BaoViet Life (7.2) is the best insurance brand in Vietnam, according to Decision Lab Best Insurance Rankings 2024. Prudential (5.6) and AIA (5.1) secured their runner-up and third spots, respectively.
Download the full ranking at Decision Lab’s website.
Since its establishment in 1993, Vietnam's insurance industry has achieved notable progress, with an expanding number of firms and a broader range of products, particularly in life insurance. Despite being smaller in scale than its regional counterparts, the sector faces a promising future due to the growing demand for insurance from organisations and individuals. The government's dedication to enacting supportive policies and enhancing insurance regulations positions the Vietnamese insurance market for continued growth in the coming years.
Decision Lab, YouGov’s exclusive partner in Vietnam, has released Decision Lab Best Insurance Rankings 2024. The rankings reveal the top insurance brands in terms of overall brand health and the most improved brands over the past year.
Brands are ranked based on YouGov BrandIndex’s Index Score, a measure of overall brand health calculated by taking each brand's average score of Impression, Quality, Value, Satisfaction, Recommend, and Reputation.
Download the full ranking at Decision Lab’s website.
Overall, the composition of the top 10 brands remains consistent with the previous year, though minor adjustments in their rankings have occurred. Vietnam's premier life insurance company, BaoViet Life, continues to lead the ranking with a score of 7.2.
Prudential (5.6), AIA (5.1), Dai-ichi Life (4.4), and FWD Insurance (2.7) each climbed one position in the ranking, now occupying the second to fifth spots, respectively. Conversely, Manulife experienced a significant drop, descending four ranks from second to sixth with a score of 2.5.
The other brands in the top 10 are Generali (7th), Sun Life Vietnam (8th), Cathay Life (9th), and Chubb Life (10th).
BaoViet Life sees impressive improvements
Download the full ranking at Decision Lab’s website.
Decision Lab released the five “most improved” brands alongside the overall rankings. It is worth noting that all most improved brands are within the top 10 overall.
BaoViet Life leads the improver ranking with a score increase of 0.5. Dai-ichi Life follows with a 0.4-point increase. Generali and Prudential are third and fourth, respectively. Both gain 0.3 points. AIA rounds up the top 5 with an increase of 0.2 points.
Thue Quist Thomasen, CEO of Decision Lab, commented on the rankings, “This finding highlights the importance of brand health, which encompasses public trust and satisfaction.
In a fluctuating market, consumers prefer brands known for their reliability and excellence. This underscores the resilience of these brands and highlights the critical value of a strong brand identity as a guide during uncertain times. As the financial landscape evolves, the strength and vitality of a brand are key to maintaining its growth and leadership position.”
Methodology
The Decision Lab Best General Insurance Rankings 2024 are calculated using data collected from YouGov's online panel in Vietnam daily from the flagship YouGov BrandIndex solution.
The brands were ranked based on YouGov BrandIndex’s Index score, which measures overall brand health calculated by taking the average of Impression, Quality, Value, Satisfaction, Recommend and Reputation.
The Index Rankings chart shows the brands with the highest Index scores between 1 March 2023 and 29 February 2024.
The Index Improvers chart ranks the brands with the highest increase in Index scores, comparing 1 March 2023 and 29 February 2024 with the previous 12 months.
Both scores are representative of the online population of adults 18+.
All brands must have been tracked for at least six months to be included in the rankings and for at least 18 months (as well as currently being tracked) to appear in the Improvers tables.