The Korea Insurance Development Institute (KIDI) announced on Friday that it signed a business agreement with the Vietnam Insurance Development Institute (VIDI) to support the establishment of insurance infrastructure in Vietnam.
Since 2015, KIDI has been exchanging information with Vietnam's Insurance Supervisory Authority through a memorandum of understanding (MOU), and the authority established VIDI, modeling it after Korea's Insurance Development Institute.
KIDI plans to conduct training sessions in the areas of underwriting and actuarial science for VIDI and support the establishment of a Vietnamese insurance database for risk assessment.
It will share basic statistics collection and processing methods for premium calculation in life insurance and auto insurance fields, and transfer step-by-step know-how for estimating risk rates by coverage.
KIDI will share knowledge about the database for premium calculation and propose database management strategies suitable for the Vietnamese market environment.