ENTERPRISE SUSTAINS AND GROWS IN COVID 19 TIME – OPPORTUNITY FROM ADAPTATION
BAOVIET Life (BVL), a subsidiary of Bao Viet Holdings, which is the leading Vietnamese financial services conglomerate offering a full range of financial products including general insurance, life insurance, asset management, banking and property management. Bao Viet Life is the largest life insurance company in Vietnam with market share of 21%, selling life insurance through a distribution network of 76 branches across the country and 165,000 financial advisors. Recently, Global Banking and Finance awarded the company as the Best Life Insurance Company Digital Transformation Vietnam (2021), Best life insurance customer satisfaction and happiness (2021).
We talked to Mrs. Than Hien Anh, the Chairwoman of Bao Viet Life Corporation about the critical success factors of the business during the Covid 19 pandemic. Mrs. Than Hien Anh has been the Chairwoman of the company for 7 years and before 2017 she was also the company’s CEO. She comes from a banking, finance and insurance background and has had an MBA from the University of Birmingham, the United Kingdom. Her focuses of company strategy are health and wellness solutions, age care, digital transformation, talent development and sustainable development.
The Covid-19 crisis has had a major impact on health, economy, and business operations globally so far. Businesses adapt to the new normal circumstances by making their best efforts to balance the health safety of the community, cutting costs and redirecting investments to the factors that push business growth up.
Operating in the life insurance field, as soon as Covid 19 first appeared in Vietnam in March 2020, Bao Viet Life Corporation reviewed the level of risk, assessed the impact of the epidemic on the health of Vietnamese community and business activities to find new ways to adapt and sustain growth. We asked a question: what life insurance businesses should do to promote their role in protecting people’s health during the pandemic, said Mrs. Than Hien Anh – Chairwoman of Bao Viet Life Corporation. Strengthening communication so that people understand properly and fully the protective role of life insurance, maximize application of technology in management and operation, and at the same time improve service quality and customer services are three key solutions of Bao Viet Life.
According to a report by the Vietnam Insurance Association, Bao Viet Life five life insurance policy holders, one person is a customer of Bao Viet Life. Once a life insurance contract is signed, an additional family will be protected against Covid 19 and unpredictable risks of natural disasters, fatal diseases, accidents…
Taking carefulness and dedication from small things so that customers are protected by the best insurance solutions is the working principle of each financial of Bao Viet Life. 90% of customers’ comments and questions are recorded, answered, and resolved by Bao Viet Life at the first time with duration of half a day and an approximate 100% satisfaction rate. The contract issuance process is quick and easy, which is only one day and a half, and the handling process of insurance claims takes place within 15 minutes with unlimited payouts. In addition, during the period of the Covid 19 pandemic and natural disasters, storms and floods, special support policies that Bao Viet Life offers customers such as: 1) Issuing and applying policies to settle insurance claims especially for customers at risk due to Covid 19; and 2) Support to complete procedures, prioritize the settlement of insurance claims for customers experiencing disaster risks, which have had positive effects, bringing the highest satisfaction to customers across the country.
Bao Viet Life always encourages its people to double and triple their efforts, to find new solutions, overcome all difficulties to maintain the top position, the spirit of the leading business in the life insurance industry, and at the same time to join hands together with the Government to ensure the dual goals: protecting people’s health against the pandemic and increasing the maximum employment rate and maintaining economic growth, Mrs. Than Hien Anh emphasized.
The Covid 19 crisis is a time when the spirit of the people in general and workers in particular need to be constantly strengthened and encouraged. Understanding that, during the pandemic, Bao Viet Life still ensures maximum benefits for its employees. Bao Viet Life is also the first company in the insurance industry to donate VND 30 billion to the Government’s Covid-19 vaccine fund, of which VND 15 billion is registered for purchasing protective vaccines for front staff and financial advisors of Bao Viet Life. Its people, do, therefore, trust in the humane and sustainable development orientation of Bao Viet Life and in the prospects of the business and wish to stay with it for a long time.
The awards of Life Insurance Enterprise with the best digital transformation application in Vietnam (2021) and Life Insurance Enterprise that brings the most satisfaction and happiness to Vietnamese customers (2021) which are the results of votes by the readers of Global Banking and Finance Magazine have recognized Bao Viet Life’s contributions to the country’s life insurance industry. Joy and pride spread when Bao Viet Life received the two prestigious international awards in the year of its 25th anniversary. Bao Viet Life is committed to continuing to promote its role as a leading enterprise, joining hands with businesses in the life insurance industry to bring the best protection solutions to the Vietnamese people.
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