INTRODUCTION TO MY INTERNSHIP AT BAO MINH
Bao Minh 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
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 15 th Anniversary of its 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
According to the socio-economic development of the country, the insurance is increasingly diversified Insurance companies do not just stop at the risk business but are increasingly promoting their active role in many aspects In which motor vehicle insurance plays an important role for social security:
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 reduces the tension between the vehicle owner and the victim when the accident occurs In particular, when an accident occurs, the owner of the car often experiences psychological problems due to the loss or liability arising so they often have difficulty in dealing with the consequences of the accident. Insurance staff will then advise them on how to deal with the consequences of the accident as quickly as possible and also help them minimize the damage They limit the risks they have to do to protect themselves and the car from the risks that may befall them In addition, it also helps to eliminate out-of-date vehicles or inadequate vehicles because when insured, insurers will have to evaluate the condition of the vehicle to determine the value of the vehicle at the time of engagement If the vehicle expired or poor quality means that the risk will be higher, the insurer will not insure the vehicle then the vehicle owners will not be circulated because the vehicle inspection agency only check the vehicle when the documents have 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 period at Bao Minh - Ha Noi Branch, I would learn the real situation of selling motor vehicle insurance It was very easy but always difficult to new member (it me) I needed to come to subsidiary Bao Minh and study overview material at Bao Minh – Ha Noi Branch, organization and operation of the branch After that, I would introduce my product of company for customer such as business staff This was the most important step before customer start understanding about product and interest product and buying it This brought in great experiences when I conduct my internship.
I decided to choose topic because I want to know: How far is reality and theory distance? I wanted to know ways an insurance company selling insurance product for customer and seeking ways approaching and expand consumer’s market In addition, I wanted to learn the knowledge about company know about terms and policy of company during exist period Besides, I was looking for seeking new more strength and weakness with aims develop strength and fix weakness I hoped I have accumulation experiences about insurance.
Table 1: My internship plan at Bao Minh - Ha Noi Branch
From To get acquainted and debuted in To set clear targets for project
To study overview material at Bao Minh – Ha Noi Branch, organization and operation of the branch 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 was working such as business staff And this is a popular position in company because Bao Minh need a little people for business staff and they will bring in new customers and sell products for old customers, expanding markets.
Ms Phung Huong Giang GGG
Ms Phung Huong Giang GGG
With responsibilities of business staff, I have been trained everything about ways of selling insurance or conduct campaign advertising to Bao Minh’s subsidiary in Ha Noi; improving my communication from the meeting with client or introduction new products for Bao Minh’s staff.
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
During her guidance, Ms Giang provided me with pertinent documents, such as "Terms and Policy in company about motor vehicle insurance's product" and "Legal about motor vehicle insurance of Bao Minh." As a newcomer in the field, I recognize my limitations in becoming an exceptional insurance professional and securing additional contracts for Bao Minh I actively seek knowledge from senior colleagues and engage in discussions with Ms Giang and my teammates to enhance my understanding and improve my performance.
As results obtained, I understood methods Bao Minh sell a product and ways keep up expand market and approach more customer.
I have worked in the Ha Noi Transaction Office of Bao Minh I performed my internship duties under the instructor Mrs Giang and direct training of the BusinessDepartment 7 and the help of the staff in the department My internship period lasted three months, including writing a report for the internship period This project has been agreed to receive interns by the directorate of Bao Minh- Ha Noi Transaction Office
Stage 1 : Adapting with working environment
Beginning an internship involves acclimating to a new work environment, which presents opportunities to establish connections and cultivate a positive impression This initial phase provides essential support for performing responsibilities effectively throughout the internship Establishing rapport with colleagues facilitates seamless access to work-related resources The setup of a dedicated workspace with necessary equipment enhances productivity, while the selection of an internship report topic sets the foundation for future deliverables.
Stage 2: Familiar with documents and administrative formalities related to insurance package of Bao Minh, especially motor vehicle insurance services.
The intructor provided me with a lot of related to documents including: “Terms and Policy in company abouint motor vehicle insurance’s product” “Legal about motor vehicle insurance of Bao Minh” Ms.Giang advised me to observe carefully and learn about all procedures, working methods, and problem-solving skills of other people.Beside, I also look at the documents and administrative procedures related to motor vehicle insurance activities: Learn about the application forms, personal profiles of customers who have transactions at the company to understand more about the operation It makes future work more confident, faster and more accurate.
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 easy because of we must discuss about premium and terms If don’t ever new offer I will continue give message for Bao Minh’s staff aims asking them about customers 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 responsibilities involved proactively identifying potential customers, mirroring the duties of primary staff members However, I enjoyed the flexibility of my position, which allowed me to assist other officers with administrative tasks as needed These tasks included assisting with photography, managing financial records, delivering documents, organizing archives, and creating promotional materials Additionally, I provided support by answering telephone calls during peak periods, enhancing the overall efficiency of the team.
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
After receiving the customer data, credit officer will contact customers to consult, provide information and the provisions conditions of Bao Minh’ motor vehicle insurance service Then, the staff will evaluate the vehicle (new car, used car, passenger car,etc.) to introduce the Bao Minh's product packags with the appropriate fees for each The staff will offer the best advice and the best benefit to the customer.if the negotiation is successful, staff will quickly complete the procedures and sign the
Consultant for customer insurance package
Finalization of documents and sign contracts
Analysis about fee insurance for customer
Introduction Bao Minh' s motor vehicle insurance contract Customers must pay premium within 7 days from the date of signing the contract If the staff still has not received the premium after 7 days, the contract will be canceled The term of the contract is one year and will come into effect from the date the customer pays the full premium.
Form of basic motor vehicle insurance
2.3.1: Compulsory insurance of civil liability of vehicle owners
Compulsory insurance of civil liability of vehicle owners is compulsory for vehicle owners within the scope of insurance liability inscribed in the insurance certificate, Bao Minh Insurance is responsible for paying motor vehicle owners the amount of money that motor vehicle owners must compensate third parties and passengers for the use of motor vehicles.
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
Motor vehicle owner (organization or individual) means the owner of a motor vehicle or is assigned by the owner of a motorized vehicle to possess, use it lawfully or operate a motor vehicle.
- Motor vehicles: including automobiles, tractors, construction vehicles, agricultural motorcycles, forestry and other special vehicles used for security and defense purposes
- 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
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.
5 Insurance exclusions - 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
Accident insurance for assistant drivers and passengers on vehicle
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.
The insured person intentionally causes an accident or participates in a fight unless it is an act of self-defense The insured person uses alcohol and beer in excess of the prescribed level of law, using other drugs and stimulants, sudden cold, wind, disease, food poisoning, drink and use drugs not under the guidance of health authorities when participating in traffic
6 level of insurance liability 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
Civil liability insurance of vehicle owner to goods on the vehicle
3 Insured person Motor vehicle owner
Motor vehicle owners can obtain insurance to cover their civil liability for any loss of goods transported in their vehicles under a contract of carriage This insurance can also reimburse the vehicle owner for necessary and reasonable expenses incurred in preventing or reducing losses to the goods, as well as expenses associated with preservation, loading, unloading, storage, and return.
5 Insurance exclusions - 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 are damaged due to insufficient quality, the packaging and the loading materials are not up to the technical requirements The goods are deflated in the course of transportation without being hit by a vehicle or overturned.
- 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
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.
6 level of insurance liability - Asset: If compulsory insurance for civil liability of the motor vehicle owner pays the full amount of liability, Bao Minh will pay the rest according to the extent of fault of the parties The compensation level does not exceed the level of responsibility the customer has participated.
- Person: If compulsory insurance for civil liability of the motor vehicle owner pays the full amount of compensation according to the payment schedule, Bao Minh will pay for the remaining reasonable expenses (as prescribed by law) The compensation will be based on the level of fault of the parties and not exceed the level of liability that the customer has participated.
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.
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
Approval Compulsory insurance of civil liability of
Material damage insurance for vehicle
504.000 5.544.000 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
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 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
Due to my recent focus on scheduling, I was pleasantly surprised to receive a contract from Ms Ha regarding motor vehicle insurance packages The contract included comprehensive coverage such as civil liability, material damage, and accident insurance for drivers and passengers Despite initially underestimating its complexity, I greatly appreciated Ms Giang's enthusiastic guidance throughout the counseling process.
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
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
Approval Compulsory insurance of civil liability of vehicle owners
Material damage insurance for vehicle
787.250 8.662.250 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
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 me come to his company and we discussed about contract and terms such as policy, his benefit This meeting will be next 2 days.
During a meeting with Mr Hung, I discussed the rules, terms, rights, and responsibilities associated with insurance participation Despite suggesting the benefits of purchasing insurance with a premium equal to the car's value of 750 million VND, Mr Hung preferred a more moderate premium of 600 million VND Given the 1.575% premium rate for a non-commercial 7-seat Toyota Fotuner, the material damage insurance premium was calculated to be 9,450,000 VND, including VAT.
Mr.Hung offered a discount premium With the knowledge I learned in 2 weeks of study and reading material I remember I could make him a discount (maybe 5- 10%) 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 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.
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
Approval 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 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
We had a meeting at 10a.m to complete the procedure and sin the contract This
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 Stock Bank – 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 Premium Tax Premium rate (%)
VAT (VND) includes tax (VND)
Approval Compulsory insurance of civil liability of vehicle owners
Material damage insurance for vehicle
859.000 9.450.000 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 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.
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 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 23 rd Then everything went smoothly.
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
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 6 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 improve myself if I can come back and become to an employee at Bao Minh - Ha NoiBranch.
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.
Table 3: Direct premium revenue table of Non-lìfe insurance companies
Bảo Việt PVI Bảo Minh PTI PJICO Others
In 2017, the direct premium revenue in the insurance market reached 36.996 billion VND, indicating a substantial growth of 15.04% compared to 2016 Bao Viet maintained its market dominance with a revenue of 6.564 billion VND, representing a 17.74% market share Other major players include PVI (17.64%), Bao Minh (8.38%), PTI (8.37%), and PJICO (6.74%) Notably, PTI experienced a significant growth of 25.39%, showcasing its increasing competitiveness in the market.
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, up72.61%), VBI (735 billion VND, up 51.11%), VNI ( 500 billion VND, up 62.48%),BHV (200 billion VND, up 54.34%).
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 in revenue with 963 billion VND, but had low compensation payouts at 234 billion VND Motor Vehicle Insurance followed with 849 billion VND in revenue and 441 billion VND in compensation Property & Engineering Insurance ranked third with 830 billion VND in revenue and the highest compensation of 475 billion VND Marine Insurance generated 372 billion VND in revenue but had the lowest compensation payouts at 189 billion VND.
INTERNSHIP ASSESSMENT
Difficulties and proposed solutions
3.1.1: SWOT about Bao Minh Company – Ha Noi Branch
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
Price policy is not flexible
Promotional campaign is still limited and not attractive.
Marketing activities are not focusing
The salary structure is not high customers
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
Table 4 : SWOT about Bao Minh Company – Ha Noi Branch
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.
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.
In nearly 3 months of project, I was acquainted with the professional working 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.
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
My short-term career goals involve joining Bao Minh Insurance Company in the Business 07 department, where I aspire to become a skilled salesperson I am drawn to the professional and supportive work environment and am determined to excel in this role Furthermore, to enhance my communication abilities, I will enroll in TOEIC courses and aim to achieve a score exceeding 750 points.
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.
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.