(Luận văn đại học thương mại) IMPROVING OF MOTOR VEHICLE INSURANCE SERVICE AT BAO MINH INSURANCE COMPANY

Professional bachelor degree in Finance-Banking-Insurance INTERNSHIP REPORT IMPROVING OF MOTOR VEHICLE INSURANCE SERVICE AT BAO MINH INSURANCE COMPANY Names of student : LE Thi Thu Huong Tutor at UVC : Mr PHAM Tuan-Anh Tutor at USTV : Marie-Jose Cambreling Tutor at (Company) : Mrs PHUNG Thi Huong Giang Hanoi - 2018 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ACKNOWLEDGEMENTS During the study and research report of the internship with the project: "Improving of motor vehicle insurance service at Bao Minh Insurance company " I always receive the dedicated and valuable help of the school, my teachers, my friends and my colleagues I would like to express my thanks gratitude to: the management of the University of Commerce - Rouen University of France, the teachers of the Faculty of International Training has facilitated with the dedication of teaching, helping me throughout the study and research to complete this intership report I wish to express my deep sense of gratitude to my Supervisor, Mr Nguyen Hoang, Mr Pham Tuan Anh, and Mrs Marie – Jose CAMBRELING for suitable guidance and useful suggestions, which helped me in completing the internship report I would like to thank the leaders of the Bao Minh insurance company – Ha Noi Branch for creating favorable conditions for me to participate and complete the internship Program in Banking - Finance – Insurance Besides, I also want to send my deep thanks to all my colleagues at Bao Minh company – Ha Noi branch They helped, supported and provided useful information for me during the research process During the research process, despite many efforts, but due to the limited capacity and experience, the subject is still missing I look forward to the sympathy and feedback of teachers, professors and people who are caring about this topic i LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com TABLE OF CONTENTS ACKNOWLEDGEMENTS .i TABLE OF CONTENTS ii LIST OF TABLES iv LIST OF FIGURES iv INTRODUCTION .1 PART 1: INTRODUCTION TO MY INTERNSHIP AT BAO MINH INSURANCE COMPANY .2 1.1: Bao Minh Insurance Corporation 1.1.1: Overview about Bao Minh 1.1.2: Products 1.2: Bao Minh Insurance – Ha Noi Branch 1.3: The role of motor vehicle insurance 1.4: why you choose topic? .6 PART 2: MAIN MISSION IMPLEMENTED AT BAO MINH COMPANY 2.1: The internship position, responsibilities and tasks 2.1.1: My position: .8 2.1.2: Daily tasks 2.2: Business procedure .10 2.3: Form of basic motor vehicle insurance .11 2.3.1: Compulsory insurance of civil liability of vehicle owners .11 2.3.2: Material damage insurance for vehicle 12 2.3.3: Accident insurance for assistant drivers and passengers on vehicle .13 2.3.4: Civil liability insurance of vehicle owner to goods on the vehicle 14 2.3.5: Voluntary insurance of civil liability of motor vehicle owners to third parties 15 2.4: Case study 16 2.4.1: case ( success but I just an apprenticeship ) 16 2.4.2: case ( fail ) 17 2.4.3: Case ( success ) 20 2.4.4: case ( success ) 21 2.6: Overview of Viet Nam Insurance market in 2017 24 ii LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 2.7: Business status of insurance categories in 2017 26 PART 3: INTERNSHIP ASSESSMENT .27 3.1: Difficulties and proposed solutions 27 3.1.1: SWOT about Bao Minh Company – Ha Noi Branch .27 3.1.2: Difficulties .28 3.1.3: Proposed solutions: 28 3.2: Knowledge and experience gained .29 3.3: My career plan in the furure .30 CONCLUTION .31 iii LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com LIST OF TABLES Table 1: My internship plan at Bao Minh - Ha Noi Branch Table 2: My commercial rerults 23 Table 3: Direct premium revenue table of Non-lìfe insurance companies (2016-2017) 24 Table : SWOT about Bao Minh Company – Ha Noi Branch 27 LIST OF FIGURES Figure 1: organizational structure of Bao Minh – Ha Noi Figure 2: Business 07 department .8 Figure 3: Selling Motor Vehicle Insurance Proceduce at Bao Minh 10 Figure 4: Market Share chart .25 Figure 5: Business status of insurance categories in 2017 26 iv LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com INTRODUCTION Since 1994, Bao Minh is the third largest non-life insurance company in Vietnam with the large amount of capital, assets, staff and number of customers In the internship program of the university, I was actually honored and fortunate to study and work at Bao Minh – Ha Noi branch As we knows, in the continuous development of the Vietnamese economy, transport plays an important role: participation in market creation and decisive factor in cultural and economic development among regions in the country, contributing to creating a solid structure for the country thus improving the people’s life, enhancing national security and defence Since 1986, transportation has always been consolidated, improved and developed The types of vehicles used are more diversified Because the motor vehicles has the advantage of being easy to use and excellent transport capacity so it has become an indispensable means in people’ life However, motor vehicles are a dangerous source for traffic accidents We can not predict damage how much it will cause As a result, motor vehicle insurance services have been established and developed throughout non-life insurance companies in Vietnam including Bao Minh company The purpose of motor vehicle insurance is to ensure financial stability, reduce the burden and stress on the vehicle owners when they join the traffic In the context of competition between insurance companies today, with a series of utility insurance package was born, this require the Bao Minh company to improve the quality to continue improve and perfect the products Starting from that fact, during my internship, research at Bao Minh – Ha Noi Branch, I selected the topic of "Improving the quality of motor vehicle insurance services at Bao Minh – Ha Noi branch" for my internship I still don’t believe that, it is great time and bring to me more great memories and big experiences what can help my career in my future LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com PART 1: INTRODUCTION TO MY INTERNSHIP AT BAO MINH INSURANCE COMPANY 1.1: Bao Minh Insurance Corporation 1.1.1: Overview about Bao Minh  Company’s name: BAOMINH Insurance Corporation  Abbreviated name: BAOMINH  Charter capital: 913.5 VND Billion  Owner’s equity: 2,171 VND Bilion  Total Assets: 5,125 VND Billion  Head Office: 26 Ton That Dam St., Dist 1, Ho Chi Minh City, Vietnam  Tel: (+84.28) 3829 4180 Fax: (+84.28) 3829 4185 Hotline: 1800588812  Website: www.baominh.com.vn  Incorporation and operation form:  Date of incorporation: November 28th,1994  From 1994 – 2004: Stated owned Enterprise  From 10/2004: Joint Stock Company  Scope of Activities: - Non-life Insurance - Non-life Reinsurance - Financial Investment  Personnel: 1,725 staffs and 3,880 agents  Operation Network: - 21 Functional Divisions - 01 Training Center - 02 Claim Centers - 59 Branches through out the country  Mission and vision: LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com  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  History and development:  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 Center Ticker: BMI  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 Stock Exchange  2009: Deployment of core software for insurance management ( under BEST project) Awarded the First Class Labor Medal by the President of State on the occacion of the 15th Anniversary of its foundation  2014: Bao Minh organized the 20th 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) LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 1.1.2: Products At present, Bao Minh’s operating system is in the following main areas:  Non – life insurance business including:  Personal Insurance  Motor Vehicle Insurance  Property Insurance  Engineering Insurance  Marine Insurance  Other products…  Reinsurance  Capital investment activities 1.2: Bao Minh Insurance – Ha Noi Branch  Bao Minh Insurance – Hanoi Branch is one of the 59 member companies of the Corporation  Established: 06/06/1995  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: LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 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 started introducing motor vehicle insurance packages with many benefits After we had answered all of Ha’s questions, we began to inspect the car to determine the market value of the car The car belongs to New Trade Development and Production Technology Joint Stock Company, it is used for the purpose related to the company Because the car was bought in 2009, so after 10 years the car has dropped to about 40% of its original value After consulting the car value on the website muabanoto.com.vn and the car value table, we and Mr.Ha had agreed the value of her car is 330 million VND in the current time The premium rate for a non-commercial 08 seat toyota innova car is 1.68% So the premium of Material damage insurance is 5.544.000 VND (330 million VND × 1.68%) (included VAT) In addition, the premium of Compulsory insurance of civil liability is 873.400 VND (included VAT), the premium of Accident insurance for assistant drivers and passeners on vehicle is 80.000VND But Ms.Ha did not want to immediately sign the contract because she needed to talk to her director about the premium I always hoped she would call me soon March 20 I have been working on my daily schedule Suddenly, this affternoon Ms.Ha sent me an email with content: her director was very satisfied and he hope we would sign the contract tomorrow The contract included motor vehicle insurances packages as Compulsory insurance of civil liability of vehicle owners, Material damage insurance for vehicle, Accident insurance for assistant drivers and passeners on vehicle This is good news for newbies like me At first, I thought this was a normal thing but it was very difficult and took more time I thanked Ms.Giang because she was very enthusiastic in helping me through the counseling process March 21st I and Mr.Ha had a signing appointment at 3pm in her office In the morning, I prepared all the documents related to the contract Thís time I would go alone I was a bit nervous, but everything was going well Then, I went back to the company, I paid the premium and handed over the contract to Ms Giang This is my first contract during my internship 2.4.2: case ( fail )  Content contract 18 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com  Customer information:  Name: Nguyễn Văn Hưng  Address : 702 Licogi 13, Khuat Duy Tien st., dist.Thanh Xuan, Ha Noi city  Gender: male  Profession: chief accountant at Minh Nhan Medical Equipment Company - Car brand: Toyota Fotuner License plates: 30A-541.17 Year of manufacture : 2014 Number of seats: Type of vehicle: passenger cars Uses: not business Type of insurance 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 Total premium Premium rate (%) 1.575 - Value of car: 700million VND - Sum insured: 550 million VND/ case - Deduction: VND/ case - Term of insurance: from March 30,2018 to March 29,2019 Premium 7.875.00 Tax VAT (VND) Premium includes tax (VND) 787.250 8.662.250 Approval 8.662.250 Discount 10% : 7.796.025VND  Work dairy: March 26th 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 to Mr.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 19 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com me come to his company and we discussed about contract and terms such as policy, his benefit This meeting will be next days March 28th I met Mr.Hung at 10 a.m in his office I explained to him of the rules, terms, premium tables, rights and responsibilities when participating in insurance He said he only wanted to buy material damage insurance In fact, value of his car was 750 million VND based on the website muabanoto.com and the car value table I suggested he can buy insurance with premium equal to value car ( it can bring in more benefits and compensate from Bao Minh bigger) but he did not want to that and he felt the reasonable premium: 600 million VN The premium rate for a non-commercial 07 seats toyota fotuner car is 1.575% So the premium of material damage insurance is 9.450.000VND (included VAT) Mr.Hung offered a discount premium With the knowledge I learned in weeks of study and reading material I remember I could make him a discount (maybe 510%) I told him I could get 5% discount on his premium Mr.Hung could dissatisfaction with my unprofessional in solve situation and he told to me have a other insurance company give him a lowly fee Of course, in the market we have more rival and they have lowly fee more than Bao Minh This is a true Actually I was really ashamed of the sudden situation, not as easy as the first time and I did not have the support of the instructor Because I did not have authority decision for discount I gave him a sorry and desired meet him at tomorrow I would answer him with the most accurate information about the discount Of course he accepted my offer but I felt he was not happy because of this situation although he was a very friendly I was really unprofessional now 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 experiences in solve reality situation This is lesson for me in the sale and make satisfaction for customer 20 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 2.4.3: Case ( success )  Content contract:  Customer information:  Name: Gia Thịnh Mechanical Limited Liability Company  Address: Yên Tân st.,dist.Long Bien, Ha Noi city  Tax code: 0102232867 - Car brand: Ford Zagner License plates: 29C – 254.41 Year of manufacture : Number of seats: 05 Type of vehicle: passenger cars Uses: not business Premium Premium Type of insurance rate (%) Compulsory insurance of civil 933.000 liability of vehicle owners Material damage insurance for vehicle Accident insurance for assistant drivers and passengers on vehicle Civil liability insurance of vehicle 710.000 owner to goods on the vehicle Voluntary insurance of civil liability of motor vehicle 580.000 owners to third parties Total premium - Value of car: - Sum insured: - Deduction: VND/ case - Term of insurance: from April 11 ,2018 to April 10,2019 Tax VAT (VND) Premium includes tax (VND) 93.000 1.026.300 71.000 781.000 100million/case 58.000 638.000 100million/case Approval 2.490.300 21 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com  Work dairy April 10th I signed a contract with a client this is unexpected met Mr.Nguyen Van Son is the representative of Gia Thịnh Mechanical Limited Liability Company Because he called up to Bao Minh’s hotline and would like have an agreement for him and my tasks is sign in contract with him.I arranged a conversation in a coffee near his company This was make relax time for him and without difficulty taking together My advantage consist of he is younger and friendly The car belongs to Gia Thịnh Mechanical Limited Liability Company,it is used to the purposes related to company Mr.Son said that he wants to buy motor vehicle insurance related to civil liability So I introduced him the types of insurance: Compulsory insurance of civil liability of vehicle owners, Civil liability insurance of vehicle owner to goods on the vehicle, voluntary insurance of civil liability of motor vehicle owners to third parties I had introduced other insurance packages but he did not care I informed him about the premiums that he had to pay He agreed very quickly We would have a meeting tomorow to sign the contract and complete the premium April 11th 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 2.4.4: case ( success )  Content contract  Customer information:  Name: Nguyễn Văn Lương  Address: Resident 3, lane 98 Nguyen Chi Thanh st., dist Dong Da, Ha Noi city  Gender: male  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 Stock Bank – Lo Duc transaction office – Hai Ba Trung branch, Ha Noi city 22 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com - - Value of car: 600 million VND - Sum insured: 600 million VND - Deduction: VND/ case - Term of insurance: from April 23 ,2018 to April 22,2019 Car brand: KIA cetaro 2.0 License plates: 30F -1357 Year of manufacture : 2018 Number of seats: 05 Type of vehicle: passenger cars Uses: not business Type of insurance 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 Total premium  Work dairy Premium rate (%) 1.575 Tax VAT (VND) Premium includes tax (VND) 437.000 43.700 480.700 8.591.000 859.000 9.450.000 Premium Approval 9.930.000 April 19 I really fortunate with this contract While I was looking for new customers, I suddenly received a phone call from my best friend Her name is Vu Thu Hien , she is a credit officer of Vietnam Commercial Joint Stock Bank (VBI) During a telephone conversation, she said that her customer wanted a loan to buy a car The bank required him to buy motor vehicle insurance So she wants to introduce me to her customer I was very happy to hear this she would send the customer information to my email We would have a meeting tomorrow in her office April 20 In the morning, I, Ms Hien and Mr Nguyen Van Luong - customer who want to buy insurance had a meeting at the office of VIB Bank – Lo Duc Branch Mr Luong wanted to buy Compulsory insurance of civil liability of vehicle owner and Material damage insurance for vehicle When Mr Luong learned that I was a trainee at Bao Minh, he proved quite comfortable and agreed with all my suggestions Probably 23 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com because he is a teacher at University Based on the car value table 2018, value of the new KIA cetaro 2.0 is 600 million VND The premium rate for his car is 1.575% So the premium of material damage insurance is 9.450.000VND (included VAT) In addition, Compulsory insurance of civil liability is 480.700VND (included VAT) However, because he borrowed money from a bank to buy cars, the beneficiary would be a bank with a material loss of over 30 millionVND All agreements were made easily and quickly Because the next day will be the weekend, so I would appoint Mr L to sign the contract on Monday 23rd Then everything went smoothly 2.5: My commercial results Table 2: My commercial rerults Categories Compulsory insurance of civil liability of vehicle owners Material damage insurance for vehicle Accident insurance for assistant drivers and passengers on vehicle Unit Result VND 3.461.000 VND 23.656.000 VND 80.000 VND 781.000 VND 638.000 VND 3.801.000 Civil liability insurance of vehicle owner to goods on the vehicle Voluntary insurance of civil liability of motor vehicle owners to third parties Others insurances The above table was my commercial results during my internship I had more and more contract about motorbike insurance I had 11 new customers attended to motorbike and contract insurance for car Actually customers were most of members of my family or my friends Due to the short duration and lack of experience, I had not found a lot of new customer for company and bring in more value profits I comprehended my KPI is the most lowly in my team and this was the reason I need 24 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com improve myself if I can come back and become to an employee at Bao Minh - Ha Noi Branch 2.6: Overview of Viet Nam Insurance market in 2017 In 2017, there were many positive changes in the socio - economic situation The Government has carried out many solutions in oder to stabilize the economy, remove difficulties for enterprises, and promote production and business In that context, with the effective guidance, management and supervision of the Ministry of Finance, the effort to overcome challengers, seizing the opportunities of insurance companies, the insurance market has developed and had encouraging achievements The insurance industry continues to have an impressive developing year (Unit: Billion VND) Year Year 2016 2017 Bảo Việt 5.828 6.564 PVI 6.457 6.527 Bảo Minh 2.819 3.102 PTI 2.461 3.096 PJICO 2.330 2.494 Others 12.255 15.213 Total 32.150 36.996 Company name Table 3: Direct premium revenue table of Non-lìfe insurance companies (2016-2017) 25 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Market Share chart Bảo Việt PVI Bảo Minh PTI PJICO Others Figure 4: Market Share chart In 2017, total revenue of direct premium was estimated at 36.996 billion VND, growth of 15.04% in comparison with the same period in 2016 Bao Viet leaded in the market direct premium revenue with a revenue attained 6.564 billion VND, growth of 11.26% in comparison with the same period in 2016, accounting for 17.74% market share The next is PVI with revenue of 6.527 billion VND, growth of 10.01% in comparison with year 2016, accounting for 17.64% market share Bao Minh the third with revenue of 3.102 billion VND, growth of 9.91% in comparison with year 2016, accounting for 8.38% market share PTI is the fourth with the revenue of 3.096 billion VND, growth of 25.39% in comparison with year 2016, accounting for 8.37% market share PJICO is the fifth with revenue of 2.494% billion VND, growth of 11.33% in comparison with year 2016, accounting for 6.74% market share In addition to the leading market companies mentioned above, some insurance companies have a growth rate of direct premiums more 50% over the same period in 2016 such as UIC (639 billion VND, up 89.02%), Phu Hung (90 billion VND, up 72.61%), VBI (735 billion VND, up 51.11%), VNI ( 500 billion VND, up 62.48%), BHV (200 billion VND, up 54.34%) 26 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 2.7: Business status of insurance categories in 2017 1000 800 963 849 830 600 400 475 441 200 372 234 na so r Pe ce an r u ns lI or ot M 189 cl hi e V e ce an r su In e op Pr & rty g En ee in g rin ce an r su In Premium Income e in ar M ce an r su In Claim Payment Figure 5: Business status of insurance categories in 2017 By line of business, In 2017, Personal Insurance leaded in the figure with a revenue attained 963 billion VND,but the total compensation is quite low with 234 billion VND The next is Motor vehicle Insurance with revenue of 849 billion VND, the total compensation is 441 billion VND Property & Engineering Insurance is the third with revenue of 830 billion VND, and the total compensation is the highest compared to the same period in 2017, attained 475 billion VND Marine Insurance is the fourth with revenue of 372 billion VND, and the total compensation is lowest compared to the same period in 2017, attained 189 billion VND 27 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com PART 3: INTERNSHIP ASSESSMENT 3.1: Difficulties and proposed solutions 3.1.1: SWOT about Bao Minh Company – Ha Noi Branch Strength Weakness  Long history ( established November  Price policy is not flexible 28th,1994)  Promotional campaign is still  Top in the market limited and not attractive  Wide network ( 21 Functional  Marketing activities are not Divisions , Training Center, Claim focusing Centers, 59 Branches through out the  The salary structure is not high country )  Strong financial strength ( total asset is 5.125 billion VND )  Clear strategic direction  Leadership of experienced  Dynamics and professionalism of employees  There are large amounts of traditional customers Opportunities Threats  International integration  financial crisis  The insurance market has maintained  New inurance companies appear its momentum more and more  The Government has carried many  Competitor company offer many solution to support development team incentives, extend insurance  Economic growth, quality of life conditions and reduces insurance improved so consumer demand of the premiums  The people increased economy is constantly changing Table : SWOT about Bao Minh Company – Ha Noi Branch 28 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 3.1.2: Difficulties  The number of licensed insurance companies is increasing If domestic and foreign organizations and individuals meet the conditions prescribed by law, they shall licensed to become insurance companies Many insurance companies are expected to make the competition more harsh  Due to the global economic crisis, the domestic economy is facing with many difficulties, so investment capital is also showing signs of stopping Also, due to the uncertainty of inflation, many projects have been postponed or cut by the government 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  Besides, The consequences of the crisis have reduced the real incomes of the people The number of international tourists to Vietnam and Vietnamese tourists is also on the downward trend This situation has significantly affected the non-life insurance market in general and the Bao Minh company in particular such as: motor vehicle insurance, healthy and personal accident insurance,etc  The phenomenon of insurance fraud is increasing This has been a problem in Vietnam for a long time, but recently tended to rise and appear at Bao Minh This will not only result in financial losses but also serious damage to reputation, brand and image of Bao Minh  The number of new employees is rising, but they are still weak in terms of professional skills, lack of experience 3.1.3: Proposed solutions:  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 29 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com  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 3.2: 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  In nearly months of project, I was acquainted with the professional working environment and the pressure of work In addition, I also had the opportunity to improve the knowledge learned at the university Especially apply the theoretical knowledge I had learned into practice, through which I would know how to use the knowledge I have accumulated in the school in order to work an effective way  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 Sometime, customers are very difficult but I still need to satisfy them Thus, I learned patience, enthusiastic and courteous attitude In addition, I got that confidence, dynamism and grasp opportunities After the meetings with customers, I felt I have done myself better, become more confident ahead of the crowd, to be able to express myself  Through this project, I had to add a lot of experience and working methods of scientific I learned a lot from the staff at the company, accumulated invaluable knowledge This experiences would help me a lot about the ability to understand and adapt to future work 30 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com  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 3.3: My career plan in the furure  Short-term goals (1 year) : After graduation, I become more and more interested in this job I will apply for a job at Bao Minh insurance company I want to become a real sale business in business 07 department because the working environment is professional and friendly I decide to stick here further I always want to become a business specialist at Bao Minh This is the position that I love and I am willing to overcome the challenges or difficulties to achieve the plan came up Besides, I will continue Join a Toeic courses to improve my English skills and get score of > 750 point  Medium-term goals (2 - years) : I may consider learning further for a master degree to my job more effectively  Long-term goals (5 years) : After 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 31 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com CONCLUTION During my internship at Bao Minh - Ha Noi branch, I had the opportunities to integrate in the professional environment by learning the knowledge and experience for the future work In particular, I improved on my social skills such as problem solving skills, communication skills, teamwork skills,etc Thanks to the meetings with customers, I improved my presentation skills, increased my ability to persuade others In particular I have gained dynamic confidence In addition, I understood the process of selling insurance products and the full procedure for signing the contract I had the opportunity to apply the insurance knowledge in practice I also learned a lot about the working style in the office, working methods of scientific and highly specialized In addition to that, I also encountered many difficulties in the practice I had a lot of dificulty in seeking documents and analyzing figures related to the Bao Minh operational situation annually It was not easy to convince customers to buy insurance products as I thought Sometimes, customers were very difficult but I had to always find ways to please them However, thanks to the enthusiastic support and help from the facilitator and the staff at the Business Department 07, I completed the task entrusted and accomplished the goal set earlier After the internship, I had a few new customer and finally sign in contract buy products With this results, it had become a motivation for me on my future career development 32 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ... INTERNSHIP AT BAO MINH INSURANCE COMPANY 1.1: Bao Minh Insurance Corporation 1.1.1: Overview about Bao Minh  Company? ??s name: BAOMINH Insurance Corporation  Abbreviated name: BAOMINH  Charter... Starting from that fact, during my internship, research at Bao Minh – Ha Noi Branch, I selected the topic of "Improving the quality of motor vehicle insurance services at Bao Minh – Ha Noi branch"... 1.1: Bao Minh Insurance Corporation 1.1.1: Overview about Bao Minh 1.1.2: Products 1.2: Bao Minh Insurance – Ha Noi Branch 1.3: The role of motor vehicle insurance