Vietnam’s Insurance Supervisory Authority has launched the country’s first professional competency framework (PCF) for the general insurance industry.
The PCF was officially launched in Hanoi on June 24 in a ceremony attended by senior insurance industry leaders, regulators, industry associations and business representatives.
Vietnam’s PCF will provide local insurance companies with a measuring tool for their own internal training and standards for the professional development of their employees. The initiative began in 2016, when the ISA collaborated with the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) in compiling the PCF. The Association of Vietnamese Insurers (AVI), Vietnamese insurance business leaders, and industry experts also contributed significantly to its finalisation.
Pham Thu Phuong, deputy director general at the ISA, said that implementing a professional competency framework will benefit the Vietnamese insurance industry in numerous ways.
“Benefits for general insurance companies include the confidence that all employees have the required knowledge, skills and ability to complete the requirements of their jobs consistently, and to adequate levels of professional competence,” said Pham. “Based on this competency framework, the Ministry of Finance will develop and implement a certification scheme and training programs for the job roles in general insurance and broking companies.”
Prue Willsford, chief executive officer of ANZIIF, said that implementing a competency framework is crucial if Vietnam’s insurance industry is to reach its potential and continue to remain competitive in the global market.
“Professional standards, qualifications, and training give quality people a reason to choose the insurance industry,” said Willsford. “Vietnam’s insurers will grow by providing sound financial advice and service that gains the trust of their customers and the communities they serve. We believe implementing a certification scheme based on the framework will contribute to the rising professional standards of the insurance industry in South East Asia. Continued collaboration and dialogue between regulators and insurance businesses has been key in achieving this.”
