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Non-life insurer PVI Insurance prospers despite pandemic

Update: November, 29/2021 - 08:38

Despite mounting difficulties in recent times many businesses have succeeded in weathering the storm and posting excellent performances, and Vietnam’s most profitable non-life insurer, PVI Insurance, is a shining example of that.

Leveraging flexible adaption plans, timely introduction of synchronised measures for both retail and wholesale services and accelerated sales of insurance products via e-commerce platforms in the second quarter and early third quarter this year – when most peers saw a critical decline in revenues – meant PVI Insurance still posted growth surpassing 10 per cent in such revenues.

More than that, this year the company has held on to its pole position in the non-life insurance market in terms of market share, and maintained its number one position in business efficiency and various other financial criteria.

Through cost efficiency, PVI Insurance posted $329.7 million in revenues in the first three quarters of 2021, or 107.8 per cent of the target and a 10.3 per cent jump year-on-year.

With its upbeat business performance and outstanding profits in 2020-21, the company became the sole insurer to make it to the list of the top 50 best profitable businesses in Vietnam.

The top 50 list compiled by Vietnam Report has businesses with excellent profitability that have succeeded in maintaining a steady performance in 2020-21 despite the impact of the pandemic.

In the latest PROFIT500, which lists the 500 most profitable companies in Viet Nam, PVI Insurance ranks 66th among private ones, nine spots up from 2020, and placed 133 out of assorted economic sectors, up 20 places.

Vietnam Report’s survey results found that the top strategy of businesses was to ramp up investment in digital transformation.

The top five expectations of PROFIT500 companies while investing in digital transformation are speeding up revenue growth, supporting data analysis and management and tracing reports in a swift and accurate manner, cutting costs and enhancing business efficiency, improving labour productivity, and strengthening competitiveness.

Sharing the mindset with its PROFIT500 peers, PVI Insurance has scaled up investment in its IT infrastructure to best avail the advantages of e-commerce platforms, particularly with major trading partners, bringing a new experience to customers and optimising the efficiency of supervision and compensation activities.

PVI Insurance is among the pioneers in offering online products and one of a handful of businesses deploying e-certificates for compulsory liability insurance. The company has also been solid in industrial insurance, with revenues growing by 16.3 per cent from a year ago.

It has also made major contributions to the COVID-19 fight. It has fully complied with the guidance on pandemic prevention since the problem emerged, and deployed safety measures seamlessly to minimise the impacts on daily operations.

It has donated over $43,000 to the frontlines in the fight against COVID by working with the health sector Trade Union to provide insurance cover to medical staff.

It also contributed $87,000 to the country’s COVID-19 vaccine fund, frontline medical facilities like Ho Chi Minh City’s Thong Nhat Hospital, the Hanoi Medical University Hospital, Ha Noi Central Pediatrics Hospital, and Hanoi’s Hospital 108, and the Ho Chi Minh City and Hue health departments.

For its philanthropic activities, this year PVI Insurance won the Best CSR Insurance Company Vietnam and Best Non-Life Insurance Company Vietnam awards from the UK’s International Finance Magazine.

It is the only non-life insurer in Vietnam to have won IFM awards, having picked up the Best Insurance Company award in 2013.

Amid the ongoing pandemic problems, achieving the business targets set out for this year is proving to be a challenging task. But PVI Insurance still has ambitious targets, including achieving $434.7 million in revenues and maintaining its top position in operation efficiency to commemorate its 25th anniversary.

A company spokesperson said the valuable experiences in coping with market vulnerabilities in 2020 and the outstanding outcomes of the first three quarters of this year show that PVI Insurance is on the right track and likely to achieve the targets.

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