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‘Being the first Vietnamese-based insurance entity to set up an office beyond its borders in Yangon, Myanmar, is the second of the achievements I am most proud of.’
Collaborative leadership
With Hien at the helm as CEO, AEGIS has grown to become one of the top firms in the country. He describes his leadership style as ‘open and democratic’. ‘I remain humbled by collaboration amongst friends and colleagues, and I’m always keen to learn from each country’s leaders and their teams,’ he says. ‘I can engage with and hope to add value to the team through my understanding of the fusion between the Western culture of individuality and creativity and the Asian spirit of community and respect.’
A tough market
In Hien’s view, insurtech is currently one of the hottest topics in the Vietnamese insurance market: ‘Who will crack this nut?’ ‘Additionally, as our market continues to open, we are seeing far more competition with the entrance of new players, which, along with changes in the overall economy, will mean a tough environment ahead,’ he says. The coronavirus pandemic continues to wreak havoc on the overall Vietnamese economy, especially for the ongoing number of small to medium-sized enterprises facing bankruptcy. ‘The insurance sector has yet to feel the full impact of the associated disruption,’ says Hien. ‘However, as the local market is heavily reinsured, with low net retentions as a general rule, we anticipate harder terms in the coming period as the full extent of losses around the global markets are accounted for.’
Responding to the challenges
At AEGIS, Hien says the approach to COVID-19 has been conservative. ‘We took the lead in allowing staff the flexibility to work from home,’ he says. ‘The wellbeing of staff and clients has been our initial and number one concern.’ He says AEGIS staff have been asked to engage consistently with valued clients during this time. ‘We’re keen to provide a listening ear but also to ensure that we truly understand our clients’ situation and, where it is necessary, to assist in the restructuring of their insurances.’ For Hien, the key to improving the customer experience is to deliver a highly personal service — and listening to customers is paramount in this process. ANZIIF.COM // ISSUE 02 2021 // JOURNAL
