PVI Insurance remaining market leader

August 29, 2022 - 10:50
Reputation and brand name are the keys to positioning and creating a sustainable foundation for an insurance business.

As the story of PVI Insurance Corporation (PVI Insurance), the No. 1 non-life insurance company in Viet Nam insurance, illustrates.

Assert its position

PVI Insurance has always maintained an impressive growth rate, offering great benefits to its customers, shareholders and employees. PVI overcame many difficulties and challenges and had the right business plans, flexibility, adaptability in administration.

Since June 2019 it effected a fundamental change in its way of doing business: from “focusing on scale” as traditional to “focusing on efficiency and only scaling up if it is effective.” a great will, aspiration and vision.

For the last three years PVI Insurance has maintained an unassailable position as the No. 1 in Viet Nam's non-life insurance market. 

PVI Insurance signs an agreement with the Vietnam Farmers Union

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Despite the complicated developments of Covid-19 in 2021, PVI Insurance surpassed the revenue milestone of VND10 trillion for the first time by achieving 106.4  per cent of its target. Its pre-tax profit was VND790 billion, 122.4 per cent of the target.

In the first half of 2022, amid the "new normal", PVI Insurance achieved revenues of nearly VND6,759 billion, equivalent to 118.5% of the half-yearly goal and 63.6% of the full-year target and representing an increase of 24.2% over the same period in 2021.

Revenues from original insurance increased by 19.7 per cent, and pre-tax profit topped VND 326.6 billion, or 133 per cent of the six-monthly target and 52.9 per cent of the year’s target. These results confirm PVI Insurance’s top position in the non-life market (with a share of 16 per cent).

To create a foundation for its sustainable development, PVI Insurance has entered into a number of long-term tie-ups notably with the Vietnam Farmers Union to support and improve the welfare of its members, contributing to social security and enhancing the prestige of the union and its own brand, products and services. 

PVI Insurance has so far signed agreements with farmers unions in 56 out of 63 provinces and cities in Vietnam. 

The total number of members of these unions who have registered for training and certification exams has reached nearly 10,000.

PVI Insurance also works with Vietnam Social Insurance to collect social insurance and health insurance premiums and develop participants for voluntary social and household health insurance through its nationwide network. 

PVI Insurance is the first insurance company to cooperate with the Vietnam Farmers Union and Vietnam Social Insurance to expand its sales channels to reach individual customers.

This is a breakthrough for PVI Insurance in its quest to create a solid retail system for businesses as well as bring practical value to customers.

Earlier PVI Insurance also signed agreements with the Vietnam General Confederation of Labour (VGCL) and Vietnam Medical Union to provide preferential products and services to individual customers.

PVI Insurance General Director Mr. Pham Anh Duc (first from right) and Chairman Mr. Duong Thanh Francois (first from left)

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Brand creates success

According to PVI Insurance, one of the key factors in achieving impressive results is the development and constant improvement of a modern governance model based on international standards. 

This helps PVI Insurance operate efficiently and professionally, and also transparently, enabling customers and partners to clearly understand its operations. Customers' trust is also built and nurtured as a result.

This is confirmed by A.M Best, one of the world's leading financial rating agencies, which in addition to assessing PVI Insurance's financial capacity as very strong, also underlines its good operational efficiency and appropriate risk management systems.

As a PVI Insurance executive pointed out: “We are the first Vietnamese insurer to receive a B++ (Good) rating for financial strength from A.M Best, and are striving to improve the rating to A- as soon as possible. 

“Strong financial capacity is one of the prerequisites to receive the consent of customers, especially international customers.”

An important element that distinguishes the PVI Insurance brand is the differentiation in products and services provided to various customers. 

For more than 26 years PVI Insurance has performed the tasks of consultancy and risk management very well, ensured safety and promptly recompensed losses suffered by Vietnamese and foreign partners and customers, especially those in the oil and gas industry.

PVI Insurance has a team of highly qualified personnel of international standards in a harmonious combination of richly experienced individuals, new, enthusiastic and dynamic employees and a leadership team with a will aspiration and vision. 

This is PVI Insurance’s invaluable asset, a huge plus when customers look for an insurance business to place their trust in.

Ready for foray into neighbourhood

PVI Insurance is constantly innovating, improving its efficiency, optimising and digitising its sales processes, and settling claims to offer ever higher value to customers, shareholders and partners. 

In the coming time the company is determined to maintain its leading position in the commercial and industrial insurance, develop a retail system in the domestic market and steadily expand into the Southeast Asian market.

PVI Insurance is confident of achieving its 2022 goals and long-term development orientations.

In the first half of 2022, amid the ‘new normal,’ PVI Insurance achieved total revenues of nearly VND6.759 trillion, a 24.2 per cent increase from the same period in 2021. Revenue of original insurance increased by 19.7 per cent, underlining PVI Insurance's No. 1 position in the non-life insurance market (with a 16 per cent market share).