Luận văn thạc sĩ quản trị kinh doanh quốc tế MBA (274)

GRIGGS UNIVERSITY GLOBAL ADVANCED MASTER OF BUSINESS ADMINISTRATION PROGRAM CAPSTONE PROJECT REPORT BUSINESS DEVELOPING STRATEGY 2011 – 2015’s OF VIETNAM NATIONAL AVIATION INSURANCE COMPANY Group Number: 02 Student’s name: DINH QUY CUONG NGUYEN MAI HANH LE MINH TRONG NGUYEN HUY LIEU Ha Noi 2011 ACKNOWLEDGEMENTS During the implementation of this thesis we have received much help and encourage more business agencies, and individuals We would like to thank teachers of all subjects - A respected teachers who dedicated guide and encourage us perform complete this master of capstone project reportcapstone project report We would like to thank the Board of Manager, the Director of Vietnam National Aviation Insurance Company, and colleagues have created favorable conditions, and help us in every way during the learning process in MBA course and make the economic master of capstone project report at Vietnam National Aviation Insurance Company We would like to thank colleagues working in enterprises, collective grade students: GaMBA.X0810 2010 course Griggs University has helped us in providing the documents and data for the implementation of this capstone project reportthesis Many thanks! COMMITMENTS Our group would like to commit: This theme is the research result of our group, not of any individual in the group Analyses in the theme of our group base on theory learned at class GaMBA.X0810 together with materials provided by the school and other references Data mentioned in the research are true and have clear origin After being consulted by Subject Group of the school, our group has acquired and supplemented and amended the report in conformability to the requirements of the program, and ensure objective independence in our own research TABLE OF CONTENS Pages Acknowledgements Commitment Table of contents List of Abbreviations List of tables List of figures and charts INTRODUCTION 10 Reasons for select theme 10 Research Objective 10 Research object and scale 11 Research Methods 11 Scientific implication of the theme 11 Theme structure 11 Chapter I: Rationale of the overall business strategy 12 1.1 Business strategy 12 1.1.1 The concept of strategy 12 1.1.2 Classification strategy 12 1.1.2.1 Company strategy 12 1.1.2.2 Business strategy 12 1.1.2.3 Functions strategy 13 1.1.2.4 International Business Strategy 13 1.1.3 Role of strategy 13 1.2 Build process strategy 14 1.2.1 Analysis of external environment 14 1.2.1.1 Analysis of general environment 14 1.2.1.2 Analysis environment sector 16 1.2.2 Analysis of internal environment 17 1.2.2.1 Finance 17 1.2.2.2 Human resources and organizational 17 1.2.2.3 Technique and technology 18 1.2.2.4 Management 18 1.2.2.5 Marketing 18 1.2.2.6 Competitive advantage 18 1.2.3 SWOT matrix synthesis 18 1.3 Strategic options 20 1.4 Implementation strategy 20 1.5 Strategy assessment test 20 Chapter 2: Analysis strategy bases formulation 21 2.1 Introduction about Vietnam National Aviation Insurance Company 21 2.1.1 Company’s history 21 2.1.2 Products and services of VNI 22 2.1.2.1 Products 22 2.1.2.2 Services 23 2.1.3 Operation situation of VNI from 2008 to 2010 24 2.2 Analysis business strategic of VNI 30 2.2.1 Analysis of external environment 30 2.2.1.1 Economic environment 30 2.2.1.2 Political, Governmental, Legal environment 32 2.2.1.3 Cultural and Social environment 33 2.2.1.4 Technological environment 34 2.2.1.5 The Nature of environment 35 2.2.1.6 Analysis industry environment 35 2.2.1.7 External Factor Elements Matrix (EFE) 44 2.2.1.8 Competitive Profile Matrix (CPM) 48 2.2.2 Analysis internal factor of VNI 50 2.2.2.1 Finance and insurance capacity 50 2.2.2.2 Human resources and organization 51 2.2.2.3 Technological 53 2.2.2.4 Management and Administration 53 2.2.2.5 Marketing 54 2.2.2.6 Build a culture of VNI 57 2.2.2.7 Internal Factor Elements Matrix (IFE) 58 Chapter III: Building business strategy for VNI to 2015’s 60 3.1 Perspective target 60 3.1.1 Perspective 60 3.1.1.1 Perspective of the government's strategic direction for Vietnam's 60 Insurance market to 2015 3.1.1.2 Perspective of building business strategy to 2015 61 3.1.2 Objectives 61 3.1.2.1 The objective of building 61 3.1.2.2 The objective of the VNI to 2015 62 3.2 Development strategy 63 3.2.1 Develop strategic plan: SWOT Matrix 63 3.2.2 The Grand Strategic Matrix 65 3.2.3 Analysis of the proposed strategy 66 3.2.3.1 S-O group strategy 66 3.2.3.2 S-T Strategy Group 68 3.2.3.3 W-O group strategy 69 3.2.3.4 W-T strategy group 70 3.2.4 The decision stage selection 70 3.2.4.1 Quantitative Strategic Planning Matrix (QSPM) 70 3.2.4.2 Strategy selection 75 3.3 Measures of strategy implement 75 3.3.1 Marketing solutions and customer care 75 3.3.2 Distribution solutions 79 3.3.3 Product Solutions 80 3.3.4 Invest to modern information technology solutions 82 3.3.5 Human resource development solutions 83 3.3.6 Organizational structure solutions 84 3.3.7 Research and development Solution 85 3.3.8 Financial Solutions 86 3.3.9 Price solution 87 3.3.10 Building corporate culture 87 3.4 Recommendations 89 3.4.1 Government 89 3.4.2 Authorities’ management 89 3.4.3 Company 90 CONCLUSION 91 REFERENCES 93 List of Abbreviations VNI: Vietnam National Aviation Insurance Company HO: Head Office VPKV: Regional Office BAOVIET: Vietnam Insurance Company BAOMINH: Bao Minh Insurance Company PVI: Petro Vietnam Insurance Company PJICO: Petrolimex Joint Stock Insurance Company PTI: Post and Telecom Insurance Company SWOT: S (strengths) and W (weakness O (opportunities) and T (threatened) VNA: Vietnam Airlines TKV: Coal and Minerals of Vietnam GELEXIMCO: Import & Export Company of Hanoi LILAMA: Vietnam Machinery Erection Corporation VIA: Vietnam Insurance Assocciation QSPM: Quantitative Strategic Planning Matrix EFE: Matrix of external factor elements CPM: Matrix photo competition IFE: Matrix of Internal Factor Elements List of Tables Pages Table 1: List of Insurance capital registered 22 Table 2: Business result from 2008 to 2010 25 Table 3: Table 3: Business results in 2008 26 Table 4: Table 4: Business results of each branch in 2008 27 Table 5: Table 5: Business results in 2009 27 Table 6: Table 4: Business results of each branch in 2009 28 Table 7: Table 5: Business results in 2010 29 Table 8: Table 4: Business results of each branch in 2010 29 Table 9: Total premium of non-life insurance 2008-2010 35 Table 10: Business results of non-life insurance enterprises from 2008 to 2010 37 Table 11: Matrix of external factor elements (EFE) 46 Table 12: Matrix photo competition (CPM) 49 Table 13: Matrix of Internal Factor Elements (IFE) 58 Table 14: Growth of non-life insurance premiums 2011 - 2015 periods 61 Table 15: SWOT Matrix 63 Table 16: The Grand Strategic Matrix 66 Table 17: QSPM - SO Strategic group 70 Table 18: QSMP - ST Strategy group 72 Table 19: QSMP – WO Strategy group 72 Table 20: QSMP – WT Strategy group 73 List of Figures, Graphs Pages Figure 1: Business result from 2008 to 2010 26 Figure 2: Market share of corporate non-life insurance in 2008 40 Figure 3: Market share of corporate non-life insurance in 2009 41 Figure 4: Market share of corporate non-life insurance in 2010 41 Figure 5: VNI’s organization chart 51 Figure 6: Service Procedure 77 Figure 7: Claim Procedure 78 10 - To promote the dissemination of advertising via the PR, Marketing of Vietnam Airline, Geleximco, Coal and Mineral Group to penetrate deeper into the niche customer groups, major corporations such as installation of signage at the box office, agency, airport railway station in Vietnam airline, and participate in customer meetings of shareholders held the company presentation, introducing products to customers of the shareholders participating in the articles on the company's activities on a monthly magazine published by Vietnam Airline (Heritage), Coal and Mineral Company - Actively participate in the consortium of foreign companies in Vietnam such as SBG (Business Association of Singapore), EUROCHAM (Association European Businesses), American Chamber (Association of American Businesses) - The advertisement on the newspaper should be taken in waves, with the purpose and plan right from the beginning of the year, advertising in newspapers all across the country as economic Saigon Economic, Investment, VnNews, Trade , Webaohiem.net, VOV traffic Channel Not advertising individual that will not bring efficiency Positive advertising in local newspapers of the information society that participating companies - Strengthen propaganda by constantly putting information about the company on the press and media, corporate leaders often participate in chat sessions or interviews contact on matters related to insurance on the media to bring brand name companies to the business community - Can be fully updated information and company information on the company's own website 3.3.2 Distribution solutions * Distribution by the shareholders (agent) - To further expand its dealership network to all the box office, ticket agents in Vietnam Airline 81 - Build-credit relations with banks large and small to diversify distribution channels and sales network was expanded - Need mechanism reasonable care agents and more effective simultaneously with the specific mechanism strictly managed by a professional, exclusive agent in accordance with the Insurance Business Law - Company Notes agent training to create a professional agent, with the active agent is really a service business If you have good sales agent loyalty to the company should have sent for training regime visit abroad *Broker distribution channel: - Continue to strengthen relationships with brokers, create relationships with brokers in the country and abroad - Do not passively received from the brokerage services that require access to strategic customer relationships with brokers and brokerage again asked to share services 3.3.3 Product Solutions: Characteristics of insurance products is the type of service, should have three levels of product: + Level 1: Products with your ideas: Include content conditions, committed to the terms and price premiums These conditions apply to the terms of the insured risk Considering the factors in the product idea products on the market among home insurance is no different because they are all under the conditions of the standard provisions for reinsurance or insurance associations in the world + Level 2: Corporate brand, a printing and document presentation documents, objective approach and how to pay benefits to customers At this level, the brand is the most important factor + Level 3: This is the most important level to differentiate products and increase brand reputation of the company include: measurement of customer satisfaction, 82 customer care, prevent and limit the losses, provide advice to customers, reward, reduce costs, profits if customers not have the losses and compensation particularly timely right conditions clause Due to the characteristics of such insurance products, for product solutions company should implement the following measures: * At the point of granting a product idea: Companies need to analyze the structure table revenue by type of insurance: non-specific insurance products are not insured with the structure of revenues accounted for the highest companies need to focus on exploiting the industrial type of insurance such as travel insurance, property, import and export goods, insurance, construction, insurance, personal health care - The company should focus on models with low loss rate, not to put into the products of the type with a high loss rate, incidence of frequent as motor vehicle insurance, specializing transportation, insurance boat song, fishing, - The company should put to research the type of insurance is in high demand and the competitive situation is not so severe as insurance benefits for employees, insurance, product liability, professional liability insurance industrial insurance accident laborers - Company research is needed to differentiate the product from standard products, provide conditions and terms in accordance with the specific market segments such as products for professional liability insurance, the insurance field gold, travel insurance *At the product level and level 3: focus on quality is reflected in insurance presenting to customers, the sales brochure, sales process - Improving the quality of products and services presented in the style of customer service staff; - Construction company culture is reflected in the working style of all the entire staff of the company towards the customers, placing the customer at the center of development 83 - Conclusion of long-term service contracts with company’s damage assessment, risk assessment to deliver professional services, improve value added products (value-added) 3.3.4 Investment to modern information technology solutions Company to consider organizing a strong department of information and a suitable mechanism to facilitate the information flow within the enterprise and between enterprises and the market is optimal All potential staffs, professional skills and attitudes to work actively promoted by a system that encourages the exchange of information between members of the company If you build a strong information system, companies can create competitive advantage and sustainability Therefore, companies need solutions for information systems to be able to successfully implement the strategy Information Technology is a tool of VNI competition, effective support for business activities of VNI The solution is expressed as follows: - Need to invest in upgrading business management software to serve the risk management and customer management system by building customer information management (CIMS) is specific for the VNI CIMS coded for each type of service, to capture the complete customer information as personal information, history, service users, the latest transaction This will also help all consultants to access to information about customers, which VNI can organize better customer care and maintaining close relationships as well as improve product quality and service - Apply technology, advanced equipment, ensuring stable operation and the ability to inherit and develop in the future Research is needed upgrades to optimize the strength of the company's own website to publish information work is done outside professionals and improving the company brand to new heights; 84 - Building strong management team for information technology Staff in charge of information systems should give priority to those who have the expertise and information technology, network management and business; - Need to organize the collection of information from the market, customer information and information about the investment project There should be time staff carry out data collection and preliminary treatment before dissemination for the entire company This is a lever to apply management practices, exploiting and expanding distribution channels reinsurance advanced 3.3.5 Human resource development solutions: To achieve the strategy set out the company's personnel matters are extremely important Want to implement the strategy, requires good management, experienced staff, the situation of stability, the personnel change is negligible So desired, the company should implement the following measures: - Concentrate on building and development team under the motto: KnowledgeInnovation-Taking yet - be loyal - Policy-planning and training, human resource development of long-term linked to the overall development objectives Having trained with the policy provisions specific commitments clear and reasonable based on the two sides, both company and employee benefit and feel comfortable with the training policy, avoid litigation, competition accept the resignation and compensation for training costs; particular focus on training staff actuary, the cost and marketing - Implementation of the division and the right to individual staff positions based on job description Apply recognition system staff with policies to encourage and motivate Make sure the treatment policy staff in a long-term nature of cultural and business environment healthy Adjust the salary structure between the level of reasonable capacity, resulting in completion of work and seniority and reasonable between former employees and new employees; 85 - How to evaluate the effectiveness of public employees need, the assessment should be taken through several levels to ensure fairness and objectivity; - Should develop training plans in two stages: + First Stage: In addition to conducting training on basic universal coverage for all employees shall be selected for each area, each business object to perform the key forged through the work, training through specialized courses + Second stage: This team will become the key driving force in the training and expertise in each position, through sharing experiences, conveying knowledge to colleagues, to the adjacent layer - Develop appropriate incentive and to promote scientific staff especially marketing staff; There are many rewards associated with the business results encourages employees to actively work; Pay attention to factors psychology in the work of staff for personnel and staff; - Building friendly working environment to improve performance and build employee loyalty to the company; - Necessary to develop specific mechanisms to promote effective working stimulates employee retention as well as former employees; - Company regardless personal life of employees let employee attached to the company 3.3.6 Organization structure solutions To achieve these objectives, the company should change the structure and mode of administration in the direction of the organization as follows: • Conference Board: The board should hold regular meetings to formulate strategies to develop and update the business plan • Authorization for the Executive Board: the Board needs more decentralization to the Executive Board Executive Board can actively implement strategic business plans 86 • Marketing Department: should the current restructuring of the department as follows: Marketing department: should set up two specialized marketing group two distinct market segments Because the two segments of the company have different characteristics: customers are the shareholders should be business professional services, insurance products complex conditional clauses Therefore, employees in this department need experienced personnel, capable of understanding depth of specific insurance products, negotiation skills For customers outside the client company's shareholders to provide services through agents and direct the company's mission and take care of both dealer and customer service The product offers customers is the single product, mainly motor vehicles, minor construction, tourism, human nguoi.vv Employees in this department should have the skills obtained information about customer relationships and working closely with the focal agency or individual Marketing Manager is responsible for delivering the plan, the programs to promote sales Marketing of the Marketing group In addition, the Marketing department should have personnel responsible for community relations to organize the propaganda and public relations (PR - Public relations) 3.3.7 Research and Development solution The company should focus on issues of research and development, research and development plays an important role indispensable in implementing the strategy The company is not held to be separate R & D, R & D work in the company should be held towards the following: - Department approval of insurance product research and development by designing conditions clauses from standard products to fit the niche mining companies; - Department approval of insurance combined with marketing research room of insurance products available in VNI to put into serving the needs of the market 87 - Marketing Research Division of the product design level as the cover of the catalog, samples of product brochures, forms of insurance cover, advertising image on company website - Claim department Parts research to improve claim service, claim procedures, evaluation research to provide measures prevent the process limit losses to customers - Strengthening cooperation among domestic insurers to limit coverage of bad customers, exchange of experience responding to cases seeking insurance and unfair competition 3.3.8 Financial Solutions Financial problems have also equally important to be able to successfully implement the business strategy The company should consider the following issues: - Percentage of accounts receivable from the insurance business of the original high VNI Therefore companies need to closely monitor and promote the collection of premiums, there should be incorporated and to promote the collection of premiums, should have incorporated the accounting department and marketing department and business to accelerate the charging time, minimize customer status and delayed insurance premium, reducing the number to cancel the contract because the customer does not pay - Need to monitor closely the damages recover from the re-time and quickly, ensuring the company's money loss - Research the products has compensation rates higher than 100%, consider removing or retaining and take measures appropriate to the type of service - Needed to calculate the structure of capital investment efficiency, while ensuring financial security for the company - Separating the individual activities of the business department of insurance and risk management compensation; Promote financial investment from the use of idle capital, increase profit for the company 88 - Strengthen the financial capacity of the VNI, VNI's empowerment in the country and internationally, to attract reinsurance services at home and abroad, increase the retained (VNI and the market) Increase competition in the reinsurance sector in terms of integration Providing funds for development needs investment activities, giving priority to investment projects have close ties with the business of reinsurance Necessary to select the re-insurance and financial capability, definitely not to choose a reinsure have rating below BB, not sure when the financial losses 3.3.9 Price solution Flexible-price solution: Price cost of insurance products is based on two basic factors is technical factors and market factors Technical factors are the fundamental factors related to risk, loss rate on the entire market and other factors related to each unit of risk insurance as asset structure after risk assessment process, how to manage property in the form of property insurance today, the market conditions, intense competition, market factors become crucial, technical factors are many companies ignore The company should use the cost price flexible solutions, rationalize for each risk, but not separate from technical factors, not compete with services obtained at any price Activity-on fees, assessment: The more the inflation in the cost process to produce the most reasonable insurance premium; focus on risk assessment for the insurance contracts of great value and high risk Application of incentives for customers to participate in many years, reduce premiums for customers no loss, support costs to prevent and limit damage 3.3.10 Building culture solutions Establishing a system of values that people in VNI to share, accept, promote and behave according to those values Make up the difference of VNI and is considered a traditional private 89 Customer-oriented focus, through the provision of products and services of high quality, customer satisfaction and customer trust Develop own standards, the concept of people-the original, taken to improve the comprehensive qualities of the human-centered to improve corporate governance, making the concept of enterprise value to penetrate on the floor policies, gradually revive and develop the company Fostering a sense of responsibility of workers and employees to promote positive, their initiative; The point of fostering enterprise and entrepreneurship so that it becomes common knowledge of a large number of workers and employees to become internal forces encourage everyone to strive; To enhance the training and development resources in the enterprise culture to create a good cultural atmosphere to enhance the cultural qualities and professional qualifications of workers and employees; There are bonus, penalty rational and democratic management mechanisms make those who have contributed to the development of the business are respected and enjoy the material benefits worth the effort they have put out Develop market-driven concept In keeping with market economy requires businesses to quickly form the concept of flexible market, close to reality All it aims to enhance competitiveness, gain market share for your business Should be considered is the market demand and the production of the starting point of corporate culture Develop the concept of customer first Be customer-centric Based on the needs and opinions of customers to exploit new product and service quality; Develop a mentoring system; improve service quality to enhance the purchasing power of customers Building concept the first is service, profitability is secondly 90 To enhance the sense of morality, concern for social welfare Combining an organic growth of the business with the progress of mankind in order to ensure the development of a business continuity, stability and harmony Build a sense of social responsibility Business contributions to society not only in the amount of wealth but also to satisfy the cultural needs of many modern societies as active support, funding for education, culture, social promoting scientific - technical development and progress Training classes, knowledge exchange inter-cultural business for staff 3.4 RECOMMENDATIONS 3.4.1 Government Government policy should continue to open up the economy, particularly financial markets and create conditions for the insurance companies are equally active in the market, ending the protection of domestic enterprises There should be more stringent sanctions, develop and perfect the legal framework to increase transparency in the operations of insurance companies as well as to enhance deterrence in the sanction of the problems which exist long as unfair competition and seeking insurance; Need to strengthen the inspection and control and strictly handle violations of company law to ensure fairness for companies’ serious operation, on the other hand ensure the law seriously Implementing comprehensive and timely solutions group inflation, macroeconomic stability helps reduce negative impacts to market non-life insurance, especially insurance sector capital construction and installation most severely affected during this time 3.4 Authorities’ management: Regular exchange of information between Department of management and supervision insurance and Vietnam Insurance Association to create a linkage between 91 performance evaluation and market orientation, and clear separation of functions and tasks of the Department of management and supervision insurance and Vietnam Insurance Association, avoid "walked" to another Pay close attention to agency operations and services of foreign enterprises participating in the market for non-life insurance in Vietnam to avoid errors caused detrimental to the insurer in the country Parallel to that is creating the most favorable conditions for business activities of domestic insurance on the basis of legislation to ensure compliance with Vietnam as well as the commitment of WTO agreements; Conduct periodic assessment test operation of the insurer under the plan annually or as subjects for timely redress the misconduct of the insurer, make recommendations to overcome business ; organization of bidding towards insurance selective insurance services of great value in the field of insurance and non-specific or market services social insurance to ensure cost effective retain coverage for domestic insurers Develop a training center for the entire industry to provide human resources, saving training costs for businesses; Associations and enterprises should organize seminars or dissemination of knowledge about insurance on the media to raise awareness of enterprise in the use of insurance services and risk management 3.4.3 Company The company should clearly define the role of human resources in the implementation strategy; Need to make short-term objectives consistent with reality as well as long-term goals of the business has identified, to avoid too high a target close to the situation and assign too high for human staff member that did not have to complete to be commended because the feasibility is not high; Regular monitoring strategies selected and unusual practice to adjust accordingly 92 CONCLUSION Operating in a dynamic environment and fiercely competitive markets such as Vietnam's insurance market today, with company’s large and long active in the market, accounting for most market share, the company launched VNI as insurance companies need to business strategy plan and clear detail Have to competed with new products, diversification of insurance products and distribution channels of insurance products, enhanced services for customer care, investment in information technology systems meet security management there is such a new policy to ensure profitable operations, meeting the requirements of the shareholders, guaranteed income requirements for staff, maintain a high quality human resources On the basis of generalizing the rationale of strategic management and use of analytical methods of practical research, our team has developed strategies for the company in 2015 with real solutions out Accordingly, companies should focus on the following strategies: - Market penetration Strategy: key policy priorities and customer care, attention to the target market segment of the company, it's customers are companies and foreign and domestic customers east strengthening marketing, building standards process, actively promoting the prestige brand in the market - Market Development Strategy: In addition to the initial target market, with the strengths of the company, the company needed to expand the business segment of FDI invested enterprises are customers of the shareholders anticipation of the opportunities the market offers - Product Development Strategy: Need to research different product from standard products, given conditions, terms and conditions consistent with specific market segments such as aviation insurance, professional liability insurance, golf insurance, travel insurance 93 With the proposed system the appropriate strategy, the authors hope to contribute useful ideas for the development of VNI in particular and non-life insurance industry in general Our team believes that the above measures, if applied in a uniform, effective, VNI will succeed in the business and future growth / 94 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Dung, Thinking Strategies (Practice Game Theory), Knowledge Publishing House 10 John C Maxwell - Translator: Thinh Phat, Tinh Hoa Leadership Publisher: Publishing House of Social Labour 11 John C Maxwell - Translator: Le Duy Hieu, Leadership Development, Publisher: Publishing House of Social Labour 12 Vietnam Insurance Association 13 Administration and Supervisors Insurance Department 14 Insurance Corporation Air, 3-year summary report of JSC Aviation Insurance 15 www.vna-insurance.com.vn 95 ... colleagues have created favorable conditions, and help us in every way during the learning process in MBA course and make the economic master of capstone project report at Vietnam National Aviation... Company We would like to thank colleagues working in enterprises, collective grade students: GaMBA.X0810 2010 course Griggs University has helped us in providing the documents and data for the... any individual in the group Analyses in the theme of our group base on theory learned at class GaMBA.X0810 together with materials provided by the school and other references Data mentioned in