BANCASSURANCE DEVELOPMENT AT BAO VIET LIFE CORPORATION

NATIONAL ECONOMICS UNIVERSITY CENTRE FOR ADVANCED EDUCATIONAL PROGRAMS BACHELOR’S THESIS TOPIC: BANCASSURANCE DEVELOPMENT AT BAO VIET LIFE CORPORATION Student: PHAM TAM LONG Major: Finance Class: Advanced Finance 54B Student’s ID: 11122366 Supervisor: LE THANH TAM, PH.D HANOI, 2016 ACKNOWLEDGEMENT This thesis is completed to fulfill the requirement for the Bachelor degree – major in Finance from the Advanced Educational Program (AEP), Centre of Advanced Educational Program – National Economics University Firstly, I thank Management Board of the National Economics University and AEP, who have been organizing such interesting program for me to study and work like an international student with the privilege of using English as the primary On top of that, I would like to express my sincere thanks to all lecturers of AEP and associates, who have equipped me with a lot of valuable knowledge and skills for my further career Especially, I am deeply appreciated my supervisor – PhD Le Thanh Tam for her support, guidance and advice during my work on completing this thesis My sincere thanks also go to Bao Viet Life Insurance Corporation’s managers in general and Bancassurance, Human Resources and General Affairs department in particular who have greatly supported me during my process on this thesis Without their precious support it would not be possible to conduct this research Special thanks go to my fellows, for the time spending together to release the stress after tired working and studying hours In particular, I am grateful to Ms V, Ms T.A and Ms H for helping me overcome depressions and stresses I deeply value their friendship and groove on their belief in me Moreover, I extremely appreciate Ms N for being a source of motivation and making my senior year more worthwhile Lastly, none of this could have happened without my family I always indebted to my father, my mother and my sister, who have been supporting me physically and mentally with all their efforts, loves, and sacrifice TABLES OF CONTENTS Supervisor: Le Thanh Tam, Ph.D Pham Tam Long – Class: Advanced Finance 54B STATUTORY DECLARATION I herewith formally declare that I myself have written the submitted Bachelor’s thesis independently I did not use any outside support except for the quoted literature and other sources mentioned at the end of this paper Hanoi, 30/05/2016 Signature Supervisor: Le Thanh Tam, Ph.D Pham Tam Long – Class: Advanced Finance 54B ABSTRACT Vietnam's insurance market has grown rapidly in recent years and become a promising market In particular, the country’s demographic and economic development is expected to fuel further demand for insurance services both in the non-life and life sectors In the last decade, Vietnam’s insurance sector has been transformed from a State-owned monopolist sector to a more open industry with both domestic and foreign insurers as new entrants Vietnam’s international commitment under its WTO accession concession (with Vietnam’s WTO accession having taken effect in January 2007) has helped to gradually liberalize this sector of the economy further However, with an average growth rate of over 20 percent in recent years, Vietnam’s insurance market is not only attractive to “domestic” businesses but also falls into the sights of “foreign” businesses Along with the penetration of foreign investment, the competition would be fiercer and this forces domestic insurance companies to inevitably choose trends in order to deal with foreign waves: to compete or to cooperate with others During this period, to maintain the existence and development, commercial banks are other financial institutions bearing the competitive pressure of foreign blocks They always have to constantly improve operational activities, management quality, human resources rejuvenation product distribution channels diversification, etc Simultaneously, there must be changes in business, marketing and product distribution strategies In particular, the characteristics of all financial services are based on trust and credibility of the institution Therefore, business scale has huge impact on the customer approach and business expansion Thus, the tendency of "the great fish eat small" is a basis for the development Hence, the cooperation between domestic commercial banks – insurance companies is an indispensable trend Practice shows that the link between insurance – commercial bank has initially formed and developed in Vietnam, as the most popular one (Bancassurance model) has been beneficial for both insurers, banks and customers Learning from the experience of foreign countries, the development of Bancassurance in Vietnam in general and in Baoviet Life (BVL) in particular has increasingly finalized and Supervisor: Le Thanh Tam, Ph.D Pham Tam Long – Class: Advanced Finance 54B achieved many successes However, the development of this distribution channel is still not commensurate with its potential Acknowledging the development of insurance industry as well as the prospect of Bancassurance, I have spent my internship time at BVL – the second largest life insurance firm in the insurance market to research and investigate deeply characteristics and current situation of Bancassuarance model Data within the report is collected from a wide variety of official sources, such as BVL and Baoviet Holdings (BVH) websites and other data provided by the company as well as BVL’s banking partners The structure of the report contains three basic matters (besides introduction, conclusion and appendix): • Theoretical framework of Bancassurance development • Analyzing and evaluating Bancassurance development at Bao Viet Life Corporation • Issues finding and recommendations Supervisor: Le Thanh Tam, Ph.D Pham Tam Long – Class: Advanced Finance 54B ABBREVIATION BVL: Bao Viet Life Corporation BVH: Bao Viet Holdings VND: Vietnamese Dong ACM: Assurances du Credit Mutuel EU : European Union Techcombank : Vietnam Technological and Commercial Jointstock Bank Vietcombank: Jointstock Commercial Bank for Foreign Trade of Vietnam MB: Jointstock Commercial Bank for Military of Vietnam MIC: Military Insurance Corporation BIDV: Bank for Investment and Development of Vietnam BIC: Insurance Corporation of Bank for Investment and Development of Vietnam COC: Code of conduct GA: General Affairs HR: Human Resources NDC: New Distribution Channels Supervisor: Le Thanh Tam, Ph.D Pham Tam Long – Class: Advanced Finance 54B IPO: Initial Public Offering MOF: Ministry of Finance SCB: Saigon Commercial Bank SHB: Saigon Hanoi Commercial Bank VPBank: Vietnam Prosperity Commercial Bank UVL: Universal Life Products Supervisor: Le Thanh Tam, Ph.D Pham Tam Long – Class: Advanced Finance 54B LIST OF TABLES Table 2.1 16 Table 2.2 27 Table 2.3 29 Table 2.4 31 Table 3.1 43 Table 3.2 50 Table 3.3 50 Table 3.4 51 Table 3.5 54 Supervisor: Le Thanh Tam, Ph.D Pham Tam Long – Class: Advanced Finance 54B LIST OF FIGURES Figure 2.1 Figure 2.2 12 Figure 2.3 13 Figure 2.4 13 Figure 2.5 14 Figure 2.6 14 Figure 2.7 26 Figure 2.8 34 Figure 2.9 36 Figure 2.10 37 Figure 2.11 38 Figure 3.1 40 Figure 3.2 45 Figure 3.3 46 Figure 3.4 47 Figure 3.5 51 Figure 3.6 52 Figure 3.7 53 Supervisor: Le Thanh Tam, Ph.D Pham Tam Long – Class: Advanced Finance 54B 10 LIST OF BOXES Box 3.1 55 Box 3.2 57 Box 3.3 Supervisor: Le Thanh Tam, Ph.D 58 Pham Tam Long – Class: Advanced Finance 54B 68 CHAPTER 4: RECOMMENDATIONS 4.1 For Bao Viet Life Corporation Improving the cooperation procedure between BVL and commercial banking partners Currently, BVL has no standard in regarding to the cooperation with commercial banks Based on the implementation experience , BVL should apply specific measures to improve the cooperation process in order to improve Bancassurance efficiency Choosing partner: At present, there are over 50 commercial banks including foreign banks that operating in Vietnam financial market Each commercial bank has its own characteristics, strengths and goals, so BVL must requires a careful assessment of these commercial banks before placing cooperation relationship The primary method that used at the moment is the commercial banks evaluation through accumulated points This method is used only for reference and from time to time, depending on the business goals in different stages Setting up cooperation relationships and the integrated products: After selecting the potential commercial banks, BVL should set up a clear and sustainable collaborative relationship This relationship could be Distribution Agreement, Strategic Alliance or Unique Ownership, which depends on the basis of the existing relationship with the commercial banks The closer relationship, the more potential and solid for the Bancassurance development Simultaneously, in line with the selection of collaborative relationships, BVL also need to research and develop the integrated products to be deployed Actively shaping the product in advance would make the negotiation and cooperation agreements faster and more convenient for commercial banks Proposing a cooperation agreement with the commercial banks: This is the most important stage which will decide whether the commercial banks would sign the cooperation agreement with BVL or not In the process of making a proposal for cooperation, BVL must express its brand reputation as well as the scale of Baoviet Life distribution system Since then, BVL should put the emphasis on the interests of commercial banks when participating in this cooperation In addition, BVL should implement specific illustrations for commercial banks in terms of revenue results, and 69 benefits if banks decide to step further The introduction of this vignette effect will create a sustainable belief in the commitment for commercial banks Signing cooperation agreement: After the acceptance of commercial banking partners, the parties will sign a cooperation agreement In the context of the cooperation agreement, there should be clear issues of responsibilities and obligations of the parties in each specific field Even, there would be expected revenue targets for specific integrated products clearly in order to affirm the responsibilities of each party in the cooperation Implementing Bancassurance: BVL and the commercial banks need to quickly deploy the integrated products under the cooperation agreement This deployment will have to be started from advertising and promoting stage for the image and reputation of commercial banks in general and the integrated products in particular Operational assessment: Since this is a new distribution channel for new integrated products, hence the aggregate and evaluation of operational results should have been taking place regularly on quarterly basis The results evaluation will often help uncover the strengths and shortages of Bancassurance This is neccessary for both parties to quickly take measures in time to promote or modify the limitations Learning and strengthening cooperation: In terms of high-level contacts, the implementation process might engender contradictions at each stage, which could result in high-level relationship between directors To avoid this significant impact on the business performance of the distribution channel, BVL should actively explore and take specific actions to deal with arising contradictions in order not to affect the relationship of the parties Designing and developing appropriated insurance products BVL needs to research in order to design traditional insurance products and integrated products which fit the increasingly diverse needs of customers The commercial banks also need to review and improve procedures to facilitate the insurance claims and compensations for customers while ensuring strict compliance with the provisions of the Government and limiting the possibility of insurance fraud To operate the distribution of life insurance products through commercial banks with high efficiency, all Bancassurance products need to be consistent with the operation of the commercial banks 70 • Integrated products: The integrated product should be designed based on the needs, preferences, culture, especially the average income of customers Through its practical implementation, it can be seen that life insurance products related to health is preferred However, these products often have low premium thus it could not bring high revenue for both parties Therefore, to develop Bancassurance, BVL needs a special priority to products which associated with basic needs of customers, especially health insurance products This is the best way to save time and effort while avoiding ineffective product design In addition, the products associated with the commercial banks should be designed based on the study and research of market segments, different types of customers and the needs of customers in specific stages: borrowing or saving demands of customers, the income movement of customers, the characteristics of large and potential customer segmentations, etc This study should be specifically identified in details and the implementation process must follow the latest market research Thus, this work needs the flexibility by marketing department of BVL and commercial banks The products should be simply designed, which are easy for customers and bank staff to understand This will help the bank staff consult the products for customers easier and more precise, which is also create trust and reputation in customers The significant factors are: Brief terms and conditions, concise and full attention; clear provision; specific rights and responsibilities of both sides BVL needs to identify, evaluate the strengths and weakness of each partner to design and select appropriate products for each commercial bank o With HSBC: the advantages of HSBC are the diverse source of individual customers and the organization with high financial level Thanks to its worldwide reputation and brand, HSBC’s position is highly valued in the financial markets BVL has developed term products for organization customers while deploying traditional products with modern, flexible and high investment functions towards individual customers So far, although this orientation has brought over expected results for both parties, there was only cross-sale method applied without effective integrated products Therefore, in order to achieve higher efficiency, BVL should design products which are 71 closely associated with the featured of HSBC’s banking products In overall, the integrated products need to be introduced broader in line with more advanced services that come with higher premiums by such well matched with the supreme products that HSBC provides for banking customers o With local banks such as VPBank and BaovietBank: Because of their limited customers as well as their lower income segments, BVL should design integrated products which associated to bank credit or bank savings products with larger scope With these banks, BVL should not focus on the deployment of traditional products BVL need to design products with different functions compared to the banking products Simultaneously, these two products should also provide additional support for each other like a complement, thereby approaching perfect products and services in customers’ preferences With products linked to bank savings, these products need to focus more on the insurance function for the policy holder, because when they have a surplus fund to the save, their goals would notice towards protection against risks rather than interests or profits Otherwise, as for products linked to bank credit, the integrated products can extend the risky investments such as: If the customer unfortunately suffers risks, BVL will represent and be responsible for paying the loans on behalf of customers (in accordance with the provisions of the policy) In addition, the legitimate insured person also receive an additional value-added from the insurance policy There also could be the situation when the policy gets maturity, if customers not suffer risk during the term, the legitimate insured person would receive the value-added as part of the terms • Traditional products: Currently, BVL has developed a number of traditional products through Bancassurance channel and has achieved positive results In line with the Universal Life products at HSBC, security products such as An Sinh Giao Duc, An Sinh Tai Loc are also deployed In fact, BVL has regularly received complaints from commercial banks about these products because they could be easily to exploit and consult but the customer service and postpurchase stage behind are quite complex, especially the procedure to change the policy conditions Therefore, it is necessary to design specialized traditional products to be distributed by Bancassurance only with appropriate terms and conditions This action would bring higher revenue for BVL in particular and 72 higher efficiency for Bancassurance channel in general, which will benefit both BVL and commercial banking partners Improving the quality of cooperation between BVL and bank partners The coordination procedure and process between BVL and bank partners has been built quite reasonable at the present However, to create a superior business performance, this process needs to be improved further, possibly by some of the following measures: • For the integrated products o The coordination process needs to be simpler, but still have to ensure the safety and feasibility A complex coordination process creates aversion in selling traditional insurance products to bank employees o Together build and organize a common data system so that both parties can update and use the data in a uniform manner o Shorten the time required for evaluating dossiers insurance for insured customers through this new distribution channel o The implementation of BVL review over policy information form only to determine whether the banker has omitted a "Yes" answer at the present is not necessary By signing the cooperation agreement, BVL has authorized commercial banks to accept and issue insurance contracts So, if there is a risk, the banks will have to bear full responsibility for the decision to when accepting insurance and then, BVL can absolutely refuse to settle insurance claims or require the banks to stand out and compensate Thus, if this work is simplified, BVL will save a lot of labor costs At the same time, the coordination process is shortened and able to avoid complicating for both parties o Improve the quality of insurance services on the market represented by the possibility to compensate losses, the level of payment of service insurance contracts, customer care policy, strictly implement commitments to increase the quality of insurance services which attract customers to more consumer products • For traditional products o Need to simplify the process of accepting insurance for insured customers through banks distribution channels by: Making a specialized department for the evaluation of dossiers from this distribution channel Number of 73 employees may not be too large but the specialization will effectively enhance the evaluation of dossiers o In case, the customer have to have a health check, BVL needs to associate with the clinic, reputable hospitals, especially should pay attention and regular check the attitude of medical collaborators, to avoid creating discomfort for customers, because the feelings of customers not only affects the reputation of BVL but also for the reputation of banks o Quickly supplement and complete the expansion of management software for distribution of insurance products through commercial banks by strengthening coordination with the Division of Information Technology Group and align resources to perform testing and development new software Improving the quality of management and agent training • The emulations and awards program: Like distribution channel through agents, distribution channels through banks also need the emulation program to encourage and mobilize the bank in general and bank employees in particular so that they can be more active in the distribution of BVL products The bank employees are often not professional counselors, therefore, in the emulation phase, the targets should not be set at too high and lack of practice, which will reduce the motivation of the bankers The time of program should not be too long that might bright distraction to bankers because they have to focus most of the time for work in banking Instead of having a number of major awards for the entire round of competition, BVL can apply method of splitting the stage of the program and put out small prizes as of “Monthly Excellent staff” to timely create dynamic and bring extra inspiration to work for the bank employees In particular, it should be clearly defined strategic goals in each period to take the appropriate emulation program The issue costs for the emulation program also need to be clearly separated between traditional products and integrated products For integrated products, most of the cost would be responsible for commercial banks because if revenue of integrated insurance products is high, it also means that the revenue of banks products is high, in this case the object with more profitability is the banks As for traditional products, revenues are billed for the entire BVL, so, with this program, BVL will sponsor the costs to motivate the striving in the banking system 74 • The training of agents: To improve the effectiveness of training, BVL should negotiate and deal with the bank to come up with commitments from the banks about the business objectives after each training course Business objectives will depend on each period, each agent's forces in commercial bank and each commercial bank in particular The determination of the specific business goals and requirements banks have committed to complete in order to define clearly the responsibilities of banks in relation to this coordination relationship, while also avoiding wasting BVL effort, cost and time to train but banks only consider participation in this training is to participate in accordance with the coordination In addition, BVL and banks also need to enhance the quality of training for bank staff through improving content and enhancing training activities for the products and consulting skills Enhancing marketing and advertisement BVL should promote advertising activities, propaganda campaign so that people can understand about life insurance in general and about the customers absolutely can purchase insurance products through banks in particular, in many ways, for example: Promoting products attached to the strength of BVL brands or images of the commercial banks in different areas Thus, it can take advantage of the strengths from the brand in the extraction of the product This is also one of the major advantages of this distribution channel that should be fully utilized Also, BVL also need the financial capacity and transparency in the financial statements and in the insurance business in order to increase the credibility of the financial market that creates a firm belief for customers and bank partners, thereby, improve its position in the relationship associated with the commercial banks Although this is a new form, Bancassurance has grown to become an effective distribution channel in the provision of insurance products in the world However, each country has different economic circumstances, a different consumer habits, a different legal system, making implementation of this distribution channel in Vietnam, the insurer should pay attention to the differences to have the right steps and specific measures to be able to maximize the advantages of distribution channels, thereby achieving the highest results in business 75 4.2 For Commercial Banks Currently, commercial banks are still afraid of sharing customer information with BVL Therefore, commercial banks should be more proactive in facilitating and providing information for BVL in order to achieve a strong and rigid relationship, which will further support both parties in future projects as well as Bancassurance in particular The banks should strengthen and renovate information technology applications in management, which focuses on building a strict and effective management information system for the general administration and rejuvenate the banking application and software in accounting and finance matters It will create a space and potential for banks to manage insurance policy through Bancassurance channel easier by using advanced information technology There should be a timely notice to BVL on any change or amendment in the process of organizational structure or working procedure Banks should avoid any unexpectedly disturbance which is difficult for BVL in responding and adapting to these changes and amendments The Board of Directors of the commercial bank needs a clear orientation on objectives and the benefits that this partnership brings From then on, there should be consistency in the deployment from the headquarter to all branches and transaction offices of the commercial banks The commercial banks need to develop a consistent strategy to distribute Bancassurance products on the basis of market research and market trends evaluation Other important matter is the classification of customers which would help both parties in providing appropriate services to the needs, preferences, interests and habits of each customer segmentation This effort will create a favorable condition for customers to access to both banking products as well as insurance products The partnership between BVL and commercial banks is strongly depends on the direct staff to conduct product distribution operations of both parties Thus, bank staff should be trained all basic skills in the marketing and sale of life insurance products However, in fact, the bank staff found difficult in arranging enough time to participate in training session due to their working pressure Therefore, banks should facilitate more bank staff in taking part in training courses and sessions that BVL organized by 76 aligning appropriate time and suitable workload for these staff Additionally, in order to enhancing training for bank staff, BVL and commercial banks should coordinate regularly the advanced training and professionally re-training for bank staff who are directly distribute insurance products The bank staff need a more proactive sales rebounded to exploit the insurance needs of the potential customers in banking transactions They can be the focal and direct point in the distribution of products as well as the significant chain in providing necessary information for BVL to easily access to customers In addition, the commercial banks should also establish an appropriate remuneration to the bank staff who directly distributes life insurance products, in which these staff will considered insurance agent as an opportunity to develop their careers, instead of a normal part-time job 4.3 For Related Authorities The policy, law and regulation play a very significant role in the development of all new distribution channels in general and Bancassurance in particular Therefore, in order to promote the growth of this distribution channel which follows the current trend globally, policy makers in Vietnam should have proper orientations about the position and importance of Bancassurance as well as the relationship between the insurers and the commercial bank partners in financial market Vietnam Insurance Association is responsible for all insurer members, should promote Bancassurance development by: • Strengthen the rules and laws of cooperation between insurers and commercial banks in order to limit the partner scramble among insurers • Play as an intermediary to organize training activities, create opportunities for the exchange of experience in Bancassurance implementation among the insurer members • Organize discussions to update new provisions, laws and regulations Vietnam Insurance Association should undertake the responsibility for receiving and recording all the comments of the insurer members and should be the representative of insurance companies to propose the desire of insurers to the Government and State • Promote the propaganda about the insurance meaning and operation to all customers Thereby enhancing people's understanding about insurance in 77 general and the relationship between insurers and commercial banks in particular, with the flagship is Bancassurance which owns superior characteristics that fit the needs of Vietnamese citizens very well CHAPTER 5: CONCLUSION In Vietnam, Bancassurance is not a new concept but the associated activities are still in the initial steps of development There are a lot of Bancassurance concepts that are acceptable worldwide, however from the practical development of Bancassurance, it 78 could be summarized that Bancassurance is a combination of insurance and banks to optimize services quality and quantity along with profitability and benefit for involving parties In fact, all new business ideas come from the essential needs of society The rapid development of Bancassurance can be explained by defining the current needs of customers Bancassurance channels perfectly fit the changes in customers’ preferences, thus it plays an extremely significant role for both insurers and commercial banks in satisfy the versatile demands of customers Being the only domestic life insurance corporation to compete with 16 other foreign life insurance companies, Bao Viet Life Corporation must response quickly with the new trend of insurance business worldwide in order to remain its brand as the flagship of the strongest domestic financial group – Bao Viet Holdings, as well as to earn the sustainable market shares in fierce competition with other foreign firms Hence, with the historical developments and achievements of Bancassurance globally, the application of this distribution channel at BVL is inevitable Through detailed analysis, it could be obviously seen that the advantages that BVL must take are the brands and reputations that come from the strength of its owner – Bao Viet Holdings These powers, in line with the images of banking partners would easily create trust for customers to participate in BVL’s insurance products that linked with banking products at their current commercial bank accounts Besides, the potential of Vietnam insurance market in general is also a bright motivation for BVL to develop in the future However, there are many weaknesses the BVL has to deal with The first drawback comes from customers They are not familiar with insurance products, thus it will prevent the majority of banking customers to approach to Bancassurance products The second weakness comes from commercial bank while they are hardly accustomed working and dealing with risks – the essential factors in life insurance business In addition, the banking sector is still reluctant to share information for others, thus BVL finds difficult in cooperating On top of that, basically, banking staff not have the dedication to work as an insurance agent, which loosen the connection and relationship between insurers and customers Last but not least, BVL also has its own problems in operating Bancassurance channel The products distributed through 79 commercial banks mostly are traditional products, which are not synchronized perfectly with banking products and services Having analyzed the strengths and weaknesses of related parties, there are some recommendations that BVL could apply to develop Bancassurance First of all, BVL must improve the cooperation procedure between BVL and commercial banking partners Secondly, the designs of insurance products also need to be focused on developing appropriate functions Thirdly, the quality of cooperation between BVL and commercial banking partners needs to be improved Fourthly, BVL must focus on enhancing the management and agent training quality Last, the marketing and advertisement should be taken into account REFERENCES Vietnamese: 80 10 11 12 13 14 15 16 Bảo Việt Nhân thọ (2012), Báo cáo kết kinh doanh năm 2012, Bảo Việt Nhân thọ, Hà Nội Bảo Việt Nhân thọ (2013), Báo cáo kết kinh doanh năm 2013, Bảo Việt Nhân thọ, Hà Nội Bảo Việt Nhân thọ (2014), Báo cáo kết kinh doanh năm 2014, Bảo Việt Nhân thọ, Hà Nội Bảo Việt Nhân thọ (2015), Báo cáo kết kinh doanh năm 2015, Bảo Việt Nhân thọ, Hà Nội Bộ tài (2007), Thông tư số 156/2007/TT-BTC ngày 20/12/2007 hướng dẫn thực Nghị định số 46/2007 Chính Phủ quy định chế độ tài doanh nghiệp bảo hiểm doanh nghiệp môi giới bảo hiểm Bộ tài (2012), Thông tư số 124/2012//TT- BTC hướng dẫn thi hành số điều Nghị định số 45/2007/NĐ-CP ngày 27 tháng năm 2007 Chính phủ quy định chi tiết thi hành số điều luật kinh doanh bảo hiểm Nghị định số 123/2011/NĐ-CP ngày 28 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What are the roles of Bancassurance for Insurance company and for 13 • • • • • Commercial bank? How to measure Bancassurance development? How to adapt Bancassurance model to life insurance products at BVL? What were the results of Bancassurance development at BVL from 2012 to 2015? What are the strengths and weaknesses of Bancassurance application in BVL? What are the recommendations for developing Bancassurance. .. collaboration between Bao Viet Insurance, Bao Viet Life and Bao Viet Bank” of Vo Quoc Dat (2009) Doan Thi Thanh Tam (2014) provided a broader view on Bancassurance development in Vietnam with figures from the top banks which deployed Bancassurance at that moment However, there was rarely research and study that carried out from the insurers’ point of view Bui Phuong Thao (2013) had researched about the development. .. of Bancassurance in Bao Viet Life Corporation – the only domestic insurance firm that working in Vietnam Life Insurance Market at the moment However, the data of this research is too old (from 2007 to 2011), which is no further appropriate for 21 researchers to refer Based on these situations, there is a lot of space to carry out further study about the development of Bancassurance and BVL, with updated... framework of Bancassurance development 14 • Chapter 3: Analyzing Bancassurance development at Bao Viet Life Corporation • Chapter 4: Issues finding and recommendations • Chapter 5: Conclusion CHAPTER 2: THEORETICAL FRAMEWORK OF BANCASSURANCE DEVELOPMENT 2.1 Overview of Bancassurance 2.1.1 Origin of Bancassurance Bancassurance is a combination between “Bank” and “Assurance”, which come from French, arising... healthcare and education services, hence, Vietnam has among the highest life insurance growth in Asia Life insurance growth is expected to be 15 per cent in the next five years (Vietnam Economic Times Journal, 2016) Bao Viet Life Insurance Corporation (BVL), member of Bao Viet Holdings – the leading finance and insurance group in Vietnam, is the number one domestic life insurance company in Vietnam market,... Bancassurance at BVL in the future? 1.5 Research methodology 1.5.1 Data The data were collected from both primary and secondary sources • Primary data: Primary data were retrieved by in-depth interviews These interviews were conducted face – to – face to the head of Bancassurance Department at Bao Viet Life and several staff whose job related to Bancassurance development • Secondary data: Secondary data and... analyze Bancassurance development at Bao Viet Life In details, there are specific objectives below to: • • • • • Introduce and apply the formal concept and definition Bancassurance model Analyze the overview of Bancassurance globally and in Vietnam Assess Bancassurance model performance in BVL from 2012 to 2015 Identify the key factors that affect Bancassurance development in BVL Propose recommendations... in Bancassurance development 2.2.2 New business development indicators These indicators used for assessing the development of Bancassurance channel by annual figures in new business performance Number of new business policies ratio: This indicator indicates insurer’s scale of new Bancassurance policies in comparison with total issued new business policies Through this indicator, we can partly evaluate... develop Bancassurance model In Vietnam, there are some researches of Do Minh Hoang (2009), Vo Quoc Dat (2009) and Pham Viet Ha (2010) had mentioned about the general concepts of Bancassurance related to models, products and distribution methods They also mentioned about some specific cases of Bancassurance development at specific commercial banks such as the topic Bancassurance development at Agribank”