Clients accuse life insurer Generali Vietnam of deceiving

Several customers with Generali Vietnam insurance policies have accused the Italian-backed firm of making vague contracts and falsifying customer signatures.

A Generali client living in Thu Duc city on Ho Chi Minh City’s outskirts told The Investor that she had recently found problems in her contract following media reports on the Vietnamese life insurance industry.

"I’m a single mom therefore the insured person in my contract must be me and the beneficiaries, my children. I made this clear to the company, but found that the insured persons are my children, not me," she said.

The source added her contract was not signed by her and her son, a relevant person, and that she has to pay premiums within 93 years, until 2113.

"By 2113, I would be almost 125 years old if I’m still alive. How could I pay premiums till then?"

She said the Generali consultant who handled her case had failed to address her concerns, prompting her to meet company representatives in HCMC.

With the deal struck in late 2020, the life insurer gave her 21 days from the date of issue, which was November 30, 2020, to make complaints if any, but she only received the contract on January 15, 2021, up to 45 days later.

She has reported her case to the Generali Vietnam Plaza office at 43-45 Tu Xuong street, District 3, HCMC.

"In the beginning, I thought it was the fault of the consultant. But now, after carefully reviewing my contract and working with people who claim to be Generali representatives in Vietnam, I doubt that this company intentionally deceived me. Besides, there are many other clients in a similar situation," she told The Investor.

Notably, the client accused the consultant of cheating her regarding premiums paid by not submitting the entire sum to the company.

"I have paid premiums six times (in three years), VND12 million ($511) each time. But she said that I only paid five times with a total amount of VND60 million. This thing has been confirmed with me by the company's phone operator," the source said.

Another Generali client who also lives in Thu Duc city told The Investor the signature on his contract was not his, and the duration for him to pay premiums, very long.

"I bought this insurance policy but didn't sign it. However, the contract has my name and my son's name on it with the letters H and P representing our signatures. I have to pay premiums until 2088.

"I wonder if Generali Vietnam has helped its consultants cheat clients. I will make sure to complain."

Generali Vietnam’s customer services manager Nguyen Thanh Huyen said her company needed to double-check all relevant issues before giving feedback to clients on how to solve their cases. However, she has not mentioned a specific time frame.

The company, a subsidiary of Italian financial group Generali, has been present in the Vietnamese market for 12 years, holding a market share of about 2.7%. The market’s current population is around 100 million.

Nguyen Hong Thanh is currently Generali Vietnam’s CEO and legal representative.

By the end of the fiscal year 2022, Generali Vietnam reported a profit after tax of nearly VND600 billion ($25.55 million), equal to 4.5 times of that a year earlier.

As of December 31, its equity was about VND3.56 trillion ($151.4 million). The company's net revenue from its insurance business was VND4.63 trillion ($197.2 million), an increase of VND668 billion ($28.45 million) compared to that in 2021.

The Insurance Supervisory Authority of Vietnam in mid-April requested life insurance companies to ensure the information in their product introduction documents complies with the law. The order came amid complaints from many customers that they had been misled when signing contracts with some life insurers.