HÀ NỘI — No longer confined to a single area of expertise, many experienced professionals in sectors such as real estate, banking, automotive and luxury services are expanding into insurance consulting, seeking to broaden the value they offer clients while diversifying income streams in an uncertain economic environment.

As client concerns broaden

Phạm Thanh Tùng, a 42-year-old consultant who has worked in HCM City’s high-end property market for nearly a decade, said he began expanding into insurance as client expectations evolved.

He said that once consultants have mastered their craft, accumulated sufficient experience and built a stable client base, focusing on a single area of expertise may no longer meet increasingly diverse client needs and could limit the value of their advice.

“Clients are becoming more cautious and focused on risk management,” Tùng said. “Over the past two years, I have studied insurance more deeply so I can offer asset protection solutions instead of simply closing a property sale.”

Banking professionals report similar shifts. Thanh Vân, a priority banking specialist at a commercial bank in Hà Nội, said affluent clients are increasingly seeking advice on protection and investment products alongside traditional banking services.

“Clients are now more concerned about safety and long-term family planning,” Vân said. “Insurance has become a necessary part of the consulting process.”

Industry observers say the shift reflects not a full career change but an expansion of advisory roles.

Rising demand boosts insurance consulting prospects

Ngô Trung Dũng, Deputy Secretary-General of the Insurance Association of Vietnam, said professionals from banking, real estate and luxury services already have strong client networks and advisory experience that can be extended into insurance consulting.

“This is a natural expansion of the consulting role rather than a complete career switch,” Dũng said. “Insurance is increasingly integrated into long-term financial planning and allows consultants to maintain closer client relationships.”

Việt Nam’s insurance market is equivalent to about 3 per cent of GDP, compared with a global average of 6.7 per cent, underscoring room for growth.

The gap has encouraged many experienced consultants to view insurance as a long-term opportunity and a way to diversify income during periods of economic volatility.

Experience needed, but training still required

However, industry executives say prior consulting experience alone is insufficient for success in insurance.

Dũng said new entrants must undergo formal training in insurance products, legal regulations and risk management to meet professional standards and improve advisory quality.

“Even with strengths in finance and client relations, they still need thorough training to help customers understand the true value of insurance and build long-term trust,” he said.

Major insurers such as Bao Viet and Manulife have rolled out in-depth training and development programmes for recruits from outside the industry, aiming to build a pipeline of qualified consultants as demand for financial advisory services grows. — VNS