INTRODUCTION TO MY INTERNSHIP AT BAO MINH
Bao Minh Insurance Corporation
Company’s name: BAOMINH Insurance Corporation
Head Office: 26 Ton That Dam St., Dist 1, Ho Chi Minh City, Vietnam
Website: www.baominh.com.vn
Date of incorporation: November 28th,1994
- 59 Branches through out the country.
Vision: Always to be one of the leading non-life insurance companies in Vietnam, operating in the field of financial services and insurance.
Mission: Bringing safety and stability for the economy and society.
Contributing to the strong development of Vietnam’s insurance market Bringing benefits to shareholders and creating jobs for the people
Motto of Action: Safety, happiness and success of clients and society are our targets.
Slogan of Action: Bao Minh -Whole-hearted Service.
Slogan of Advertising: Think Insurance, Think Bao Minh.
1994 : Bao Minh was established on 28/11/1994, initiating the insurance market formation of Viet Nam.
1999: Awarded the Third Class Labor Medal by the President of State on the occasion of the 5th Anniversary of its foundation.
2004 : Bao Minh officially came into operation as a joint stock corporation.
Awarded the Second Class Labor Medal by the President of State on the occasion of the 10th Anniversary of its foundtion.
2006 : Bao Minh’s shares are officially listed at Hanoi Securities Trading
2007 : Completed the increase of chartered capital from 434 VND Billion to
755 VND Billion and succeeded in inviting foreign strategic investor AXA Group (France).
2008: Moving the listing of Bao Minh’s shares to the Ho Chi Minh City
In 2009, the core software for insurance management was deployed as part of the BEST project, marking a significant milestone for the organization This achievement was recognized with the First Class Labor Medal awarded by the President of State during the celebration of the 15th Anniversary of the foundation.
2014 : Bao Minh organized the 20 th Anniversary of its foundtion.
2015 : Increase of owner’s equity to 830.5 VND Billion.
2016 : Increase of owner’s equity to 913.5 VND Billion A.M.Best assigned
Bao Minh a Financial Strength Rating of B++(Good).
At present, Bao Minh’s operating system is in the following main areas:
Non – life insurance business including:
Bao Minh Insurance – Ha Noi Branch
Bao Minh Insurance – Hanoi Branch is one of the 59 member companies of the Corporation
Address: 10 Phan Huy Chu st., dist Hoan Kiem, Ha Noi city.
Transaction name: Bao Minh Insurance Company – Ha Noi branch
Scope of activities : non-life insurance , consulting and providing about 20 commercial insurance products for aviation, maritime, property, people and motor vehicles Business activities in the whole country.
Bao Minh - Ha Noi branch is a subsidiary of Bao Minh insurance corporation, so we had department structure since established with full department.
And I will show below table:
Figure 1: organizational structure of Bao Minh – Ha Noi
The role of motor vehicle insurance
As the country's socio-economic development progresses, the insurance sector is becoming increasingly diversified Insurance companies are expanding their focus beyond merely managing risks, actively contributing to various aspects of society Among these, motor vehicle insurance is crucial for enhancing social security.
Agency management department Technical department
Business 1 Business 2 Business 3 Business 4 Business 5 Business 6 Business 7
Motor vehicle insurance contributes to financial stability for car owners, overcome unexpected difficulties for car owners and stabilize production and business in time, quickly.
Motor vehicle insurance alleviates the stress between car owners and accident victims by providing financial support during unforeseen incidents When an accident occurs, vehicle owners frequently face psychological challenges related to potential liabilities, making it difficult for them to manage the aftermath effectively.
Insurance representatives provide essential guidance on managing the aftermath of an accident, aiming to minimize damage and associated risks They help vehicle owners protect themselves and their cars from potential hazards Additionally, insurers assess the condition of vehicles to determine their insurability; outdated or subpar vehicles pose higher risks and may not be covered Consequently, vehicle owners with uninsured cars may face restrictions, as inspection agencies only validate vehicles with active insurance certificates.
Motor vehicle insurance increased revenue for insurers as well as state budget, thereby contributing to investment in upgrading and building new transport infrastructure to create more jobs for workers.
Motor vehicle insurance is considered a key business, a base for strengthening and developing the brand, network, sales system and services.
why do you choose topic?
During my internship at Bao Minh - Ha Noi Branch, I gained valuable insights into the motor vehicle insurance sales process While it appeared straightforward, it posed challenges for newcomers like myself I began by familiarizing myself with the branch's organizational structure and operations, which provided a solid foundation for my role Subsequently, I introduced our insurance products to potential customers, particularly business staff, which was crucial for generating interest and facilitating sales This experience significantly enriched my understanding of the industry.
I chose this topic to explore the gap between reality and theory in the insurance industry My goal is to understand how insurance companies market their products and expand their consumer base Additionally, I aim to gain insights into the company's knowledge of its terms and policies throughout its existence I am also interested in identifying the strengths and weaknesses of these companies to enhance their strengths and address their weaknesses Ultimately, I hope to accumulate valuable experience in the insurance sector.
Table 1: My internship plan at Bao Minh - Ha Noi Branch
To get acquainted and debuted in the credit office
To study overview material at Bao Minh – Ha Noi Branch, organization and operation of the branch
To set clear targets for project implementation
12/03/2018 To learn more motor vehicle insurance services in Bao Minh
To grasp the success, limit, strength, ways of conduct, weakness, rival in the market From
Observe and learned communication skill from the instructor in Bao Minh
Creat customer profile Contact with customer Negotiate with the customer From
Looking for new customers and introduce about motor vehicle insurance services of Bao Minh company
To collect data and make contract
Analyse the SWOT matrix of Bao Minh – Ha Noi Branch in improving motor vehicle insurance service
Complete the report Completely my report
MAIN MISSION IMPLEMENTED AT BAO MINH COMPANY
The internship position, responsibilities and tasks
I have practiced in the business 07 department, under the direction of Ms Phung Huong Giang.
During my internship at Bao Minh, I served as a business staff member, a crucial role within the company This position is vital as it involves attracting new customers and maintaining relationships with existing clients, thereby facilitating market expansion.
During my time with Bao Minh's subsidiary in Hanoi, I have gained extensive training in insurance sales strategies and advertising campaign execution This experience has significantly enhanced my communication skills, particularly in client meetings and product introductions for the Bao Minh team.
All of tasks I worked at Bao Minh Ha Noi under my main instructor Phung Huong Giang - a very experienced woman in my company about channel insurance
Ms Giang has supplied me with essential documents, including the company's "Terms and Policy" regarding motor vehicle insurance and the legal guidelines from Bao Minh As a newcomer in this field, I recognize the need to enhance my knowledge to become an effective insurance staff member and secure more agreements for Bao Minh I actively seek guidance from experienced colleagues and frequently consult with Ms Giang and my team partners to improve my skills.
Ms.Bui Thi CucMs.Bui Thi Cuc
Mr.Vu LongMr.Vu Long
Ms.Phung Thi TuongMs.Phung Thi Tuong
Ms Phung Huong Giang GGG
As results obtained, I understood methods Bao Minh sell a product and ways keep up expand market and approach more customer.
During my three-month internship at the Ha Noi Transaction Office of Bao Minh, I was guided by Mrs Giang and received direct training from the Business Department 7 staff As part of my internship, I was responsible for writing a report detailing my experiences, which was approved by the directorate of Bao Minh's Ha Noi office.
Stage 1 : Adapting with working environment
The initial phase of the internship is crucial for acclimating to the new environment, as it lays the foundation for building relationships and creating a positive impression at the transaction office.
My internship experience has been greatly enhanced by the supportive staff, making it easy for me to acclimate quickly I established a well-equipped workspace, complete with a personal computer and essential tools, which facilitated my transition into the role Following this setup, I began to focus on selecting a topic for my internship report.
Stage 2: Familiar with documents and administrative formalities related to insurance package of Bao Minh, especially motor vehicle insurance services.
The instructor supplied numerous documents relevant to motor vehicle insurance, including the "Terms and Policy" from the company and the "Legal" information from Bao Minh Ms Giang emphasized the importance of closely observing and learning the procedures, working methods, and problem-solving techniques employed by others in the field.
In addition, I review the documents and administrative procedures associated with motor vehicle insurance activities, including application forms and customer profiles This understanding enhances my knowledge of the company's operations, leading to greater confidence, efficiency, and accuracy in future tasks.
Stage 3 : Working as a business staff
When I come to company, I will check my mail from Bao Minh’ staff send If have a new offer, I get customer’s information and make a new contract But it is not such as lead to them about products Conducting old contract from yesterday including: save contract, fix new terms for customers such as information wrong here.After completely work in company I will meet customer At first, I would meet customer with ms.Giang but then I can go it alone.
As a trainee, my role closely resembles that of primary staff in customer outreach, though I experience less pressure In addition to my core responsibilities, I assist colleagues with various administrative tasks, including handling photographs, managing calculations, transferring documents between departments, organizing files, and preparing leaflets for subsidiaries Occasionally, I also support staff by answering phone calls during busy periods.
I have gained more interesting knowledge about the business insurance in the market Viet Nam, many important skills and especially experiences in business.
Business procedure
Figure 3: Selling Motor Vehicle Insurance Proceduce at Bao Minh
Upon receiving customer data, the credit officer will reach out to provide information about Bao Minh's motor vehicle insurance services and their terms The staff will assess the vehicle type—whether new or used, passenger car, etc.—to recommend suitable product packages with corresponding fees They will offer expert advice to ensure the best benefits for the customer If negotiations are successful, the staff will promptly finalize the procedures and facilitate the contract signing Customers are required to pay the premium within 7 days of signing; otherwise, the contract will be canceled The contract is valid for one year and takes effect once the full premium is paid.
Consultant for customer insurance package
Finalization of documents and sign contracts
Analysis about fee insurance for customer
Introduction Bao Minh' s motor vehicle insurance
Form of basic motor vehicle insurance
2.3.1: Compulsory insurance of civil liability of vehicle owners
Compulsory civil liability insurance for vehicle owners is a mandatory requirement that ensures protection against financial claims Bao Minh Insurance is responsible for compensating third parties and passengers for damages incurred while using motor vehicles, as outlined in the insurance certificate.
1 Product's name Compulsory insurance of civil liability of vehicle owners
3 Insured person - Owners of motor vehicles participating in traffic in the territory of the Socialist Republic of Vietnam must participate in compulsory insurance for civil liability of motor vehicle owners
A motor vehicle owner, whether an organization or an individual, is defined as the person or entity that possesses a motor vehicle or has been designated by the vehicle's owner to lawfully use and operate it.
- Motor vehicles: including automobiles, tractors, construction vehicles, agricultural motorcycles, forestry and other special vehicles used for security and defense purposes
4 Compensation scope - Physical, life and property damage to third parties caused by motor vehicles.
- Damage to the body and life of passengers under the contract of carriage of passengers by motor vehicles
- The intentional act of the vehicle owner, the driver or the damaged person.
- The driver caused the accident then deliberately flee.
- the driver does not have a suitable driving license.
- Damage to property stolen or robbed in an accident.
- Damage to gold, silver, gems, money, valuable papers, antiques, rare paintings, corpses, remains.
- For damage to people: 100 million VND / person / accident.
- For property damage (caused by cars): VND 100,000,000 / accident.
7 Term and effect of insurance - The effective time of the insurance certificate shall be specified in the insurance certificate but after the motor vehicle owner has fully paid the premium.
- The insurance term inscribed in the insurance certificate is one year In some cases, the insurance period may be less than 1 year.
2.3.2: Material damage insurance for vehicle
1 Product's name Material damage insurance for vehicle
2 The insured Motor vehicles operating in the territory of Vietnam include body shell, machinery and other equipment on the vehicle
3 Insured person Property of the owner
Compensation for vehicle damage caused by sudden accidents, outside the control of the vehicle owner, driving in the following circumstances:
- Accidents caused by collision, overthrow.
- Theft and other unexpected risks.
- In addition, payment of necessary and reasonable expenses for the prevention, limitation of losses, salvage and towing of vehicles to the repairing or damage- assessment places.
- General exclusions in accordance with the law.
- wear and tear, loss of price, repair, electrical or other parts of equipment.
- Damage caused by the operation of specialized equipment on motor vehicles
- After being repaired by medium, overhaul or new transformed vehicles, the registrations must be re-registered, but the registrations must not be re-registered according to the State's regulations.
- Vehicles are misappropriated, civil disputes
- Motor damage due to vehicle entering a submerged road or water leakage into the engine causes the engine to destroy the engine.
Depending on the specific case, Bao Minh can pay for repairing, replacing parts and compensating for all actual or estimated losses.
7 term and effect of insurance
The effective time of the insurance certificate shall be specified in the insurance certificate but after the motor vehicle owner has fully paid the premium.
- The insurance term inscribed in the insurance certificate is one year In some cases, the insurance period may be less than 1 year.
2.3.3: Accident insurance for assistant drivers and passengers on vehicle
1 Product's name Accident insurance for assistant drivers and passengers on vehicle
3 Insured person Drivers, assistants and others are transported in motorized vehicles
Physical damage to the insured person from the accident while in the car, getting on and off the car while the vehicle is in traffic.
An insured individual will not be covered for accidents they intentionally cause or for engaging in fights, except in cases of self-defense Additionally, coverage is void if the insured person consumes alcohol beyond legal limits or uses illicit drugs and stimulants Other exclusions include incidents resulting from sudden weather changes, illness, food poisoning, or the use of substances without proper medical guidance while participating in traffic.
Depending on the specific case, Bao Minh can pay for repairing, replacing parts and compensating for all actual or estimated losses.
7 term and effect of insurance
The effective time of the insurance certificate shall be specified in the insurance certificate but after the motor vehicle owner has fully paid the premium.
- The insurance term inscribed in the insurance certificate is one year In some cases, the insurance period may be less than 1 year.
2.3.4: Civil liability insurance of vehicle owner to goods on the vehicle
1 Product's name Civil liability insurance of vehicle owner to goods on the vehicle
3 Insured person Motor vehicle owner
Motor vehicle owners are required to have insurance that covers their civil liability for any loss of goods transported under a contract of carriage This insurance should include coverage for necessary and reasonable expenses incurred to prevent or reduce losses, as well as for the preservation, loading, unloading, and storage of the goods.
- The driver, the owner of the vehicle, the owner of the cargo does not care and preserve the cargo
- Cars are not suitable for transportation.
- Theft (except for the loss of cargo and the loss of the entire vehicle due to: theft, robbery, robbery).
The goods sustained damage during transportation due to inadequate quality, improper packaging, and substandard loading materials This resulted in deflation of the items without any impact from vehicles or overturning incidents.
- Delay in delivery, wrong delivery, wrong delivery, wrong category, wrong code, wrong code.
- At the request of the vehicle owner, but not exceeding VND 40,000,000 / ton
- Number of tons of cargo insured (at the request of the vehicle owner): Maximum permitted vehicle tonnage
7 term and effect of insurance
- The effective time of the insurance certificate shall be specified in the insurance certificate but after the motor vehicle owner has fully paid the premium.
- The insurance term inscribed in the insurance certificate is one year In some cases, the insurance period may be less than 1 year.
2.3.5: Voluntary insurance of civil liability of motor vehicle owners to third parties
1 Product's name Voluntary insurance of civil liability of motor vehicle owners to third parties.
3 Insured person Third parties ( vehicle or person )
The voluntary insurance of civil liability covers the civil liability in excess of the compulsory civil liability as prescribed by the State.
Insurance premiums do not include compulsory insurance premiums for civil liability of motor vehicle owners.
If the mandatory civil liability insurance for motor vehicle owners covers the total liability amount, Bao Minh will cover the remaining costs based on the degree of fault of each party involved The compensation provided will not exceed the liability limit that the customer has participated in.
Compulsory civil liability insurance for motor vehicle owners covers the full compensation amount as per the payment schedule, while Bao Minh will cover any additional reasonable expenses as mandated by law Compensation is determined by the degree of fault of the involved parties and will not exceed the liability limits of the customer's insurance policy.
7 term and effect of insurance
- The effective time of the insurance certificate shall be specified in the insurance certificate but after the motor vehicle owner has fully paid the premium.
- The insurance term inscribed in the insurance certificate is one year In some cases, the insurance period may be less
Case study
2.4.1: case 1 ( success but I just an apprenticeship )
Name: New Trade Development and Production Technology Joint Stock Company.
Address : 8 lane 39 , Đinh Thon st., dist Nam Tu Liem, Ha Noi city.
- Type of vehicle: passenger cars
- Value of car: 330 million VND
- Sum insured: 330 million VND/ case
- Term of insurance: from March 22,2018 to March 21,2019
Type of insurance Premium rate (%)
Compulsory insurance of civil liability of vehicle owners
Material damage insurance for vehicle 1.68 5.040.000 504.000 5.544.000 Accident insurance for assistant drivers and passengers on vehicle 80.000 80.000
Civil liability insurance of vehicle owner to goods on the vehicle Voluntary insurance of civil liability of motor vehicle owners to third parties
With first customer, I have supported from my intructor - Mrs Phung Huong Giang
When I came to the company, Ms.Giang gave me customer information of NewTrade Development and Production Technology Joint Stock Company She told me that this company wanted to buy motor vehicle insurance The representative of the company is Nguyen Thu Ha She hoped that I would sell insurance for Ms.Ha under her supervision and support I felt very happy about this I took the initiative to call Mr.Ha and arranged an appointment this affternoon.
In this afternoon, I, Ms.Giang and Mr.Ha had an appointment at Mrs Ha’ office.
I introduced comprehensive motor vehicle insurance packages that offer numerous benefits After addressing all of Ha's inquiries, we proceeded to assess the vehicle's market value The car, owned by New Trade Development and Production Technology Joint Stock Company, is utilized for company-related purposes.
In 2009, the car was purchased, and after a decade, its value has depreciated to approximately 40% of the original price After evaluating the car's worth on muabanoto.com.vn and consulting the car value table, Mr Ha and I agreed that the current value of her vehicle is 330 million VND The premium rate for a non-commercial 8-seat Toyota Innova is 1.68%, resulting in a material damage insurance premium of 5,544,000 VND (including VAT) Additionally, the compulsory civil liability insurance premium amounts to 873,400 VND (including VAT), while accident insurance for drivers and passengers costs 80,000 VND However, Ms Ha decided to postpone signing the contract to discuss the premium with her director, and I remain hopeful for her prompt response.
Today, I received exciting news from Ms Ha via email: her director is very satisfied and hopes we can finalize the contract tomorrow This contract includes essential motor vehicle insurance packages, such as compulsory civil liability insurance for vehicle owners, material damage insurance, and accident insurance for assistant drivers and passengers As a newcomer, I initially underestimated the complexity of this process, but it turned out to be quite challenging and time-consuming I am grateful to Ms Giang for her enthusiastic support throughout the counseling process.
At 3 PM, I had a signing appointment with Mr Ha in her office, feeling a mix of nervousness and anticipation as I prepared all the necessary contract documents alone After the meeting, I returned to the company, paid the premium, and handed the contract to Ms Giang, marking this as my first contract during my internship.
Address : 702 Licogi 13, Khuat Duy Tien st., dist.Thanh Xuan, Ha Noi city.
Profession: chief accountant at Minh Nhan Medical Equipment Company.
- Type of vehicle: passenger cars
- Value of car: 700million VND
- Sum insured: 550 million VND/ case
- Term of insurance: from March 30,2018 to March 29,2019
Type of insurance Premium rate (%)
Compulsory insurance of civil liability of vehicle owners Material damage insurance for vehicle 1.575 7.875.00
Accident insurance provides coverage for assistant drivers and passengers in a vehicle, ensuring their protection in case of incidents Additionally, civil liability insurance protects vehicle owners against claims for damages to goods transported in their vehicle Moreover, voluntary insurance for civil liability offers motor vehicle owners extra security against third-party claims, enhancing their financial safety on the road.
While I was looking for new customers, Ms Phung Thi Tuong (who is my best friend here) gave me the customer information of Mr.Nguyen Van Hung He is a patron of Ms.Tuong and he wanted to buy motor vehicle insurance At that time,Ms.Tuong was dealing with a contract between a big business and Bao Minh so she was quite busy In addition, she noticed that I was a newbie and she hoped I could improve my sales skills So she wanted me to provide motor vehicle insurance toMr.Hung This is a good opportunity for me I quickly called to Mr.Hung and taken some information from him to arrange an appointment when he have time He wanted me come to his company and we discussed about contract and terms such as policy, his benefit This meeting will be next 2 days.
I met Mr Hung at 10 a.m in his office to discuss the rules and terms of insurance, including premium tables, rights, and responsibilities He expressed his interest in purchasing material damage insurance specifically for his car, valued at 750 million VND according to muabanoto.com I recommended he consider insurance coverage equivalent to his car's value for greater benefits and compensation from Bao Minh However, Mr Hung preferred a reasonable premium of 600 million VND For a non-commercial 07-seater Toyota Fortuner, the premium rate is 1.575%, resulting in a total premium of 9,450,000 VND, including VAT.
Mr Hung was offered a discount on his premium, and based on my two weeks of study, I proposed a 5% reduction However, he expressed dissatisfaction with my handling of the situation, mentioning that other insurance companies were offering lower rates This competitive market reality highlighted my lack of experience and support, as I did not have the authority to make discount decisions I apologized and arranged to meet him the next day to provide more accurate information about potential discounts Although he accepted my offer, it was clear that he was not entirely pleased with the situation, leaving me feeling unprofessional.
When I come back to company, I must report this situation to Ms.Tuong and I would like she can help me Ms.Tuong had a lot of experiences in dealing with situations Immediately, she desired to me gave customer’s information and his request In the next 30minutes, I had a new contract with him Simply, she can make a discount to 20% but she uased 10% and decrease his value car : 550millionVND instead of 600 millionVND So Mr.Hung must pay premium: 7.796.025VND It was cheaper than my calculate before.
Ms.Tuong entrusted me with task: completely his agreement and gave Mr Duc in the tomorrow with fee and terms she negotiated with him Actually, I lacked more
Name: Gia Thịnh Mechanical Limited Liability Company
Address: Yên Tân st.,dist.Long Bien, Ha Noi city
- Type of vehicle: passenger cars
- Term of insurance: from April
Type of insurance Premium rate (%)
Compulsory insurance of civil liability of vehicle owners
Material damage insurance for vehicle Accident insurance for assistant drivers and passengers on vehicle
Civil liability insurance of vehicle owner to goods on the vehicle
Voluntary insurance of civil liability of motor vehicle owners to third parties
I unexpectedly signed a contract with Mr Nguyen Van Son, the representative of Gia Thinh Mechanical Limited Liability Company, after he reached out to Bao Minh’s hotline To facilitate our agreement, I scheduled a relaxed meeting at a coffee shop near his company, making it easy for us to discuss the terms My advantage in this situation was that I was able to connect with him as a younger and friendly professional.
Gia Thịnh Mechanical Limited Liability Company owns a vehicle utilized for company-related purposes Mr Son expressed his interest in purchasing motor vehicle insurance for civil liability Consequently, I provided him with information about the various types of insurance available.
Compulsory civil liability insurance for vehicle owners is essential, covering both liability to goods transported and voluntary coverage for third-party damages After discussing various insurance packages, the client expressed interest in the premiums and quickly agreed to proceed We have scheduled a meeting for tomorrow to finalize the contract and complete the premium payment.
We had a meeting at 10a.m to complete the procedure and sin the contract This is a good contract when I practice at Bao Minh.
Address: Resident 3, lane 98 Nguyen Chi Thanh st., dist Dong Da, Ha Noi city.
Profession: a teacher at Ha Noi Law University.
Beneficiary name / name of person with related interests: For losses of over
30 millionVND, the beneficiary is the Vietnam International Commercial Joint StockBank – Lo Duc transaction office – Hai Ba Trung branch, Ha Noi city.
- Type of vehicle: passenger cars
- Value of car: 600 million VND
- Term of insurance: from April
Type of insurance Premium rate (%)
Compulsory insurance of civil liability of vehicle owners
Material damage insurance for vehicles covers costs up to 9,450,000, providing financial protection against damages Additionally, accident insurance is available for assistant drivers and passengers, ensuring their safety Civil liability insurance protects vehicle owners from liabilities related to goods transported in their vehicle Moreover, voluntary civil liability insurance offers further coverage for motor vehicle owners against third-party claims.
I was fortunate to receive a contract unexpectedly while searching for new clients My best friend, Vu Thu Hien, a credit officer at Vietnam Commercial Joint Stock Bank (VBI), called me to inform me that one of her customers needed a loan to purchase a car The bank required the customer to obtain motor vehicle insurance, and she wanted to introduce me to him I was thrilled by this opportunity and looked forward to receiving the customer's information via email.
We would have a meeting tomorrow in her office.
Business status of insurance categories in 2017
P er so na l I ns ur an ce
M ot or V eh icl e In su ra nc e
Pr op er ty & En gi ne er in g In su ra nc e
M ar in e In su ra nc e
Figure 5: Business status of insurance categories in 2017
In 2017, Personal Insurance led the market with a revenue of 963 billion VND, but its total compensation was relatively low at 234 billion VND Following closely, Motor Vehicle Insurance generated 849 billion VND in revenue, with total compensation amounting to 441 billion VND Property & Engineering Insurance ranked third, achieving a revenue of 830 billion VND and the highest total compensation of 475 billion VND for the year Lastly, Marine Insurance reported a revenue of 372 billion VND, but its total compensation was the lowest among the categories at 189 billion VND.
INTERNSHIP ASSESSMENT
Difficulties and proposed solutions
3.1.1: SWOT about Bao Minh Company – Ha Noi Branch
Wide network ( 21 Functional Divisions , 1 Training Center, 2 Claim Centers, 59 Branches through out the country )
Strong financial strength ( total asset is 5.125 billion VND )
Dynamics and professionalism of employees
There are large amounts of traditional customers
Price policy is not flexible
Promotional campaign is still limited and not attractive.
Marketing activities are not focusing
The salary structure is not high
The insurance market has maintained its momentum
The Government has carried many solution to support development team
Economic growth, quality of life improved so consumer demand of the people increased.
New inurance companies appear more and more
Competitor company offer many incentives, extend insurance conditions and reduces insurance premiums
The economy is constantly changing
The growing number of licensed insurance companies is intensifying competition in the industry Both domestic and foreign entities that meet legal requirements can obtain licenses to operate as insurance providers This influx of new companies is anticipated to create a more competitive market landscape.
The global economic crisis has led to significant challenges for the domestic economy, causing a noticeable decline in investment capital Additionally, rising inflation uncertainty has prompted the government to postpone or reduce numerous projects.
This situation has greatly affected the ability to exploit to increase sales of BM The main insurance activities affected are: marine insurance, property and engineering insurance, fire insurance,etc.
The ongoing crisis has led to a decline in real incomes, resulting in a downturn in both international and domestic tourism in Vietnam This decline has notably impacted the non-life insurance market, particularly affecting Bao Minh company, with significant repercussions for sectors such as motor vehicle insurance, health insurance, and personal accident insurance.
Insurance fraud is on the rise in Vietnam, particularly affecting Bao Minh, a trend that has persisted over time This alarming increase not only leads to significant financial losses but also poses a serious threat to the company's reputation, brand, and overall image.
The number of new employees is rising, but they are still weak in terms of professional skills, lack of experience.
Concentrating resources on business development for groups of profitable products, limiting the groups with low business efficiency and high risks over the years.
Timely detecting the phenomenon of insurance fraud so as to take strict measures in accordance with the law.
Promoting the distribution channel through the system of showrooms, banks,agents At the same time, the online and direct insurance sales channels are also focused.
Improving the quality of customer services, simplifying procedures and keeping the claim ratio at a reasonable level Improving, building new products to meet the needs of customers.
Actively seeking investment opportunities in new projects Continuing on restructuring the investment portfolio to diversify investment form in a safe and manner to support insurance businesses operations.
Consolidating and improving the quality of professional management in the company Enhancing the brand image, ensuring the implementation of commitments,enhancing the competitiveness of products on the market.
Knowledge and experience gained
Thanks to the instructor and staffs of business 07 department, I have accomplished the assigned activities smoothly This practice had brought me a lot of valuable experience and knowledge Specially:
First personal gains, I had a better understanding of the types of insurance, premiums, how to sell products, the process of signing a complete insurance policy.
During my three-month project, I gained valuable experience in a professional work environment and learned to navigate workplace pressures This opportunity allowed me to enhance the knowledge I acquired at university and effectively apply theoretical concepts in practical scenarios, ultimately demonstrating how to utilize my academic background for successful work performance.
When I was practicing at Bao Minh company, I had the opportunity to communicate with customers regularly But I had to face a few problems at work.
Dealing with challenging customers has taught me the importance of patience, enthusiasm, and courtesy Through these experiences, I have developed confidence and dynamism, allowing me to seize opportunities effectively Each interaction with customers has not only improved my skills but also boosted my self-assurance, enabling me to express myself more clearly in front of others.
This project significantly enhanced my scientific expertise and working methods I gained invaluable knowledge from the company's staff, which will greatly improve my ability to understand and adapt to future roles.
I also had to become familiar with the use of office machines and equipment to be able to perform easily the task and complete the assigned work in a good way.
My career plan in the furure
After graduation, my interest in the insurance industry has grown significantly, leading me to apply for a position at Bao Minh Insurance Company I aspire to work in the Business 07 department, attracted by its professional and friendly working environment My goal is to develop into a business specialist at Bao Minh, a role I am passionate about, and I am committed to overcoming any challenges to achieve this ambition.
Besides, I will continue Join a Toeic courses to improve my English skills and get score of > 750 point.
Medium-term goals (2 - 3 years) : I may consider learning further for a master degree to do my job more effectively.
Long-term goals (5 years) : After 5 years, I will be 27 years old So by that time, I think I will be working hard to earn money and have chance of promotion.