On August 25, 2023, FSI successfully organized the webinar “Solution for recording, clarifying consulting information – Restoring customer trust in insurance.” The program brought many new perspectives and proposed a technological solution to provide authentic and objective evidence of the consulting and insurance contract signing process, thereby creating peace of mind for customers and enhancing the reputation of insurance companies.
The webinar “Solution for recording, clarifying consulting information – Restoring customer trust in insurance” organized by FSI took place on May 28, 2023, in an online format via Zoom and broadcast live on the Facebook Fanpage and YouTube platforms of FSI. The program attracted over 300 registered participants representing insurance companies and individuals working in the life insurance sector.
Speakers attended the webinar: Mr. Nguyen Duc Thang – Chairman of the Board of Directors of First Step (FSJ), member of the Global Advisory Committee of GAMA (GGAC), Chairman of GAMA Vietnam (GVN), and Mr. Pham Tan Anh Vu – Technology Solution Consultant from FSI.
Roots of the biggest trust crisis in the 30-year history of the insurance industry
According to Vietnam Report statistics, after the appearance of negative information about bancassurance (insurance distribution through banks) and two cases of accusing employees of consulting incorrectly and irresponsibly to customers, the amount of news discussed about the insurance industry has increased 15 times, from 4,700 discussion posts/day (2022) to 73,000 discussion posts/day in April 2023. The incident quickly became a “storm of trust crisis” for customers about insurance when the negative sentiment index was pushed to the highest in 30 years, causing heavy damage to the reputation and revenue of the entire industry.
Opening the program, sharing about the causes of the great crisis, Mr. Nguyen Duc Thang, Chairman of GAMA Vietnam – a community of thousands of managers, leaders, and top experts in the insurance industry, said: “We need to evaluate the reasons from both sides, including insurance companies and customers. First, there have been shortcomings in the consulting process, or the consulting content is unclear. On the other hand, many customers do not fully understand the information about their rights and responsibilities when participating in insurance, or have heard the consultation but did not pay attention and denied the information when there is a dispute.”
In addition, Mr. Thang also shared about factors such as the spread of information on social media, or herd mentality, also contribute to causing confusion in the awareness of customers and fanning the flames of negative media about the Insurance.
For these reasons, along with the new requirements in Article 26 – Draft Circular on the Implementation of the Law on Insurance Business of the Ministry of Finance on the regulation of recording consulting content, the Vietnamese insurance industry requires a solution to help create evidence, verify transparent information about the consulting process, contract signing between customers and insurance companies.
Overcoming the insurance trust crisis with intelligent speech-to-text conversion solution
At the webinar “Solution for recording, clarifying consulting information – Restoring customer trust in insurance”, to effectively solve the problem of restoring trust between customers and insurance companies, FSI introduced V-IONE – an intelligent speech-to-text software with many advantages in operation and implementation costs.
With practical experience in the implementation of high-tech projects at enterprises and large multi-industry businesses, Mr. Pham Tan Anh Vu, a senior tech consultant from FSI – Top 10 leading digital transformation solution providers in Vietnam, shared: “Speech recognition and voice-to-text conversion technology such as V-IONE can record and provide objective information about the entire insurance consulting process, thereby helping to protect the interests of both customers and businesses and at the same time, save time and effort in resolving complaints and disputes if they arise.”
Specifically, when applied to daily operations, V-IONE will assist insurance companies to automatically identify, convert, and store conversations between consultants and customers in text format, while comparing audio data to verify the validity of the consulting process – insurance contract signing, thereby creating a foundation for customers to feel at ease and a ground for insurance companies to protect their brand reputation.
In addition, V-IONE also has strong customization capabilities, which can be easily configured to meet the specific requirements of insurance companies, and quickly integrated into the existing systems without interruption.
Speaking about the operational capabilities of the software, Mr. Pham Tan Anh Vu, a representative of FSI, emphasized: “The technology on V-IONE allows for speech recognition and conversion to text with an accuracy of up to 98% and the ability to work well in noisy environments. As a result, the solution helps to effectively control insurance consulting calls by accurately identifying the consultant who is communicating with the customer, while also identifying phrases and conversation segments to automatically verify the validity or consensus on contract signing between the parties.”
Together with the advantages of cost, fast deployment speed, high security, and advanced core technology, V-IONE from FSI has received certifications and awards from many reputable organizations, such as first place in the 2018 VLSP Natural Language Processing and Speech AI Competition and first place in the 2019 National Talent of Vietnam. This further consolidates the opinion of experts and businesses in the insurance industry that V-IONE is an effective solution to help overcome the current trust crisis with customers, while also building a sustainable brand reputation in the future.
With the successful experience of consulting and digital transformation for multiple industries, FSI commits to continue accompanying the Vietnamese insurance industry, providing leading-edge technology solutions, with a reasonable implementation roadmap, to gradually improve the quality of insurance products and services as well as the customer satisfaction.
