In 2016, Bao Viet Thai Nguyen continued to affirm its leadership in the non-life insurance market in Vietnam, sustainable development and friendliness with customers. In the context of growing competition, which forced many insurers to suffer a decline, Bao Viet Thai Nguyen proved its leadership with high growth of over 10 per cent and its premiums reached VND75 billion, accounting for nearly 40 per cent of the market share. The secret to this success lies in the company’s approach: Customer is the centre of business.
The company is operating in dynamic Thai Nguyen province - a major socio-economic centre in the northeastern region which has many advantages in geographical position, economic policies, population and high knowledge level and rising incomes of people. This promises great potential for growth.
Ms Hoang Thi Thuy, Director of Bao Viet Thai Nguyen, said, “Based on its business strategy, Bao Viet Thai Nguyen focuses on serving target clients, including individual clients and corporate clients. The firm is committed to placing clients at the centre of business and serving clients with the best products and services anytime, anywhere. In particular, the customer service hotline which runs around the clock is an outstanding commitment to delivering best services.
Diversifying products to best meet customer needs
Bao Viet Thai Nguyen is the No. 1 insurer of human, health and motorised vehicles by revenue. Retail revenue (vehicles, health and human) is the main source of income and strengthens its sustainable development and growth quality. In 2016, Bao Viet Thai Nguyen launched many innovative products to meet clients’ expectations such as health insurance and cancer insurance. It also constantly improved service quality, especially after-sales services. In 2017, to diversify its products, Bao Viet Thai Nguyen will continue to offer high-end insurance products with compensation coverage of over VND1 billion, particularly global medical examination and treatment programme to meet increasing market demands.
Affirming the capacity of long-standing insurer, market leader
Not only taking care of service quality, customers also pay special attention to the capacity of insurers. Therefore, reputable, financially viable insurers always weigh up customer choices. Not only caring about their rights and interests and customer services, the compensation is also the concern of customers. Therefore, Bao Viet Thai Nguyen is investing heavily in advanced management technologies, reducing costs, ensuring publicity and transparency in the process of solving insurance benefits for customers.
Customer trust in Bao Viet Thai Nguyen is clearly evidenced by sales results. In 2016, the company enjoyed impressive growth of over 10 per cent, earned premiums of VND75 billion, accounting for nearly 40 per cent of the market share, and paid VND4 billion to the State Budget.
After one successful year, Bao Viet Thai Nguyen is aiming for new targets, with the customer-centred approach chosen as the compass for all activities.