Nâng cao năng lực cạnh tranh công ty cổ phần bảo hiểm petrolimex

vietnam national university, HANOI school of business Do Thi Mai IMPROVING COMPETITIVENESS of PETROLIMEX JOINT- STOCK INSURANCE COMPANY Major: Business Administration Code: 60 34 05 Master of business administration thesis Supervisor: Dr Tran Phuong Lan Hanoi - 2011 TABLE OF CONTENT ACKNOWLEDGMENTS i ABSTRACT ii TÓM TẮT iv TABLE OF CONTENT vi LIST OF TABLES vii LIST OF FIGURES ix LIST OF ABRREVIATION .x INTRODUCTION .1 The problem .1 Objectives Research Questions Scope of work Methodology and data sources Significance and expected results Limitations .3 Thesis Structure CHAPTER 1: THEORETICAL FOUNDATIONS 1.1 Definition of competitiveness 1.2 Sources of competitiveness .5 1.3 Models to assess and analyze industrial competitive environment 1.4 Models to analyze firm competitiveness 14 CHAPTER 2: RESEARCH AND ANALYSIS APPLICATION OF MODELS TO ANALYZE PJICO’s COMPETITIVENESS 16 2.1 Overview of non-life insurance industry in general and in Vietnam 16 2.1.1 Non-life insurance industry in recent years .16 2.1.2 Non-life insurance industry in Vietnam 20 2.1.3 Key success factors in non-life insurance industry 25 2.1.4 Factors affecting non-life insurance enterprise’s competitiveness 27 2.2 Overview of PJICO 29 vi 2.2.1 Introduction of PJICO 29 2.2.2 PJICO’s business activities 33 Unit: VND billion .35 2.3 Application of models to analyze PJICO’s competitiveness 39 2.3.1 Application of PEST & Five Forces models to analyze factors affecting PJICO’s competitiveness 39 2.3.2 Application of Value Chain model to analyze and evaluate PJICO’s competitiveness 51 2.3.3 PJICO’s competitive position in comparison with its main competitors 76 CHAPTER 3: CONCLUSIONS AND RECOMMENDATIONS 80 3.1 Conclusion of PJICO’s Competitiveness .80 3.1.1 Summary from internal analysis and competitiveness comparison 80 3.1.2 Assess to the real PJICO’s strengths & weaknesses – the core compentencies 85 3.2 Solutions for PJICO to strengthen its competitiveness & to achieve its objectives .89 3.2.1 PJICO’s strategic vision and objectives 89 3.2.2 Solutions for improving PJICO’s competitiveness until 2017 90 3.3 Recommendations 106 3.3.1 Recommendations to Government 106 3.3.2 Recommendations to Association of Vietnamese Insurers 107 3.3.3 Recommendations to PJICO 108 REFERENCES 109 APPENDICES .111 LIST OF TABLES Table 1.1: Selected connotations of firm level competitiveness: Table 1.2: The five forces that shape industry competition of Michael Porter vii Table 2.1: Real growth rate of Industrialized and Emerging markets (1980 – 2009) 17 Table2.2: Real growth rate of insurance market of developing countries (1980 2010) 18 Table 2.3: Asia Pacific Non-life markets at a glance, 2008 - 2010 19 Table2.4: Vietnam’s top 10 non-life insurance market share 2005-2010 21 Table2.5: Non-life insurance premium income and premium growth 2004-2010 21 Table2.6: Premium and Loss by class in 2010 23 Table 2.7: Gross Premium Income by Type of Insurance 2007-2010 38 Table 2.8: Vietnam’s non-life insurance market shares 2005- 2010 47 Table 2.9: Conclusion of Environment analysis – Chances and Challenges 51 Table 2.10: Labor Force of PJICO 2006-2010 69 Table 2.11: Statistics of Training Courses 2007-2010 70 Table 2.12: Some financial criteria of PJICO 2007-2010 73 Table 2.13: Competitiveness Comparison 77 Table 3.1: Identification of Sustainable Competitive Advantages - Strengths 85 Table 3.2: Identification of Sustainable Competitive Advantages – Weaknesses 86 Table 3.3: The real PJICO’s strengths and weaknesses – Core competencies 88 Table 3.4: Possible solutions and actions 91 viii LIST OF FIGURES Figure 1.1: Value chain 14 Figure 2.1: Market premium and loss 2006-2010 22 Figure 2.2: Non-life insurance premiums by business lines 23 Figure 2.3: Market share of Non-life Insruance Companies 2010 31 Figure 2.4: Insurance Premium Income 2005-2010 35 Figure 2.5: PJICO’s Product Portfolio in 2010 36 Figure 2.6: Vietnam’s GDP 42 Figure 2.7: Vietnam’s savings and current account balance (in % of GDP) 43 Figure 2.8: Vietnam’s inflation and exchange rate 43 Figure 2.9: Some Vietnam’s economic figures 44 Figure 2.10: Value chain of PJICO ……………………………………………… 52 Figure 2.11: Process of new product design 53 Figure 2.12: Underwriting process 59 Figure 2.13: PJICO’s process of reinsurance 62 Figure 2.14: Survey process for non-life insurance products of PJICO 64 Figure 2.15: Claims handling process for non-life insurance products of PJICO 65 ix LIST OF ABRREVIATION PJICO Petrolimex joint-stock insurance company SWOT Strengths, Weaknesses, Opportunities, Threat PEST Political, Economic, Social, Technological R&D Research & Development SCIC State Capital Investment Corporation CEO Chief Executive Officer GDP Gross Domestic Price IT Informatics Technology x INTRODUCTION The problem Vietnamese non-life insurance market has been experiencing a challenging, struggling as well as fast-developing stage Going along with this context, each and every participant in this market needs to focus more on their real competitiveness to achieve further growth and sustainability; and PJICO is one of these players Moreover, until now, there has not been a complete and thorough analysis on PJICO’s competitiveness and the ways to improve the real competitiveness Therefore, the thesis is born to conduct analyses on PJICO’s competitiveness and suggest possible solutions to strengthen its competitiveness in order to stand and develop in Vietnamese non-life insurance market in the future Objectives The objectives of this study can be listed as follows:  Give the overview on concept of competitiveness  Provide some analyses on macro and industry environment of insurance market  Conduct a thorough study on PJICO’s competitiveness  Recommend the possible ways to improve the current competitiveness so as to help PJICO be stable and progressive in the insurance market Research Questions Based on the problem and objectives listed above, some research questions are given and discussed: a What is competitiveness? b Method and process to analyze competitiveness of a firm? c The way to conduct macro and industry environment analysis of insurance market? d The way to conduct internal environment analysis of an insurance company? e What are suggestive solutions to improve the competitiveness of PJICO to the year 2017? Answering these above questions shall help the author fulfill and reach the objectives which the thesis are required to achieve Scope of work In terms of theory, the thesis focuses on the concept of competitiveness, macro and industry environment analysis, and internal environment analysis of an enterprise In terms of practice, the thesis focuses on reviewing the current insurance market in Vietnam, analyzing the external and internal environment of insurance market in order to assess the competitiveness of PJICO, and giving recommendations on possible solutions to improve its competitiveness to the year 2017 Methodology and data sources This study uses the descriptive method for analysis through a specific case study of PJICO in the context of present Vietnam insurance market The data are sourced through two ways: a Secondary data are collected from research of books, websites, teaching notes, reports, magazines and newspaper, and other available documents b The primary data are collected chiefly through deep interviews with PJICO’s as well as partners’, other players’ managers, key staffs, and their customers The details of primary data are shown in analyses in Chapter and Chapter 3; the list of interviewees and the list of questionnaires are shown in the Appendix and Significance and expected results By scanning the specific theory on competitiveness and analyzing the impacts of business environment of non-life insurance market, the study helps PJICO in giving suggestive solutions to improve its competitiveness to the year 2017 Therefore, this methodology, information and analysis can be applied for other companies or other insurance companies or for the PJICO itself in other stages of development Limitations This thesis is conducted in narrowed scope of insurance market and the applications to PJICO in certain period to the near future until 2017 Thus, it may not wholly express and reflect the business environment as the whole and in other periods Thesis Structure The study includes four parts as below: a Introduction b Chapter 1: Literature review and overview of non-life insurance market c Chapter 2: Research and applications of models to analyze PJICO’s competitiveness d Chapter 3: Conclusions and recommendations CHAPTER 1: THEORETICAL FOUNDATIONS Day by day, firms have been facing increasing numbers of challenges, changes and competitors Indeed, being successful is requiring new perspective and practice on competitiveness 1.1 Definition of competitiveness In spite of its significance, the concept and definition of competitiveness is widely controversial Up till now, there has been no generally accepted definition of competitiveness as well as no mutually accepted definition to explain it In the simplest terms, competitiveness is the ability to compete It has become the name of the game where economic strength of a country or an industry or a firm is described with respect to its rivals in the global market economy, in which goods and resources can move freely throughout territorial borders In other terms, competitiveness is a broad concept According to Beckley, “A firm is competitive if it can produce and services of superior quality and lower costs than its domestic and international competitors Competitive is synonymous with a firm’s long run profit performance and its ability to compensate its employees and provide superior returns to its owners” The Organization of Economic Cooperation and Development (OECD) defines competitiveness as “the ability of companies, industries, regions, nations and supranational regions to generate, while being and remaining exposed to international competition, relatively high factor income and factor employment levels on a sustainable basis.” Whereas, under Fischer and Schornberg’s analysis, profitability is obviously a significant variable for assessing sector competitiveness and value added as a percentage of turnovers is a kind of profit margin that entity usually relies “Market shares are often defined as the proportion of the total available market segment or sales that is produced or sold by a company They also rationed that market share is a necessary competitive indicator at the firm level even when analyzing aggregates, market share may be of trouble” (InternationalJournal.org) Simply speaking, it can be said that capital of the shareholders) - Holding seminar to attract attention of the shareholders and its units as well as other customers - Working face-to-face with some big and importance units of the founding shareholders such as PLC, Gas Petrolimex, B12, to popularize clearly insurance program Reporting and Collecting and summarizing reports as records for evaluating the results the next renewal year periodically 3.2.2.4 Improving and developing human resources Human is the most valuable resource of all enterprises and PJICO as well As analyzed in the Chapter 2, PJICO’s human resources is facing up with many problems such as young and large workforce but lacking of expertise, brain-drain …Therefore, goals of this solutions are as below:  Improving human resources to obtain high expertise skills in underwriting  Improving and training labor force to obtain appropriate, qualified and professional skills together with knowledge and attitude (training in sales skill, management skill, independent working skill, team work skill, English and technology skills)  Developing staff with motivation, fervor, professional ethics, disciplinary awareness and dedication (training in business culture, corporate culture, ethics, basic legal knowledge, vision and strategy of PJICO)  Recruiting excellent candidates working for PJICO  Enhance staff retention and recommendation for staff retention To improve human resources quality and achieve above objectives, PJICO should take into consideration of some solutions: 99 First, expanding the role of human resources management (HR department) - Recruiting experienced managers in human resources management - Recruiting new personnel with different skills to serve human resources management - HR department should be a strategic partner in developing and attaining goals and strategies of the company as well as an administrative expert in establishing and managing administrative policies, procedures and structures - Representing and supporting employees such as providing a mechanism for employees to express their needs and concerns to develop and maximize staff skills, knowledge and their commitment to the company Second, establishing PJICO’s short and medium strategies for training in the period 2012-2017 - Surveying and collecting suggestion from other departments and branches about their training needs both in underwriting and other skills - Defining training objectives in each field of insurance and each branch as well - Combining with the targets of business strategies, conducting suitable orientation sessions and training for staff at all levels in each period - Planning and establishing staff training system Third, building training programs (learning map) with support from internal and external leading experts to implement training strategies successfully - Setting up and opening newcomer training courses in underwriting and PJICO’s strategy for 100% new employees and agents annually - Organizing training courses in sales skills, marketing skills for salesperson in the whole network (at least 50% salesperson for each course) There can be courses per annul - Organizing training courses in management skills and implementing leadership seminars for top managers from departments and branches 100 - Opening training courses or seminar in terms of corporate culture for 100% employees of PJICO to help employees understand how their work relates to the mission and values of organization Forth, enhancing co-operation with Vietnamese insurance organizations (Association of Vietnamese insurers, Vietnam Insurance Training Center), other partners and reinsurers and take advantages of their support - Strengthening close relationship and enlist the support and funding from Association of Vietnamese insurers and Vietnam insurance Training Center in developing human resources - Working with the reinsurers of PJICO and ask for their support in training  When discussing about reinsurance renewal treaty, the Reinsurance Department give suggestion about training needs for some key persons of PJICO to join foreign training programs held by the reinsures  Adding “training support” in terms and conditions of the reinsurance treaty Fifth, using skills and knowledge of employees most efficiently Arranging, organizing, planning and appointing employee should be referred to the results of participation in training programs Sixth, building professional recruitment program to choose excellent candidates meeting up with working requirements - Promulgating and enforcing regulations on recruitment strictly - Designing suitable selection and recruitment processes  Indentify need for position  Develop/Classify Job Description  Internal and external posting if appropriate  Develop and implement recruitment plan  Screen Candidate’s resume and make initial contact with Candidates  Conduct reference checks and interviews 101  - Make final decision Assign to suitable position Seventh, creating suitable personnel policies to improve performance and productivity as well as enhance staff retention - Increasing job satisfaction to employees by improving working conditions, offering financial and non-financial incentives, improving allowances and salaries - Holding face-to-face meetings between human resources staff and other employees - Talking informally to employees in the workplace and bringing their concerns and needs to senior management in a suitable time And eighth, conducting actions to prevent brain-drain with the most reasonable expenses: - Improving relationship with managers: Some recent survey of Gallup shows that the key factor influencing staff’s satisfaction and productivity is the trust from managers - Increasing recognition and appraisal: some staffs prefer appraisal to wage Some specific actions can be mentioned are appraisal of individual as well as group, appraisal in writing, and sincere & true appraisal words - Assigning more tasks with motivation and satisfaction orientation: let staffs join specific projects from the beginning They would be more exciting and idea-creating than you expect - Respecting a balanced life: recognition and respect of staff’s individual as well as family life will prevent exhaust and build up faith among employees 3.2.2.5 Improving new insurance product design and products development  Develop new products for in-house business: PJICO’s founding shareholders have required new insurance products supplying to their businesses such as Petrolimex needs Oil pollution liability insurance, Pipeline insurance, Directors and Officers 102 insurance (D & O insurance)…, Vietcombank needs a package of insurance for banking business (Banker Blanket Bond) that includes Employee Infidelity, Bank Premises Burglary & Robbery, Forged Securities, Counterfeit Currency, Damage to Office and Contents Vietnam Steel Corporation needs a package of insurance under insurance agreement including property insurance for all steel manufacturing plants of VSC, cargo insurance for import, export and inland transit, liability insurance for Professional, Directors and Officers, Employees, Third Party, Public Liability… Researching and developing new products is still a major weakness of PJICO However, from a pilot study and implementation on new products for the founding shareholders, PJICO will have conditions to improve and apply widely in all objective markets  Focusing on new retail products: As retail products line is the visible strength of PJICO, along with the purpose of new product design for in-house business; PJICO should focus on developing new retail insurance products to take advantage of its current core competencies Also PJICO should think about insurance product types that combine with banks and banking through the new distribution channel bancassurance  Premium rates: For retail insurance products: keep reasonable and low premium rates with competitive retail products of PJICO as now to keep the marketshare and reputation of PJICO in this kind of products For corporate insurance products: pushing coinsurance with other insurers (like Bao Viet, Bao Minh…) to avoid price wars and fierce competition In fact, coinsurance will help make premium rates higher and coinsurers share risks together PJICO is tended not to chase price wars in the market to ensure the aim of effectiveness 103  Distribution channels: For traditional channels (such as agents, direct sales): maintain the strengths and advantages of PJICO as these channels are still the effective distribution channels in the insurance market Till the year of 2017 For new channels (such as bancassurance, online sales or internet): as these are newly experimental distribution channels in Vietnamese non-life insurance market, they should be paid enough attention with reasonable expenses, especially for retail insurance products However, the strategy of developing these kinds of channels should also be of carefulness since they can interrupt other traditional distribution channels (eg: bancassurance channel can make agents channel weaker and less efficient) 3.2.2.6 Improving Corporate Governance & strengthening internal controlling and supervising system In order to improve its corporate governance, PJICO should take some actions as follows:  Holding a regular shareholder’s meeting (eg: once a year) to attract shareholders’ ideas on PJICO operation and development The development of PJICO shall directly influence on shareholders themselves, thus, it is essential to get them responsible with their own funds  Building clear and obvious strategy (business strategy, corporate strategy) for the growth and development of PJICO, both in short term and long term, conducting critical analysis on macro and micro environmental market, on internal operation of the company to determine the real opportunities, threats, strengths and weaknesses in order to give appropriate strategy for the company 104  Coming to centralization in delegation system in order to specialize tasks of each division, department, team and individual This also helps save costs for management Along with improving corporate governance, so as to strengthen internal controlling and supervising system, PJICO should also pay more attention on supervising governance of Board of Directors, Board of Supervisors and executive management of Management Team The clear delegation and management should be conducted for better monitoring and responsibility 3.2.2.7 Improving information technology system and building a general and comprehensive underwriting management software The fact shows that advanced information technology system and general and comprehensive underwriting management software are of great use for retail insurance products as they can meet the demand of real time data base, management and decisions for readiness of sales Nevertheless, the duties of improving IT system and building a general and comprehensive software are not easy at all This building up requires some key factors as below:  Firstly, PJICO should find a good and reasonable-price core IT system and based on this, the non-life insurance IT system is well built  Secondly, PJICO must have a thorough data base (or base-line data) with full and compatible information in order to serve the management process  Thirdly, the company also has to possess well-skilled IT staff to operate this system  And fourthly, the company must acquire an appropriate monitoring and management system and process for this system For experience to establish a proper IT system, PJICO can learn from the way of Bao Viet and Bao Minh Bao Viet is building its own IT system based on core system from foreign insurer; also Bao Minh is constructing the IT system totally based on system from foreign insurer These ways both express their own 105 advantages and disadvantages in the process of operation and are the worthy lessons for PJICO to application 3.2.2.8 Marketing and branding In the environment of cruel competition with a lot of competitors, both existing and potential, the activities of marketing and branding also need enough attention from PJICO, specific activities that the company should consider to take are below: Setting up marketing department to implement all activities related to PJICO’s trademark  Taking advantages of mother name PETROLIMEX as a historical and longlasting brand name (in correlation with Bao Viet’s Bao Minh’s historical and long-lasting brand names)  Boosting branding identities through visible posters, attracting advertisements, specific PR via press, claim settlement and handling, charity, national insurance ratings and other public activities…  Improving customer services and sales & after sales services with the criteria of real time and ready services with high quality and dedication PJICO can take advantage of authorized filling stations and branches throughout the country for its on-site customer services and sales & after sales services  And the last but the most importantly, improving insurance products themselves to meet increasingly diversified and various needs and demands of customers 3.3 Recommendations 3.3.1 Recommendations to Government Collision with information, analysis and solutions in the thesis, some recommendations to Vietnamese Government can be listed as follows:  Giving the detailed and proper regulations on generating insurance both in general and particular, both in theory and practices for better operation of all 106 players in insurance market (including insurers, insurance brokers, loss adjusters, agents…)  Providing the obvious legal framework on competition and operation for a more healthy competition among insurance market (including financial regulations, reserves requirement, agents training, agents certificate issues, bidding requirements in insurance, compulsory insurance types and other activities of non-life insurance market)  Learning from other countries with similar development, growth and business manners to get and the lessons and experience of running a good non-life insurance business Some countries Vietnam can learn from are: Korea, China, India, and Thailand… 3.3.2 Recommendations to Association of Vietnamese Insurers Along with Government, Association of Vietnamese Insurers, considered as the representative of all insurers in the market, should also apply some steps to improve the development of Vietnamese insurance market as below:  Helping improving and making a set of complete and thorough insurance products documents for training and coaching for the whole market (text books, practice books, handbooks, templates of insurance policies of different insurance types…)  Playing the good role as a consultant for all insurers in front of all Governmental Divisions for more appropriate regulations, circulars, and decisions… in insurance market  Giving updated and overall information and reports on Vietnamese insurance market for participants (such as yearly, quarterly and monthly reports on insurance market in Vietnam, reports on insurance brokers, reports on claim handling and settlement, reports on specific insurance activities )  Cooperating with insurers and Governmental divisions in creating proper training courses, learning maps and all kinds regarding insurance training for insurers’ actions and usage 107 3.3.3 Recommendations to PJICO Finally, the most importance is actions of PJICO in order to assess its competitiveness, select the most efficient solutions to get further development and sustainability Therefore, PJICO should:  Take a careful look on all the possible solutions above in view of overall strategy of the company to extract the most appropriate solutions for PJICO’s growth and development  Focus on the implementation of selected solutions and monitoring of solution implementation These actions would help PJICO obtain the efficiency in their operation Further, monitoring allows necessary adjustment and change to help PJICO’s operation go along with changes and challenges in the overall market  Pay attention to effective communication on PJICO’s competitiveness as well as actual implementation Effective communication should take place both vertically and horizontally Vertical communication helps build up cooperation and coordination inside every divisions, departments and groups; whereas, horizontal communication supports ideas and actions to go across all of them 108 REFERENCES A.M Best Company, “Vietnam‟s insurance market – Awakening to future change” Aon Benfield (2011), “Vietnam insurance market overview 2010” Asia insurance review (2010) Audited financial statements of Bao Minh, Bao Viet, PTI BAO MINH annual reports (2010, 2009, 2008) BAO VIET annual reports (2010, 2009, 2008) Deloitte Vietnam, “Audited PJICO‟s financial statements” Lincoln Crowne & Company, “Revising PEST analysis” Macro Island of Spring Meeting, “The impact of technology on the distribution of insurance and financial services” 10 Ministry of Finance (2010, 2009, 2008), “Annual reports of Vietnam insurance market” 11 Philip Kotler (2003), “Competitive Strategy” 12 Michael E Porter (1980) “Competitive Strategy: Techniques for Analyzing Industries and Competitors” New York: Free Press 13 Michael E Porter, “The five competitive forces that shape strategy”, Harvard Business Review 14 Michael E Porter (1985), “Competitive Advantage: Creating and Sustaining Superior Performance”, New York, Free Press 15 “Notes on the structural analysis of industries”, Harvard Business Review 16 PJICO annual reports (2010, 2009, 2008, 2007, 2006, 2005) 17 PJICO’s guidelines on underwriting, survey and claim handling, reinsurance 18 PTI annual reports (2010, 2009, 2008) 19 Swiss Re Economic research and consulting (2010, 2009), “Sigma reports” 20 VINARE’s annual reports 109 21 VINARE (2010), “Vietnam reinsurance market review” 22 www.wikipedia.org 23 www.gso.gov.vn 24 www.mot.gov.vn 25 www.Manage12.com 26 www.oecd.com 27 www.InternationalJournal.org 28 www2.bc.edu 110 APPENDICES APPENDIX 1: LIST OF INTERVIEWEES  Mr Trinh Anh Tuan, Deputy CEO, PVI Reinsurance Corporation  Mr Hoang Quoc Anh, Manager of Property and Miscellaneous Dept, PVI Reinsurance Corporation  Mrs Duong Thi Van, Vice Director, Reinsurance Division, Petrovietnam Insurance Corporation (PVI)  Lee Kian Chuan, Director of Treaty, Aon Benfield Asia  Mrs Vuong Minh An, Director of Reinsurance Dept, Aon Vietnam Limited  Mr Pham Anh Tuan, Executive, Aon Vietnam Limited  Mrs Nguyen Thuy Linh, General Manager of Reinsurance Dept., Post & Telecommunication Joint Stock Insurance Corporation (PTI)  Mrs Dao Minh Phuong, Deputy General Director / Branch Manager – North, QBE Insurance (Vietnam) Company Limited, Foreign Insurance Company  Mr Bui Dung Hung, Vice CEO, PJICO  Mrs Ta Thu Thuy, General Manager of Reinsurance Dept., PJICO  Mr Nguyen Tuan Hoang, Deputy General Director of Reinsurance Dept., PJICO  Mr Nguyen Huy Trung, Deputy General Manager, Reinsurance Dept., Bao Viet Insurance  Mrs Nguyen Thanh A, Director of Reinsurance Dept., BIDV Insurance  Mrs Nguyen Thi Trung Khanh, Deputy General Manager of Reinsurance Division, Bao Minh Insurance  Mrs Tran Thanh Hien, Deputy General Manager of Reinsurance Division, Xuan Thanh Joint Stock Insurance Corporation  Customers of PJICO, Bao Viet, Bao Minh and PTI 111 APPENDIX 2: LIST OF QUESTIONAIRES Which factors affecting non-life insurance enterprise’s competitiveness? Which factors are considered key success to non-life insurance company? Which factors should be considered in the value chain analysis of an insurance company? The product development of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? The premium price of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? The distribution channels of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? The promotion of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? The underwriting of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? The reinsurance of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? 10 The survey and claims handling of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? 11 The financial investment activities of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? 12 The corporate governance of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? 13 The human resource management of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? 14 The financial and accounting system of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? 112 15 The technology development of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? 16 The documents and records management of PJICO, Bao Viet, Bao Minh, and PTI And the comparison among them? 17 The real strengths and weaknesses of PJICO? 18 What PJICO should to improve its competitiveness? 19 The possible solutions and actions for improving PJICO’s competitiveness to the year 2017? 113 ... Employee Liability (EL) - Travel Insurance - Motor Vehicle Insurance - Third Party Liability (TPL), Public Liability (PL) Insurance - Products Liability Insurance - Professional Liability Insurance... insurance:  Motor third party liability  Passenger liability insurance for aviation carriers  Professional indemnity for legal consultancy activities  Professional indemnity for fund management... (million VND) 2009 Premium Income Density (%) Premium Income Density (million VND) 2010 (%) (million VND) Premium Income Density (%) (million VND) Density (%) 78,512 8.87 101,557 9.55 115,500