Business risk management of bao minh insurance company

VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL *************** NGUYEN HONG HOANG NAM BUSINESS RISK MANAGEMENT OF BAO MINH INSURANCE COMPANY MASTER THESIS HA NOI - 2020 VIETNAM NATIONAL UNIVERSITY, HANOI INTERNATIONAL SCHOOL *************** NGUYEN HONG HOANG NAM BUSINESS RISK MANAGEMENT OF BAO MINH INSURANCE COMPANY QUẢN TRỊ RỦI RO KINH DOANH CỦA CÔNG TY BẢO HIỂM BẢO MINH Major: Master in Financial Management Code: 8340202.01QTD MASTER THESIS Supervisor: Dr Nguyen Thi Hai Duong HA NOI - 2020 ABSTRACT Thesis title: BUSINESS RISK MANAGEMENT OF BAO MINH INSURANCE COMPANY Pages: 75 University: Vietnam National University, Hanoi Graduate School: International School Date: December, 2019 Degree: Master Graduate Student: Nguyen Hong Hoang Nam Supervisor: Dr Nguyen Thi Hai Duong Key words: Insurance, Risk management, Bao Minh Insurance company It can be said that insurance industry is a hot sector in modern life when people have high living standard and their high requirements in protecting themselves and their assets Bao Minh Insurance Company is assessed to be one of leading insurance service providers in insurance market in Vietnam There are many aspects to mention about issues in insurance field However, this research only studied on business risk management of Bao Minh Insurance Company The author used secondary information to make clear about business risk management of the company Although the company has achieved lots of success in insurance business as well as risk management of insurance, it still exists limitations and challenges that require the company to recover Thus, this research also recommends methods and solutions for both Bao Minh Insurance company and the State and Regulatory Agencies at aim to make risk management in insurance field better ACKNOWLEDGEMENT From the bottom of my heart, I would like to send my truthful thanks to all people who help me to complete this thesis First and foremost, I would like to show my deepest gratitude to Dr Nguyen Thi Hai Duong, my supervisor, who supported and encouraged me generously throughout this study Without his excellent acedamic guidance and support, my thesis would not have been completed I would like to sincerely thank the anonymous participants who contributed data to this study Without their outstanding cooperation, this thesis would have never been done I would like to thank my family, especially my parents for their constant source of love, support and encouragement in times of difficulty and frustration Finally, I would like to thank my readers for their interests and comments on this thesis While I am deeply indebted to all these people for their help to the completion of this thesis, I myself remain responsible for any inadequacies that are found in this work Thank you! Author Nguyen Hong Hoang Nam TABLE OF CONTENTS ABSTRACT ACKNOWLEDGEMENT TABLE OF CONTENTS LIST OF TABLES i LIST OF FIGURES/ GRAPHS ii LIST OF ABBREVIATIONS CHAPTER INTRODUCTION 1.1 Study context 1.2 Literature review 1.3 Research objectives 1.4 Subjects and scope of the research .6 1.5 Research methods .6 1.6 Definition of key items .7 1.7 Structure of the research .7 CHAPTER THEORETICAL ISSUES OF BUSINESS RISK MANAGEMENT IN INSURANCE COMPANY 2.1 Concepts of Insurance Business 2.1.1 Definition 2.1.2 Characteristics of Insurance Business .11 2.2 Insurance Business Risk of Insurance Enterprises .13 2.2.1 Definition of Insurance Business Risk 13 2.2.2 Classification of Insurance Business Risk 14 2.3 Risk Management in Insurance Business 18 2.3.1 Identification and Analysis of Risks .19 2.3.2 Risk Measurement 22 2.3.3 Control Risks 23 2.3.4 Finance Risks 25 2.4 Factors affecting Insurance Business Risk Management 26 2.4.1 Subjective factors 26 2.4.2 Objective factors .27 CHAPTER BUSINESS RISK MANAGEMENT OF BAO MINH INSURANCE COMPANY (TIME PERIOD FROM 2016 TO 2018) 29 3.1 Introduction to BMI 29 3.1.1 History of Formation and Development 29 3.1.2 Organizational Structure and Functions 31 3.1.3 Product Lines of Bao Minh Insurance Company 33 3.1.4 Insurance Exploitation Channels 39 3.2 Insurance Business process and Indemnity process of Bao Minh Insurance Company 43 3.2.1 Insurance Underwriting process 43 3.2.2 Insurance Indemnity process 43 3.3 Business Performance of Bao Minh Insurance Company from 2016 to 2018 44 3.4 Real Situation of Business Risk Management of Bao Minh Insurance Company (2016-2018) .46 3.4.1 Insurance Business Situation 46 3.4.2 Risk Management Standards of Bao Minh Insurance Company (ISO 3100) 48 3.4.3 Real situation of business risk management 52 3.5 Evaluation of Insurance Business Risk Management of Bao Minh Insurance Company 58 3.5.1 Achievements 58 3.5.2 Limitations 59 CHAPTER 4: SOLUTIONS TO IMPROVE BUSINESS RISK MANAGEMENT IN BAO MINH INSURANCE COMPANY 63 4.1 Solutions to improve Business Risk Management of Bao Minh Insurance Company 63 4.1.1 Solutions from Bao Minh Insurance Company .63 4.1.2 Recommendations to the State and Regulatory Agencies 68 CHAPTER 5: CONCLUSION AND RECOMMENDATIONS 70 5.1 Summary of the findings 70 5.2 The implication of the research 70 5.3 Limitations of the research 71 5.4 Recommendations for further research 72 REFERENCES 73 LIST OF TABLES Table 2.1: Matrix of frequency and risk margin .22 Table 3.1: compensation statistics of BMI in the period 2016 to 2018 53 Table 3.2: Claims reserve in the period from 2016 to 2018 .54 Table 3.3: claim payment by each operation (period of 2016 to 2018) 54 Table 3.4: Premium income and claim payment of reinsurance operation (20162018) 57 Table 3.5: Insurance premium and combined ratio 59 i LIST OF FIGURES/ GRAPHS Figure 2.1 The process of risk management in insurance business 19 Figure 2.2: risk chain in insurance business .24 Figure 3.1: BMI‟s Organizational chart (BMI‟s annual report, 2018) .31 Figure 3.2: Insurance exploitation channel (IEC) .39 Figure 3.3: BMI‟s total revenue (2016- 2018) 45 Figure 3.4: BMI‟s profits before taxes (2016-2018) 46 Figure 3.5: the application process of ISO 3100 on risk management .48 Figure 3.6: List of reinsurers of BMI .56 Figure 3.7: Insurance premium and combined ratio (shown in the chart and table below) 59 ii LIST OF ABBREVIATIONS Bao Minh Insurance BMI World Trade Organization WTO Vietnam Dong VND Insurance Exploitation Channel IEC Return on Equity ROE State Capital Investment Corporation SCIC International Organization for Standardization ISO Strength, Weakness, Opportunities, Threats SWOT Politics, Economics, Social, Technology PEST Early Warning System EWS In some areas, customers engage in self-seeking acts as "obvious" and "regular" things Specifically, goods are required to be insured during the journey of transport, but have not paid insurance premiums; when customers know the goods arrive safely and customers then cancel the insurance policy or cancel the insurance contract to avoid liability Some goods owners know that their goods have been damaged before they buy insurance or collude with officials of insurance enterprises to buy insurance and receive compensation for such losses There are also cases of profiteering discovered when goods are purchased for transport insurance on a ghost ship, which means that the ship does not exist in reality Deceptive customers buy insurance and attribute to the ship "missing" to profit for full compensation BMI is a well-known insurance company and have already hundreds of insurance frauds with sophisticated procedures For example, in the case of a foreign customer coming to BMI‟s staff directly and requested to immediately issue a cargo insurance contract for the shipment to be loaded on board and the departure would arrive at night The customers also required insurance officers to go to port for direct inspection Records of the entire shipment were valid and clear However, with his experience, BMI‟s staff refused to provide insurance Sometime later, the World Security Newspaper exposed the tricks of the ship because it was a "ghost ship" that bought insurance and created an accident for self-seeking insurance (Do Phu Quy, 2019) c Insurance Risk coming from Insurance Agent BMI‟s insurance agents running after sales and not following the business processes are increasingly common In fact, this has led to a dispute when settling insurance compensation That is the occurrence of the declaration of the insurance claim form on behalf of the customer; not meet directly with the insured persons to check their financial and health status, reflecting the wrong health status and ability Financial function or status of the customer in the agent report, return the company the insurance claim paper that is not in the customer's signature, not instruct the customer to fully and truthfully declare the insurance claim form In addition, many agents also explained incomplete, unclear terms of the contract, 61 even colluded with customers, deliberately falsified records of insurance benefit settlement, causing bad consequences which affect the image and reputation of the company The situation that the insurance employees accidentally or intentionally recorded the wrong date of participation in the insurance certificate, or the insurance agent colluded with the customer, even; they may trace "the way to move." "For customers to take advantage of loopholes in papers and inspection procedures to make personal profits Phenomenon of false declaration of accident of the insured with acts of colluding with others officials such as: medicine, doctors, police, witnesses in accidents are quite popular in insurance companies in Vietnam in general and in BMI in particular 62 CHAPTER 4: SOLUTIONS TO IMPROVE BUSINESS RISK MANAGEMENT IN BAO MINH INSURANCE COMPANY 4.1 Solutions to improve Business Risk Management of Bao Minh Insurance Company In order to improve risk management of insurance business, it is extremely necesary for both insurance companies and the State to give particular methods as well as regulations at aim to prevent and reduce risks The cooperation between insurance compaies and the State in risk management will bring effectiveness in insurance business operation In this part, the author would like to provide solutions in risk management of BMI and the State as well as regularoty agencies 4.1.1 Solutions from Bao Minh Insurance Company Being a famous insurance company, BMI is sure to have general solutions as well as particular solution for each product What and how to is the best keys in the strategy of risk management Solutions for overal management and solutions for the management of each product are given 4.1.1.1 General solutions In order to effectively prevent negative phenomena and "risks" for itself, BMI needs to have a professional workforce, not only be mature and skilled but also professional ethics These skillful and ethical workforce definitely reduce risks related insurance profiteering and expertise They are able to perform tasks better and comply with the process of insurance operations effectively and efficiently They also are not for personal gain but work unethically Moreover, BMI needs to pay attention to investment in developing information technology systems, creating favorable conditions for the management and exchange of insurance information among domestic insurance companies, applying electronic payment methods via 63 banks, reducing cash collection and payment, and applying risk warning system to insurance market and financial market such as Early Warning System (EWS) In addition, BMI needs to organize the monitoring, management and supervision of employees, its insurance agents and brokers At the same time, BMI should check, supervise and improve the ability to assess risks before and after receiving insurance It is necesary for BMI to improve the quality of capital investment and development activities to make up for disaster risks With these actions, BMI can limit and prevent bad behaviors in insurance operations They will not be dare to go wrong with insurance process and are consciuos of doing insurance process rightly Insurance risks can come from inside and outside insurance companies So, BMI has to not only manage internal insuarance strictly, but also control the process of getting insurance The improvement in insurance operations will both bring effectiveness in risk management and develop its reputation BMI is recommended to ask the insurance buyers to provide full and truthful information related to the conclusion and performance of insurance contracts; and at the same time, it is important to check the truthfulness of such information In some cases, it is neccesary for BMI to unilaterally suspend the performance of the insurance contract such as: the insurance purchaser fails to perform and improperly fulfills the committed obligations; the case of increased risk and the insurance purchaser does not accept the increase of insurance premium BMI has the right to refuse compensation, refuse to pay insurance when the happening events are excluded, not covered by the insurance liability In addition, the insurance buyer should be requested to take measures to prevent risks and limit losses in order to improve the liability of the insurance buyer, avoiding the situation of complete dependence on the company With respect to joint responsibility, BMI must closely coordinate with other insurance companies in the prevention of insurance profiteering The establishment of Insurance Business Association is a certain at aim to regularly collect and share 64 with member insurers information about insurance forms, tricks and advise insurance companies to tighten and improve business processes, internal control, review regulations, rules and terms of insurance to limit gaps which may lead to insurance gain Moreover, the Association must have programs in cooperation with the authorities such as the Traffic Police Department to assist member insurers in investigating and verifying accident records suspected of insurance fraud The Association is better to establish a specialized insurance fraud prevention division at an appropriate time; the first is to set up a semi-specialized division which has the members being the officiers in charge of the insurance compensation and legal benefits division of the members insurers to coordinate with each other to furrther enhance the prevention of insurance fraud The Association also organizes training programs to improve professionalism, training insurance appraisers for insurance companies, which focus on the training of insurance appraisers of motor vehicle, health insurance on the purpose of improving quality of the inspection team more professional, and improving the capacity to detect acts of insurance profiteering 4.1.1.2 Particular solution for Each Product A part from providing solutions for improving insurance busness risk management, BMI is suggested to have solutions in enhancing the management in each product In the field of life insurance, except for prudent exploitation and strict control of processes; BMI also applies the process of making assumptions to make prudent and stable estimates of future results Annual audits are conducted to ensure that the most feasible assumptions, estimates and future results are within acceptable limits The assumptions that are regularly reviewed include the assumption of probability of loss and investment interest It has been many years that BMI has chosen a reputable reinsurance partners for large insurance contracts This is one of ways that helps BMI to reduce risks in insurance activities In the field of non-life insurance, the risks are usually insured for 12 months BMI Viet has set up assumptions to make estimates with the most feasible results a long with the source of multi-year statistics which have been studied and analyzed 65 in details For risks arising from climate change, natural disasters, BMI has developed a disaster risk model (CAT model) to assess the impact of disasters In the consideration of underwriting, the process of underwriting is important for risk management of the company Before deciding to issue an insurance policy, the company must check documents very carefully to ensure that customers buy insurance for risks that will occur in the future, rather than for existing losses or risks When the company has a strict evaluation of underwriting process at the first stage; it will be very smooth in the evaluation stage of compensation if the customer requests the benefits which were insured According to an expert in insurance field; when evaluation Department refuses and suspends the acceptance of insurance claims or offers a more suitable package of insurance, it will affect the company‟s revenue which the company does not want In fact, BMI does well in the appraisal state, it will benefit for both the company and its customers There are many customers who not receive compensation for not making a full declaration at the time of participation or the contract is invalid due to many different reasons, mainly because the parties not it strictly at the first stage There are cases when after a review, the customer finally receives the benefits but it also takes a lot of time If the company is easy to appraise contract issuance, this will be targets for those who intentionally participate in insurance profiteering Therefore, the quality of input mentioning appraisal, consulting and the operation of the contract issuance appraisal department as well as the compensation assessment department are the important factors contributing to the profit results or losses for BMI‟s business activities Generally speaking, BMI wants to improve risk management just strictly manage underwriting process Referring to reinsurance, the application of high information and technology in reinsurance management is very necessary and important to reduce risks The use of technology in reinsurance management is to manage information on cession, reinsurance, offer optimal reinsurance plans and manage accumulation of risks at reasonable costs Information and data of reinsurance contracts will be managed 66 strictly The reinsurance management solution implemented by CMC Soft is one of the digital technology applications that is particularly important for businesses operating in the field of insurance because it has the ability to manage and update accurately and timely information on reinsurance as well as helping to provide the most optimal reinsurance plans to manage risk accumulation at a reasonable cost Being the service sector that has many distinctive features, BMI often has to deal with risks that arise, especially complicated cases Although the insurance policy is clearly defined from the outset, the actual application always raises issues between customers and the company related to insurance transfer Therefore, the selection and application of the Reinsurance Management Solution are considered as an effective supporting tool in the case of making and accepting reinsurance with other insurance companies In other words, this solution helps the company strictly manage the information of cession, reinsurance, tracking the specific payment situation with the reinsurers as well as allowing the introduction of optimal reinsurance plans and risk management In term of claim management, BMI can prevent and reduce risk management by well managing the process of claim management in its own way At the first place, BMI must have excellence in data and technology management Technological excellence in claims processing generally requires re-evaluating and simplifying processes and perhaps organizational structures as well Insurance claims management often involves multiple systems, which may or may not be integrated Making smart, data-driven decisions requires that systems not be siloed, but share data appropriately Incorporating more powerful data analytics and even predictive modeling can help the company not only improve insurance claims processing, but also discover new opportunities for growth and differentiation from competitors Excellence in technology and data management can also lead to innovations in customer service and increase loyalty Secondly, BMI must Ensure ongoing compliance with regulations Insurance claims management must always account for the many regulatory and tax considerations that apply Again, siloed 67 systems can lead to problems Inefficient or manual insurance claim processes for demonstrating regulation compliance slow down the insurance claim process and raise the risk of penalties or fines Simultaneously, insurance claims management must be sufficiently transparent, and organizations need to have ways to generate compliance reports quickly and accurately Being able to demonstrate consistent regulation compliance is considered “table stakes” in today‟s insurance industry Fall down on this, and you can have serious, long-lasting problems Thirdly, it is related to incorporating mobility for personnel and customers If there is one single thing BMI can to improve the customer experience while at the same time helping personnel involved in the insurance claim process work faster and more efficiently, it is making tools and services mobile-friendly When customers can check on claim status using a convenient app, and when adjusters can submit data from the field instead of waiting until they get back to the office, not only is the claims process accelerated, it becomes more accurate Today‟s customers are used to doing everything on their tablets and phones, and there are an increasing number of people whose primary online experience is mobile Meeting these needs while making things easier for your adjusters and other personnel is increasingly important 4.1.2 Recommendations to the State and Regulatory Agencies It is necessary for the State and regulatory agencies to review and finalize legal documents, decrees and circulars related to insurance business activities Furthermore, it is important to closely monitor and supervise activities as well as apply strict sanctions to law violations of insurance business enterprises and individuals and units participating in insurance At present in Vietnam, insurance companies, individuals and insurance agents will be fined in cash when commit in insurance activities (Bao Viet insurance, 2019) The fine is up to hundreds of millions VND depending on the severity In fact, in Vietnam, the amount of value from insurance committing is much more than the amount of fine So, there is the increase in issues relating to insurance activities As a result, the State and 68 regularoty agencies should much increase the amount of the fine at aim to limit number cases of insurance profiteering According to the data of the Insurance Supervisory Administration (Ministry of Finance); in the period of 2007-2013, the statistics of 15 over total 29 non-life insurers showed 5,079 cases of insurance fraud with the amount of VND 215.3 billion (35.6 billion VND per year) The number of cases increased from 723 cases in 2007 to 1,070 cases in 2012 Life insurance had 52,860 cases of insurance fraud with an amount of 530 billion VND (nearly 90 billion VND per year) Insurance cases mainly occur in motor vehicle insurance, human insurance, health insurance,and life insurance Seriously, the act of cutting off arms and legs for personal insurance has caused a stir in the community, causing the community to start to recognize that insurance fraud has really been a matter of social attention As a result, it is extremely neccesary for the State and regulatory agencies to manage insurance activities strictly The increase in all kinds of fines should be applied Accordingly, the Criminal Code 2015 has a new law (Article 213) that provides penalties ranging from fines, non-custodial reform or imprisonment up to years This is an important legal basis to help prevent and limit insurance fraud 69 CHAPTER 5: CONCLUSION AND RECOMMENDATIONS This chapter is going to present some aspects relating to the research Firstly, the findings of the research are summarized at aim to help readers perceive main contents of insurance business risk management of BMI Secondly, in some aspect, the research has certain implication which is deployed the situation, causes and consequences of insurance business risks Thirdly, everything and everyone are not perfect So, this chapter five will list limitation of the research The limitations of the research are shown in knowledge, time, and word numbers, etc Finally, it is important to make recommendations for the research 5.1 Summary of the findings Through the research, the readers can perceive some knowledge of insurance and insurance business risk management as well as the improvement in risk management In insurance business, risks always exist and can impact insurance activities at any time Specifically, the author has provided readers knowledge about insurance definition, the process of identifying insurance risks, exploitation and indemnity process, factors impacting insurance business risk management Moreover, risk management in BMI is the main content of this research The author based on secondary sources and information to analyse issues around risk management of BMI The concentration on how BMI exploits and compensates its customers is presented In addition, the research would like to focus on real situatuon of risk management as key issue The achievements and limitations that BMI has got and needed to recover are surely described Solutions for improving insurance business risk management are presented 5.2 The implication of the research The research has some implications as follows: 70 This could be a meaningful research for others to make reference The reason is that theories and concepts of the research are written; so, readers will understand insruance and things related to insurance and insurance business risk management In addition, readers can also recognize which factors affecting risk management of an insurance company For people who not know what related to insurance, this research will help them to understand more things about the item such as definition, types of recognizing insurance risks, the factors impacting insurance business activities, etc In terms of practical significance, this research has contributed to make economic research works become more abundant In details, at the present, there is little research of insurance business risk management in Vietnam So, the thesis research “BUSINESS RISK MANAGEMENT OF BAO MINH INSURANCE COMPANY” is really worth to become a research work in Vietnam In international scope, this research contributes to fulfill the collection of researching about the risk managment of insurance business 5.3 Limitations of the research In the personal opinion, this research has some limitation as follows: There are many aspects to mention about problems relating to insurance business risk management However, due to word limited, this research cannot cover all aspects of the item Certainly, important and main issues of risk management in insurance business in insurance companies in general and in BMI in particular are mentioned and analyzed so that readers can perceive the knowledge of insurance business risk management and the impact of factors on risk management In terms of research methodology, the research used secondary information to analyze the risk management of insurance business in BMI In the analytical process, the author explored that BMI has achieved lots of success in risk management; however, it still has limitations in the risk management Nevertheless, in order to have specific analysis about the risk management of BMI, it is 71 recommended that the research should focus on factors impacting risk management, causes of risks in insurance business and how to recover these risks 5.4 Recommendations for further research It is recommended that BMI should follow the process of risk management by complying with ISO standard on risk management in insurance business in order to improve the effectiveness of risk management in insurance business activities This is considered as an effective performance for BMI as well as insurance companies in risk management Similar titiles about the improvement in insurance business risk management are recommended for futher research Some titles for further research could be recommended such as factors affecting risk managment in insurance business: a case study of BAO VIET insurance corporation, the application of ISO standard in risk management of BAO MINH insurance company Some other titles for further researches relating to risk management in insurance business could be recommended such as the importance of risk management in bringing success for Bao Minh insurance company 72 REFERENCES Tuyet An, (2019) Bao Minh loosened 100% room for foreign investors Available at https://forbesvietnam.com.vn/tin-cap-nhat/bao-minh-noi-room-100- cho-nha-dau-tu-ngoai-6163.html Anh Minh, (2019) Bao Minh loosened room for foreign investors to 100% Available at https://vnexpress.net/kinh-doanh/bao-minh-noi-room-cho-nha-dau-tungoai-len-100-3915513.html Gia Linh (2019) Insurance 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IMPROVE BUSINESS RISK MANAGEMENT IN BAO MINH INSURANCE COMPANY 63 4.1 Solutions to improve Business Risk Management of Bao Minh Insurance Company 63 4.1.1 Solutions from Bao Minh Insurance. .. issues of business risk management in insurance company Chapter 3: Business risk management of Bao Minh Insurance Company (Time period from 2016 to 2018) Chapter 4: Solutions for business risk management. .. Business Risk Management of Bao Minh Insurance Company (2016-2018) .46 3.4.1 Insurance Business Situation 46 3.4.2 Risk Management Standards of Bao Minh Insurance Company