that AI is not the ultimate goal for the insurance industry but a tool to help businesses serve customers more effectively. Technology can support personalizing protection solutions, shortening claim settlement times, improving consulting quality, and enhancing service experience. However, these elements will only deliver value when built on a foundation of transparency and trust. "AI can help the insurance industry become faster and smarter. But customers are only willing to make long-term financial decisions when they believe that the company will always be transparent, prioritize their interests, and fulfill its promises," stated Kevin Kwon. He added that trust is not built through media slogans but through consistent experiences throughout the customer's journey. This requires businesses to continuously improve the quality of governance, consulting, services, and responsibility for each commitment. For Prudential Vietnam, technological innovation is not just about improving operational efficiency but also about addressing the real needs of customers at each stage of life. The company is focusing on developing protection solutions that are more suitable for individuals, simplifying processes, enhancing consulting quality, and building a consistent experience across all touchpoints. With the goal of a long-term partnership in the Vietnamese market, Mr. Kevin Kwon stated that Prudential aims not only for business growth but also to contribute to strengthening trust in the insurance industry. "When customers truly trust the commitments the industry offers, many Vietnamese families will be more proactive in protecting their finances, thereby building a stronger future for themselves and contributing to the country's sustainable development," said the CEO of Prudential Vietnam. Information Source: VnExpress