DSpace at VNU: Business strategies: the case of Bao Viet's fronting and broking corporate insurance

Business strategies: the case of Bao Viet's fronting and broking corporate insurance Nguyễn Huyền Trang Khoa Quản trị Kinh doanh Luận văn Thạc sĩ ngành: Kinh doanh quản lý; Mã số: 60 34 05 Người hướng dẫn: TS Nguyễn Việt Anh Năm bảo vệ: 2010 Keywords: Quản trị kinh doanh; Doanh Nghiệp; Bảo hiểm; Chiến lược kinh doanh; Quản lý điều hành Content TABLE OF CONTENTS ACKNOWLEDGMENTS i ABSTRACT ii TOM T T iv TABLE OF CONTENTS vi LIST OF TABLES viii LIST OF FIGURES ix LIST OF ABBREVIATION x INTRODUCTION 1 The problem Scope of work Objectives and aim Research questions Research methods and data sources Significance Limitations Expected results Thesis structure CHAPTER 1:_ THEORETICAL FOUNDATION 1.1 Business strategy 1.1.1 Strategy 1.1.2 Concepts of business strategy 1.2 Strategic management 1.2.1 Vision and Mission statement 1.2.2 Strategy formulation 1.2.3 Strategy implementation 22 CHAPTER 2:_ FORMULATION OF BUSINESS STRATEGIES 24 2.1 The concept of service area 24 2.1.1 Insurance in general 24 2.1.2 Characteristics of fronting and broking corporate insurance 28 2.2 Introduction to Bao Viet Insurance 30 2.2.1 Introduction to Bao Viet Holdings 30 2.2.2 Bao Viet Insurance Corporation (Bao Viet Insurance) 34 2.3 Vision and Mission statement 36 2.4 Strategy formulation 37 2.4.1 External analysis 37 2.4.2 Industry analysis 48 2.4.3 Internal environment analysis 58 2.4.4 Choice of strategies 69 CHAPTER 3: IMPLEMENTATION OF CHOSENSTRATEGIES 72 3.1 Choosing strategic solutions 72 3.1.1 SWOT matrix for strategic solutions 72 3.1.2 The GREAT 75 3.2 Performing components of strategy implementation 75 3.2.1 Communication 75 3.2.2 Support 76 3.2.3 Tactics 76 3.3 Actions plan 76 3.3.1 Activities to strategic solution 01 - Improving clients discovery and services 76 3.3.2 Activities to strategic solution 02 - developing professional underwriting 78 3.3.3 Actions plans (for strategy of years from 2011 to 2015) 80 3.4 Recommendations to Bao Viet Insurance 82 3.5 Recommendations to the Government .83 CONCLUSION 85 REFERENCES 87 APPENDICES 89 REFERENCES Alex Miller, Gregory G Dess (1996), “Strategic management", McGrawHill, New York Aon Benfield (2009), “Vietnam insurance market" Association of Vietnamese Insurers (2010, 2009, 2008, 2007), “Vietnam insurance market statistics’" Bao Minh’s annual reports and brochures (2009) Bao Viet Holdings’ annual reports (2009, 2008, 2007) Bao Viet Insurance’s seminar on insurance - fire and engineering 2009 - 2015 Bao Viet Insurance, “Basis on non-life insurance" Dang Quang Tinh (2009), “Vietnam country report of flooding and typhoons'’", Institute of Meteorology and Hydrology Lloyd L Byars, Leslie W Rue, Shaker A Zahra (1996), “Strategic management", Irwin, Chicago 10 Michael E Porter, “From competitive advantage to corporate strategy", Harvard Business Review 11 Michael E Porter, “The five competitive forces that shape strategy"", Harvard Business Review 12 Michael E Porter, “What is strategy"", Harvard Business Review 13 “Notes on the structural analysis of industries"", Harvard Business Review 14 NRMA, “Insurance basics"" 15 Samuel C Certo and J Paul Peter (1998), “Strategic management - a focus on process"", Mc GrawHill, New York 16 Swiss Re (2010), “Sigma - World insurance in 2009"" 17 Willis Group Holdings Limited, “Vietnam insurance report 2010” 18 www.wikipedia.org www.gso.gov.vn 19 20 www.mot.gov.vn 21 www.marketingteacher.com/lesson- store/lesson- generic- strategies.html 22 www.12manage.com/methods_porter_five_forces.html 23 24 www.eiu.com www.exchange- rates.org/history/VND/USD/G 25 www.f319.com/home/1228062/page-12 26 www.12manage.com ... Vision and Mission statement 1.2.2 Strategy formulation 1.2.3 Strategy implementation 22 CHAPTER 2:_ FORMULATION OF BUSINESS STRATEGIES 24 2.1 The concept of service... 2.1.1 Insurance in general 24 2.1.2 Characteristics of fronting and broking corporate insurance 28 2.2 Introduction to Bao Viet Insurance 30 2.2.1 Introduction to Bao Viet... Thesis structure CHAPTER 1:_ THEORETICAL FOUNDATION 1.1 Business strategy 1.1.1 Strategy 1.1.2 Concepts of business strategy 1.2 Strategic