PART 1: OVERVIEW OF DAI-ICHI MUTUAL LIFE INSURANCE
Dai-ichi Mutual Life Insurance Company (Vietnam)
Name: Dai-ichi Mutual Life Insurance Company (in Vietnam) (Dai-ichi Life Vietnam for short)
Slogan: #GẮN_BÓ_DÀI_LÂU ( ~ long-term commitment)
Headquarters: Dai-ichi Life building, no.149/151 Nguyen Van Troi street, Ward 11, Phu Nhuan District, Ho Chi Minh city.
Legal status: Active (has the tax registration certificate)
With a workforce of 1,800 employees and a network of 113,000 professional financial advisers, our organization operates through 260 offices nationwide We are proud to collaborate with esteemed partners such as Sacombank, LienVietPostBank, HDBank, SHB, Bac A Bank, VNPost, and Mai Linh Group, boasting a distribution network of over 2,400 trading posts across the country.
The establishment of Dai-ichi Vietnam marks a significant milestone in the 105-year history of Dai-ichi Life Japan, highlighting a pivotal moment in the evolution of financial services through company mergers and transfers in Vietnam Dai-ichi Vietnam is driven by three core missions.
- Contribute to the development of Vietnam society through the provision of products and services for life insurance the best and most advanced
- Provide the highest satisfaction to customers
- Provide satisfaction for staff and Financial Advisors
All the basic products of Dai-ichi Vietnam have the following common characteristics:
- Protection against the risk of financial
- Guarantee insurance benefits premium high-competitive
- Refundable value and maturity benefit
- Offer to scale reduction contract
Figure 1: Structure of Dai-ichi
- General director (Mr Takashi Fujii): The leader of Dai-ichi Vietnam
- Brand director: Director of Brand Development
- Bussiness organize department: Include office staffs like receptionist, accountancy, treasurers, secretary, responsible for given objectives and helping other departments
- IT department: Responsible for information technology system Sales director: Direct the marketing and sale programs, Report directly to the general director, and have responsibility for Sale Results.
The Area Sales Directors oversee sales and marketing initiatives across Northern, Southern, and Central Vietnam, ensuring effective execution in their respective regions They are responsible for reporting sales results to the Sales Director and providing essential support to agencies Additionally, they organize internal competitions to motivate and enhance performance within the company.
- Financial Adviser: Each Financial Advisor is an agency, that directly contacts the customer and provides the best finance solutions for them.
Dai-ichi Life Vietnam has focused on strengthening its individual insurance agents channel through comprehensive training and an expanded sales network The company has also diversified into alternative channels, built strong partnerships, and enhanced its product offerings Since its inception in 2007, Dai-ichi Life Vietnam has consistently grown its market share, positioning itself among the top five life insurers in the industry.
Dai-ichi Life Vietnam is committed to enhancing customer experiences and strengthening its sales framework by leveraging diverse digital platforms, with a focus on sustainable growth through expanded sales and improved operational quality.
(The Annual Report of Dai-ichi Life, 2021)
Dai-ichi Life – Bao Khang Hung Thinh Co.Ltd
Location: Floor 13th, Intracom building, no 33 Cau Dien Street, Phuc Dien ward, Bac Tu Lien district, Ha Noi
Number of employees: more than 80 employees
Main occupation: Agency and insurance brokerage activities
Introduction to my internship
The reason I chose this topic for this internship:
Research indicates that Daiichi has a significant opportunity to expand its insurance market share among individual customers To capitalize on this potential, Daiichi must swiftly leverage its strengths to establish a strong and enduring presence in the market.
This essay explores the key characteristics of insurance products and the quality of services that influence consumer purchasing power and individual customer loyalty Furthermore, it proposes more effective and realistic strategies tailored for individual customers.
From:1/3 To: 10/3 Task 1 / Mission 1: Attend the Training course
Enrich knowledge about insurance and customers From:11/3 To:10/5 Task 2 / Mission 2: Work as a telesales
Gain practical experiences when dealing with real cases From: 25/3 To 25/4 Task 3 / Mission 3: Do research, collect, and analyze data(marketing, finance, sale…) to seek more potential customer
From: 20/4 To 10/5 Task 4 / Mission 4: Finish internship
PART 2: INTERNSHIP IMPLEMENTATION AT DAI-ICHI LIFE – BAO
The internship position, responsibilities, and tasks
2.1.1 Department structure of an internship position
Upon being accepted as a trainee at Dai-ichi Life – Bao Khang Hung Thinh branch, I joined the business department, which comprises 70% of the company's workforce This department includes numerous collaborators and trainees, totaling over 50 employees, organized into several small business groups I am fortunate to be part of the sales team, under the guidance of my tutor, Mrs Nguyen Thi Phuong.
As a sales intern, my primary responsibility involves telesales using customer data provided by the company, with a focus on promoting our diverse range of products, including "insurance for singles." Throughout this experience, I have gained valuable knowledge about insurance products, honed my sales skills, and learned effective customer research techniques to enhance customer engagement.
Interns at the Daiichi Life - BKHT branch have the flexibility to manage their own work schedules, with a requirement to work a minimum of four days per week My personal schedule at the branch consists of working Monday through Saturday, with morning hours from 8:30 AM to 11:30 AM and afternoon hours from 2:00 PM to 5:00 PM.
In the mornings, I engage in telesales, making a minimum of 50 calls to potential customers as instructed by Mrs Phuong During these calls, I present our products and invite customers to a brief meeting with our manager or personal customer relationship specialists This meeting aims to provide more tailored information about our offerings, including options like "insurance for singles," based on the specific needs of each customer.
In the afternoons, I focus on enhancing my understanding of insurance products to confidently present them to customers without relying on a telesales script Additionally, I collaborate with my colleagues and manager on various tasks, including documentation, media projects, and brainstorming ideas for product and business development.
Key performance Indicator – KPI
Table 2 KPI for permanent employees of the Bussiness Department
The basic salary for permanent employees in the business department is 6 million VND per month for a full 28-day work schedule, along with an additional allowance of 700,000 VND monthly The primary income for business professionals is derived from turnover, and with our product "insurance for singles," the turnover rate is 7% of the total proceeds generated from this offering.
Interns at our company receive 80% of the basic salary without any additional allowances, as we do not have a formal contract in place Notably, the contribution of interns accounts for only 5% of the total proceeds generated from our products.
Service analysis
2.3.1 The product “Insurance for singles” of Dai-ichi Life:
Daiichi Life insurance packages are tailored to meet the diverse needs of various customer groups, demonstrating the company's deep understanding of its clients This approach ensures that Daiichi effectively addresses the logistical aspects required for sustainable development in the insurance sector.
Major products in insurance can be purchased independently, without requiring additional products in the policy These include both shared and non-shared participating products Each standard insurance package offers two types of benefits: basic interest and advanced interest.
- The basic right is life insurance, which is more about accumulation
- Advanced benefits are health care insurance such as Comprehensive premium insurance, premium accident insurance, global health care insurance
Dai-ichi Life Vietnam provides single customers with a range of comprehensive financial savings and protection solutions through three key insurance packages: An Thinh Dau Tu, An Phuc Hung Thinh Toan Dien, and An Tam Song Hanh.
An Thinh Dau Tu (ATDT) package:
In every stage of life, having structured plans and dreams is essential for individuals to take charge of their current and future circumstances ATDT is an inter-investment insurance product designed to ensure financial stability today while providing avenues for effective asset accumulation and investment growth for tomorrow Backed by the expertise of Japan's premier financial institution, customers benefit from a diverse and high-quality portfolio, which includes leading Vietnamese stocks, bonds, deposits, and various fixed-income investment options.
+ To protect oneself and your family at all risks in life.
+ Asset creation is efficient and sustainable with professional investment support from Japan's leading financial company.
+ 5 special investment solutions, suited to a wide variety of investment needs and tastes.
+ Opportunity to invest in a portfolio of the financial industry and 30 leading companies in capital and liquidity in Vietnam.
+ Flexibility to change the investment solution in the face of market volatility or demand.
Create assets through a variety of investment options by choosing one or more funds from our five unit-linked offerings: Lead Fund, Dynamic Finance Fund, Growth Fund, Development Fund, and Conservation Fund.
Invest with confidence in ATDT Investment funds, expertly managed by seasoned financial professionals from One Dai-ichi Life Vietnam (DFVN) and backed by the extensive investment experience of Dai-ichi Life, a top financial group in Japan Independent supervision of fund investments is provided by HSBC, ensuring transparency and reliability Annual investment results are thoroughly audited and made available at www.dai-ichi-life.com.vn.
+ The attractive bonus increases capital:
To receive a bonus on your insurance policy, ensure that you have maintained regular due fees for the past three years You will earn a 3% bonus on the fund value at the end of the third year, with additional bonuses of 6%, 9%, 12%, 15%, 18%, and 21% based on the contract's fund value The higher the fund value, the greater your reward will be.
+ The Governor-general takes initiative when demand or financial markets change: Flexibility charges up to 10 times the basic premium per year During the period of participation, you could:
Change the rate of investment in the funds
Transferring the value of the fund units between funds
Drawing part of the contract fund's value
Depending on financial capacity and actual demand, it is possible to vary the fees from five onwards.
+ Get all of the investment returns: When the contract expires, you will get 100% back of the value of the fund created.
+ Lifetime protection to enjoy life:
At reasonable rates, investment security gives you full protection against life's risks until you are 99 years old.
Comprehensive coverage ensures that in the event of total and permanent disability or death before the age of 65, the insured will receive both the insured amount and the complete value of the contract fund.
+ Increasing insurance benefits in case of accidental death:
Receiving an additional 20% of the insured amount, up to VND 1 billion if the insured dies due to an accident between the ages of 5-65.
+ To receive immediate assistance with post-compliance benefits:
Dai-ichi Life Vietnam offers prompt support to customers by advancing 10% of the insured amount, up to a maximum of 30 million VND per insured individual, in the event of death, without the usual waiting period for insurance benefit approval.
+ To actively adjust and increase protection: During the period of participation, you might:
Increase or decrease insurance amounts according to demand at each stage of life.
Add a reasonable fee to add complementary products and increase protection for yourself and your family in case of accidents, serious illness, hospitalization
Age of Participation: From 30 days - to 65 years old
Maximum age at end of insurance: 99 years old
An Phuc Hung Thinh Toan Dien (APHTTD) package:
Ensuring a life of comfort and abundance for family is a top priority for customers, making it essential to start financial planning today for future needs A well-structured financial plan is crucial for achieving desired outcomes The APHTTD insurance product offers peace of mind by providing comprehensive protection against life's risks while also promoting prosperity through effective investment strategies that combat inflation.
+ Yield: The announced rate adheres to the actual investment results while ensuring not lower than the committed minimum interest rate.
+ Meeting short-term financial needs: receive periodic cash payments every three years on the contract.
+ Comprehensive Protection: Protective rights when the risk of death or disability is full and permanent.
+ Maturity: Receipt of full contract value upon maturity.
Investing for the long term is made secure with our team of seasoned investment professionals, backed by Dai-ichi Life Japan, a renowned life insurance company with over a century of expertise This partnership ensures that your savings are managed in a stable and efficient manner, providing you with peace of mind in your investment journey.
The opt-out process is nearing completion, offering customers greater flexibility with suitable pricing terms This allows them to finalize their charges while maintaining their short-term spending plans and achieving their long-term financial goals.
+ Precedence over enrolment into universities within the Laureate International system in the United States ensures the comprehensive development of future generations.
- The right to invest & protect:
+ The right to receive the effective monthly return on investment:
The insurance policy value for customers will accumulate steadily, featuring an appealing announcement rate that is updated monthly on Dai-ichi Life's official website This rate is guaranteed to remain at or above the minimum guaranteed rate, ensuring stability and security for policyholders.
This insurance product offers a minimum guaranteed rate of 3% annually for the initial five years, followed by a 2% rate from the sixth to the tenth year, and a 1% rate for the duration of the policy thereafter.
Every three years, the contract enables you to receive regular cash payments to meet your short-term financial needs Alternatively, you can choose to leave this recurring cash with Dai-ichi Life Vietnam, where it will earn monthly interest.
+ Rights when the Contract Expires
Business cases
Case No.1: ( Succeed – customer buys insurance for member family)
The information of the customer: participate in day insurance: 16/04/2022
Full Name Age Gender Insurance
Participation Insured person Nguyen Viet
Care Insurance Insurance buyer Nguyen Thi
Table 3: Information of customer no.1
The information of products that customers participate in:
• An Tam Hung Thinh Toan Dien with time to join is 25 years
- Insurance fees: 20 million VND per year
Protection benefits: help customers reduce economic pressure when being killed by accident or cancer
Investment benefits: enjoy an interest rate of 5-7% per year
• Health Care Insurance: annual renewal
- Insurance fees: 1.962.000 per year is a premium health care package
- Product benefits: Customers are paid for inpatient, outpatient, and dental examination
Table 4: Conditions for Insurance participation
The special rights of this package for insurance buyer:
- Draw or triple the cash response from the contractual account value whenever from the second five contracts to meet the short-term spending needs.
- Options increase or decrease the amount of flexible insurance, according to financial capacity and the need for protection in each stage of life.
- Options for premiums are flexible according to the financial situation at each time.
- Additional inputs are obtained at any given time through premium payments.
Increasing your insurance coverage is straightforward and doesn't necessitate a re-evaluation of your health during significant life events, such as pregnancy, marriage, or when starting elementary, junior high, high school, or college.
The information of the customer: participate in day insurance: 25/03/2022
Full Name Age Gender Status Product
Pham Thi Hoa 34 Female Single An Thinh Dau Tu
Pham Thi Hoa 34 Female Single An Thinh Dau Tu
Table 5: Information of customer no.2
Clients may face ineligibility for health insurance due to medical examination results, particularly when a family history of diabetes leads to elevated blood sugar levels, resulting in a Type 2 diabetes diagnosis However, having Type 2 diabetes does not eliminate the possibility of obtaining life insurance with Daiichi Customers who effectively manage their diabetes can benefit from lower premiums by demonstrating controlled blood sugar levels and regular medical care Maintaining optimal blood sugar through dietary changes and lifestyle adjustments can further enhance their insurance options.
According to Daiichi, type 2 diabetes is generally less risky than type 1 diabetes due to its quicker response to lifestyle changes Additionally, as individuals age at the time of their type 2 diabetes diagnosis, their chances of obtaining life insurance with favorable terms decrease significantly.
Clients with a history of heart disease face challenges in obtaining life insurance, particularly from companies like Daiichi Despite promoting insurance options for diabetics, there remains a lack of interest in covering individuals with diabetes alongside other serious risk factors such as heart disease, high blood pressure, and stroke The combination of diabetes and heart disease significantly lowers the likelihood of securing life insurance, as these conditions are considered serious medical risks, leading Daiichi to reject such applications.
Figure 8: Some pictures of the Internship
PART 3: INTERNSHIP ASSESSMENT
The difficulties encountered
- I have difficulties in dealing with overwhelming workloads and getting used to a new and professional working environment
During my three-month internship, I faced challenges related to limited time and financial constraints With numerous skills to learn and practical experiences to gain, I dedicated significant time to studying relevant materials As a student without an income, I also sought extra financial support from my parents to cover expenses such as transportation and gifts.
- In comparison to senior colleges, my understanding of insurance was still rather limited When introducing products to customers, there have been certain product concept errors.
Internship gained
Adapting to new working conditions has been a valuable learning experience for me By following my office's schedule, I have become familiar with my coworkers and the company culture, which is a significant shift from my college days These experiences are essential for building my confidence as I prepare to enter the insurance industry.
At Dai-ichi, I participated in a foundational insurance knowledge course that enhanced my English skills through interactions with international clients This experience is invaluable for my current role and will greatly benefit my future career.
Working in a professional environment is fulfilling as it enhances my skills and fosters effective communication with clients and colleagues This atmosphere not only allows me to develop valuable relationships but also helps me forge friendships that provide support in both my career and personal life.
Career plan
Following my internship, I gained valuable insights into my personal skills and identified weaknesses that surfaced in a professional setting This experience has allowed me to establish clear directions for my career plan and set specific goals for the coming years.
Gaining a deep understanding of insurance knowledge and products is essential for success in the industry My professional experience allows me to apply theoretical concepts and conduct direct research, leading to effective learning and practical application This advanced knowledge not only enhances my skills but also enables me to make informed decisions about future career opportunities Furthermore, it empowers me to provide valuable and insightful advice to my clients, ensuring their needs are met effectively.
Completing my graduation paper with high grades is essential, as it significantly enhances my CV and facilitates smoother recruitment into future companies, while also unlocking attractive job opportunities.
After my internship at Dai-ichi Life, I recognized it as the perfect workplace for recent graduates due to its dynamic atmosphere, friendly colleagues and management, competitive salaries aligned with skills and roles, robust welfare benefits, and ample opportunities for learning and knowledge exchange My aspiration post-graduation is to become an office staff counselor at Dai-ichi Life.
For long-term goals, I still wanted to continue to follow my chosen career. Thanks to the loving support and teaching of my lecturers, the professors of the two
Through my studies at TM universities and the University of Toulon, I developed a solid foundation in Financial-Banking-Insurance, which has been crucial for my training and future aspirations This experience also helped me identify my passion for a career in insurance, motivating me to pursue a master's degree to enhance my skills My decision to further my education was driven by two key factors: a deep interest in the insurance sector and a long-term goal of attaining a senior management position within a multinational insurance company.
During my three-month internship at Dai-ichi Life Insurance Company, I gained invaluable experience and insights into life insurance, particularly in health care insurance This opportunity enhanced my understanding of insurance services and the buying process Under the mentorship of Financial Counselor Nguyen Thi Phuong and the supportive team, I developed essential skills, learned to work independently, and built confidence in my interpersonal relationships The knowledge and soft skills I acquired will significantly impact my future career I am grateful for my time at Dai-ichi Life-BKHT Branch, as it was a pivotal decision for my professional growth, and I am confident that the branch will continue to thrive in the future.
For comprehensive insights into the insurance landscape in Vietnam, refer to reputable sources such as Dai-ichi Life's official website and their educational platform, which provide detailed information on their services and interest rates Additionally, explore resources from Bao Viet, Manulife, and Prudential for diverse perspectives on the market To enhance your understanding of industry trends, consult the Statista database, which offers valuable statistics and reports For corporate governance and financial performance, Dai-ichi Life's annual reports are essential references.