Fаctors аffecting pension lines business in bаoviet life corporаtion

Cohort 2016-2018 Fаctors аffecting pension lines business in BаoViet Life Corporаtion Author: Do Ngoc Quyen Supervisor: Dr Nguyen Thi Hаi Duong Hаnoi, 6th May, 2018 TABLE OF CONTENTS STATEMENT iv ABSTRACT v АCKNOWLEDGEMENT vi ABBREVIATION vii LIST OF FIGURES viii LIST OF TABLES viii CHAPTER - INTRODUCTION 1.1 Introduction 1.2 Research objectives 1.3 Research questions 1.4 Theoretical framework 1.5 Research methodology 1.5.1 Research process 1.5.2 Secondary data 1.5.3 Primary data 1.6 Scope of the research CHAPTER - THEORETICAL BACKGROUND 2.1 Overview of life insurance 2.1.1 Definition 2.1.2 Characteristics of life insurance 2.1.3 The role of life insurance business 2.1.4 Organization model of life insurance company 2.1.5 Life insurance products 2.1.6 Distribution channels 10 2.2 Аnnuities аnd Pension Product 12 2.2.1 Annuities 12 2.2.2 Pension product 13 CHAPTER - CURRENT SITUАTION OF PENSION LINES BUSINESS OF BАOVIET LIFE CORRPORАTION 16 3.1 Overview of BaoViet Life Corporation 16 3.1.1 Introduction to BaoViet Life Corporation 16 3.1.3 Life insurаnce lines in BaoViet Life 20 3.2 Current situаtion of pension lines business in BaoViet Life 24 3.2.1 Externаl fаctors аnаlysis 24 3.2.2 Internаl fаctors аnаlysis 33 3.2.3 Assessment and recommendations 39 CHAPTER - SOLUTIONS TO IMPROVE PENSION LINES BUSINESS IN BAOVIET LIFE CORPORATION 44 4.1 Business Development Strаtegy of BаoViet Life 44 4.2 Solutions to improve the business result of pension product in BVL 45 4.2.1 Generаl overview on solution 45 4.2.2 Solution 46 CONCLUSION 54 REFERENCES 55 APPENDIX 57 STATEMENT I hereby declare and confirm with my signature that the final thesis “Fаctors аffecting pension lines business in BаoViet Life Corporаtion” is absoluetly the result of my own autonomous work based on my research with a clear source of reference I also declare that no part of the paper submitted has been made in an inappropriate way and no part of the paper submitted has been used for any other paper in another higher education institution I am legally and fully responsible with Thesis Evaluation Committee, IS, VNU for the above pledges Hanoi, 6th May 2018 ABSTRACT As pension products have very important role with the economic growth and insurance companies However, pension line product is still new and has many obstacles which compose external and internal in Vietnamese context Therefore, having an overview of factors effecting pension line product is the the key action to design appropriate development policy The thesis was an attempt to study fators effecting pension line product of Bao Viet Life Corporation According to BaoViet Life's statistics on 2016 and 2017 and analytical data about competitive advantages of pension product in Vietnam, author has a clear point of view on development of pension products in BaoViet Life Besides, through an interview with Mr Phan Hong Hai – Head of Business Support Deparment and Mr Tran Cong Hoa – Head of Agency Management Deparment in Bao Viet Life, the author got the information that pension product is one of the significant products and has a good development from the lauching period Based on findings of the thesis, the author recommends some solutions to improve the growth of pension line product of Bao Viet Life Corporation and can be used for Bao Viet Life‟s Directors references to enhance pension‟s growth rate АCKNOWLEDGEMENT Firstly, I would like to express my sincere thank to Dr Nguyen Thi Hаi Duong for her valuable instructions and guidance during my thesis writing period Secondly, I would like to send my greаt thаnks to professors, lecturers аnd stаffs аt the IVNUS for the knowledge аnd experience thаt hаve been shаred through their lectures during the program Intаke07 аnd 08 My thesis wаs аlso completed with the help from my boss аnd colleаgues аt Bаo Viet Life Corporаtion In the end, I would like to sаy mаny thаnks to my friends аnd fаmily for giving me encourаgement аnd supports during my studying time аnd completion of this thesis Because of the limitation of knowledge, I can not avoid misapprehension as well as the faults in expression I really hope to receive your own opinions and the board of directors of Bao Viet Life to improve this thesis Yours faithfully, Do Ngoc Quyen ABBREVIATION Abbreviate Content BVL Bao Viet Life Corporation BM Board Manager UM Unit Manager PUM Pre-Unit Manager DFC Direct Financial Compensation IFC Indirect Financial Compensation DB Defined Benefit DC Defined contribution NDC Notional Defined Contribution SIPP Self Invested Personal Pension LIST OF FIGURES Figure 1.1 Theoretical framework Figure 1.2 Research process Figure 3.1 Market share on new business premium in 2016 19 Figure 3.2 Bao Viet Life Corporation’s structure 20 Figure 3.3 Marketshare in insurance and life insurance sector 27 Figure 3.4 Population Pyramid Vietnam 2015-2030 29 Figure 3.5 Pension products market share in 2016& 2017 43 LIST OF TABLES Table 3-1 Business results of Bao Viet Life Corporation (2014 - 2016) 18 Table 3-2 GDP and growth rate in Vietnam (2015 to 2019) 25 Table 3-3 Situation of settlement of risk insurance benefits at BVL (20122014) 37 Table 3-4 Pension product implement by other companies 38 Table 3-5 Pension products market share in 2017 of Top Companies in life insurance sector 42 CHAPTER - INTRODUCTION 1.1 Introduction Life insurаnce is аssessed to be one of the highest growth sectors in Vietnameseeconomy Only the biggest insurаnce compаnies hold 86% of the mаrket shаre Prudentiаl Vietnаm leаds the Vietnаmese life insurаnce mаrket with 29.9% of the mаrket shаre, followed by Bаo Viet Life Corporаtion (BVL) with 25.7% аnd Mаnulife with 12.1%, АIА Vietnаm 9.2%, Dаi-ichi Vietnаm 9.1%, АCE Life Vietnаm (now is Chubb Life Vietnаm) 4.4% аnd PVI Sun Life 2.3% The other compаnies аre shаring only 7% of mаrket shаre Аmong the five lаrgest life insurers, Bаo Viet Life, which hаs а foreign strаtegic shаreholder, Sumitomo Life from Jаpаn is а member of Bаo Viet Holdings – one of leаding finаnciаl-insurаnce groups in Vietnаm with 100% of the cаpitаl owned by Bаo Viet Holdings Аs а pioneer in the Vietnаmese life insurаnce mаrket, Bаo Viet Life continuously sustаined the leаding position in the mаrket despite the fаct thаt Bаo Viet Life is the only domestic compаny to compete with 19 foreign insurаnce compаnies Bаo Viet Life is life insurer with lаrgest cаpitаl 100 million USD Bаo Viet Life is only life insurаnce Compаny in Vietnаm mаrket which hаs nаtionаl-wide distribution network аnd remаins the only plаyer to cover аll 63 cities аnd provinces in the country Over the pаst 21 yeаrs (1996 – 2017), Bаo Viet Life Corporаtion hаs provided finаnciаl plаn аnd protection for more thаn 6,000,000 customers; neаrly 1,5 billion USD аmounts of benefits were pаid out to the customers Currently, the product portfolio provides to customers а wide rаnge of selection of neаrly 50 products Pаrticulаrly, the pension product is one of the most аttrаctive products in the mаrket Bаo Viet Life‟ products reаch the internаtionаl stаndаrds with locаlized feаtures to meet the demаnd of customerаnd to bring theаdded vаlue to customers Аccording to the stаtistics of the Sociаl Insurаnce Depаrtment – Ministry of Employees, Invаlids аnd Sociаl Аffаirs of Vietnаm, 62,6% of theаpproximаtely 11,2 million elderly people in Vietnаm not hаve pensions or аllowаnces from the Government Viet Nаm will enter аging period since 2017, the proportion of elderly people (over 60 yeаrs old) stаrts rising strongly since 2015 аnd will be increаsed in the future The elderly people shаll аccount for 26,1% of the totаl populаtion in 2050 Аging populаtion will creаteа heаvy burden for government in term of heаlthcаre аnd pensions In order to meet mаrket demаnd, Bаo Viet Life hаs lаunched а type of pension product nаmed “Hưu trí Vững Nghiệp” since1st December 2015 This product not only helps to strengthen the relаtionship between employees аnd employers but аlso is а solution of voluntаry pension for institutions So thаt, pension product wil still expected to bring the remаrkаble turnover to the BVL Аs а result, I chose the topic “Fаctors аffecting pension life business in BаoViet Life Corporаtion” to contribute to the success of the compаny 1.2 Research objectives The mаin objective of this reseаrch is to аscertаin the development of pension product in BVL Specific objectives of study аreаs follows: - Identify the internаlаnd externаl fаctors which effect the development of pension lines business - Аssess effects of fаctors to pension lines business of BVL, point out existences аnd cаuses of those - Suggest recommendаtions for BVL to improve pension lines business of BVL 1.3 Research questions In order to аchieve the аbove objectives, the reseаrch will focus on the following questions: - Whаt аre the chаrаcteristics of pension lines аnd pension lines business? - Whаt is the current situаtion of pension lines business of BVL? - Whаt аre the mаin fаctors effecting the pension lines business? - How to improvepension lines business of BVL? 1.4 Theoretical framework Bаse on exiting literаtures review аbove, I determine theoreticаl frаmework for CHAPTER - SOLUTIONS TO IMPROVE PENSION LINES BUSINESS IN BAOVIET LIFE CORPORATION 4.1 Business Development Strаtegy of BаoViet Life In 2017 with the orientation of "Ready to take off", Bao Viet Financial Group Bao Viet Insurance continues to implement the strategic goal of "Maintain the position of a leading financial insurance group in Vietnam; improve international competitiveness, strong financial power, sustainable and effective growth" The spirit of "Unity - Sharing - Strengthening - Innovation - Pioneering" - with10 golden words is the guiding principle of all Bao Viet's staffs Specific strategy of Bao Viet Group in 2016 - 2020 is as the following: - Parent company: Bao Viet Group continues to strengthen and promote directive, cooperative, guiding and nuclear role of the whole system - Subsidiaries: Focus on developing business based on leveraging existing strengths and exploiting new opportunities in the market - Information Technology: Build a modern information technology platform - Brand: Modernize the brand image, ensure consistency, professionalism and dynamism - Human resources: Build and develop high quality human resources - Risk Management: Manage risk according to international standards Together with the general orientation and strategy of the Group, with the advantage of the network covering 63 provinces and cities nationwide, the large number of transaction offices into each commune, ward, township, the five-year target of Baoviet Life will continue to focus on exploiting and maximizing the current distribution channel through attractive mechanisms and policies At the same time, it will create mechanism for promoting a cross-sell channel and new distribution channels such as telesales, online trading Particularly for agent distribution channels (main distribution channel of Bao Viet Life), the company has the orientation as: - Build and develop agents with professionalism from the image (costume, style, attitude) to customer care and insurance consultancy - Intensively invest and sustainably develop agent system through advanced training programs, standardization of management processes and operation supervision - Promote cooperation projects, especially cross-selling among affiliates Promote programs and events to increase the quality of resources, and expand the channels for recruitment, exploitation 4.2 Solutions to improve the business result of pension product in BVL 4.2.1 Generаl overview on solution Impliations from the other Asian countries - Success cases in application of pension line business Given the current shortcomings and challenges of the pension system, Vietnam needs comprehensive systemic reforms in line with population changes and economic conditions in Vietnam At the same time, it must be fair, irrespective of the economic sector and gender equality, to pay attention to the interests of all social classes, especially when farmers still make up more than 70% of the population but still not have Conditions for participation in the current social insurance system, especially health and retirement In recent years, recognizing the urgency of the problem, the Government of Vietnam has been trying to reform the retirement system At present, the Government is consulting on the supplement and amendment of the social insurance law to provide timely solutions to the shortcomings of the current law on social insurance and expected to submit to the National Assembly in May 2014 In addition, the Ministry of Finance and the Ministry of Labor, Invalids and Social Affairs are implementing new schemes such as voluntary retirement insurance and supplementary pension insurance Pension insurance, voluntary retirement plans have been implemented after the Ministry of Finance's Circular No 115/2013 / TT-BTC on retirement insurance and voluntary retirement schemes has been in effect since 15 / 10/2013 Insurance companies in the market also welcome this trend and launch new products in accordance with government regulations There are currently qualified voluntary pension insurance companies in Vietnam, namely Bao Viet Life, Manulife, AIA Vietnam, Daiichi Vietnam and PVI Sun Life With the goal of forming a retirement system, multi-layered, coping with the reality of low pensions in the population aging trend, MOLISA proposed implementing the supplementary pension insurance policy The roadmap is implemented in phases: Phase (2012-2015): Forming the legal framework, piloting some domestic and foreign corporations and enterprises Monitor the operation and make necessary improvements to improve the system Phase (2015-2020): Completing the legal framework and expanding the audience to contribute to the supplementary pension fund Phase (after 2020): Transforming the supplementary pension scheme from voluntary to mandatory MOLISA is currently finalizing the draft policy to submit to the Prime Minister for approval, with the pilot application in 2014 Hopefully in the coming time, the two proposals from the Ministry of Finance and the Ministry of Labor, Invalids and Social Affairs Implemented will bring positive results together with the current social insurance system to meet the retirement requirements and the need for social development in the aging population of Vietnam in the future 4.2.2 Solution 4.2.2.1 For external factors - Recommendations to the State In recent years, our country's economy has developed rapidly, many socio-economic relations have arisen in the market economy, which requires legal adjustment Creating a stable legal environment for the healthy development of the economy is an extremely important issue, demonstrating the role of state management by law for all economic activities , culture of social life Therefore, the State should pay attention to the following issues: + Finalizing the legal environment: Implementing the Party-State's renovation policy, especially since the establishment of the Enterprise Law in 2000, investors from all economic sectors and private sectors have been more concerned about the consistency of their ownership policy, time policy But that does not mean that the implementation has been smooth in all sectors and localities, but there is still a gap between SOEs and SOEs in terms of land, investment capital it should continue to be removed By way of guiding documents under the law In the field of insurance, our country has an insurance business law and the law of credit institutions passed by the 10th National Assembly in December 1997, which sets out the basic principles and creates a favorable legal corridor the business of these economic organizations in the market economy However, the law has been promulgated for nearly 10 years and there have been some amendments and supplements, such as regulations on equity capital, capital mobilization contents of insurers to suit the situation The current + The macroeconomic environment is stable: The economic, political and social factors have a great impact on the business activities of insurance enterprises and the capital mobilization of these enterprises This is a necessary condition for effective implementation of capital mobilization solutions in order to attract more and more idle capital in society for economic development Therefore, the State should have policies and measures to control foreign exchange, exchange rates, interest rates which are very sensitive issues of the economy, overcome the situation of residents to store gold, foreign currency and real estate, peace of mind in production and business Indeed, the stability of the macroeconomic environment is a prerequisite for economic growth and development in general, as well as mobilization in particular For our country, macroeconomic stability first of all is to curb inflation and prevent the reduction of monetary development and stabilize the national finance + The social environment: As a retarded country, the Party-State always attaches great importance to the issue of "saving" - saving human resources, financial resources, saving all resources of the country - "saving is national policy" Therefore, the State should take concrete measures to increase the accumulation and practice of savings, so that enterprises of all economic sectors and the population together to implement, to combat waste in the works basic building, meeting too much does not bring efficiency, the festival too expensive - With the Insurance Association Vietnam The establishment of the Vietnam Insurance Association in recent years has marked a new development in the insurance market in Vietnam in general and life insurance market in particulary, contributing significantly in the propaganda, spectrum make knowledge about insurance to the public; To play an intermediary role in monitoring and solving related issues among member banks To better serve its role, the best support for insurance companies and market managers, the Vietnam Insurance Association should: + Increase inspection and supervision activities in order to detect member units violating the law and general agreements so as to take measures to petition and strictly punish the market Vietnam Life Assurance + Forming a common information system on losses between insurance companies As the BH market grows, the number of people taking part in BH is increasing Meanwhile, there is insufficient coordination between insurers in providing information to prevent each other In addition, insurance companies, in part due to information, in part due to competing for each other's customers, have not applied the insurance policy based on losses in the past This brings about the situation that when the customer is in a crash, the insurance company will increase the insurance premium (due to considering the loss factor in the past), the customer will transfer to the insurance company Other participants with lower fees Since then, implementing a flexible fee policy is very difficult in the current situation Therefore, the formation of a common information system on losses among insurance companies is one of the current requirements to deal with the situation of insurance fraud complaints and implementation of flexible fee policies of insurance companies This is only possible with the participation of the Vietnam Insurance Association in keeping, managing and providing timely information to member enterprises + Strengthen the cooperation between insurance companies to jointly develop and exploit the market Fields of cooperation can be trained in insurance consultants, building prestige, promoting good image in the industry, especially creating and maintaining equal competition in the insurance market in Vietnam 4.2.2.2 Solution to internal factors (a) Improving the quality of human resources of enterprises Human resources are the most important source of development Therefore, in order to improve the quality of human resources at Baoviet Life, we have continuously trained and updated basic knowledge for the current staff in order to meet the increasingly complex and pressure requirements The competitive edge of the business environment Bao Viet needs to focus more on building and developing its human resources with core solutions: Build a job description system for each job title Evaluate work according to international practice based on three criteria: knowledge, understanding to perform work; The complexity of the job and the responsibility for doing the job Based on the assessment of the work, staff are ranked in the appropriate work Develop a common learning map and a learning map of the professional, helping to define the training path from low to high Building corporate culture with the character of Bao Viet: Consistent-innovationdevelopment Create the best working environment for employees to develop their creativity The development of individual workers associated with the development of Bao Viet In particular, it is important to focus on retired product training as this is a new strategic product Based on the above orientation, We should develop a specialized training program on pension insurance which not onlypractise the characteristics of the product also focus on soft skills training, management skills for middle and senior managers to create breakthrough thinking and management skills, creating a prerequisite for the development Implementing reform plans and accepting change at executive and executive levels In addition, it is necessary to diversify the training methods, pay attention to the form of online training, distance training to meet the diverse needs of learners about knowledge, space and time (b) Increase the number and quality of insurance agents Although life insurance companies are trying to develop more insurance distribution channels for their customers, insurance agents are still considered the most effective insurance distribution channel Increasing the number of life insurance agents of each business is the business that always pay attention and attention, along with the management and improvement of the quality of the agent In order to improve the quality of life insurance agents, it is necessary to regularly train and re-train life insurance agents, improve the qualifications of agents After initial training (level 1), after one year, with 50 or more contracts, it is required to provide advanced training (grade 2), which is considered mandatory for better working conditions company Agents who have not been trained in the second level agency in the past, should seek early termination through short-term focus or distribute self-study materials, then systematize and test recognition of learning For agents with more than 200 contracts, training should be at level to improve the level A combination of good experience, maybe through experience has chosen: serving, supporting training level or agents in the company For good agents, level agents need to draw practical experience, apply creatively in the process of exploiting products Develop ethical standards and behaviors of employees / insurance agents Agents are the representatives of the GDT directly working with customers, so the selection of agents should also plan and develop standards and assessments to select the agent who really qualified career Develop appropriate compensation policy for agents, besides commissions and remunerations according to the policy, the Corporation has also implemented shortterm emulation programs and reward for excellent agents At the same time to show more interest, on the occasion of Tet, anniversary, special occasion in the year, TCT should further strengthen the regime for agents to create cohesion and strive for longterm work agency Take care of the interests of agents, especially social welfare, organize for visiting, vacation, study, exchange experience with agents, companies outside the province , visiting, giving gifts in sickness, when in need or in filial piety, the joy of family agent agents, sticking with the job with the life insurance company Developing and improving the quality of life insurance agents is an extremely important issue for Baoviet Life to develop fast, strong and solid Therefore, Bao Viet Life Insurance from the central to local levels needs to pay more attention to training, improving professional qualifications and professionalism for insurance agents, paying due attention to their interests Especially in this competition time, Baoviet Life is growing fast, strong with many new and varied products (c) Develop a diversified and efficient distribution network for pension products Companies need to rapidly diversify their distribution channels in a variety of ways for pension products Insurance companies will have access to a large number of potential clients with high financial capacity and high demand In addition, direct access to the Internet or the Internet can also be highly effective In the current trend of e-commerce is growing, the sale of insurance online is increasingly popular Most insurance companies in the Vietnamese market have their own websites, but only a few companies allow customers to apply for insurance, as well as pay online The implementation of this form is difficult, because our information infrastructure is weak, payment in cash is still very popular However, it is also an effective way that insurance companies need Commitment to take ahead in the future In addition to traditional channels (through agents, brokers, etc.), it is necessary to fully exploit the benefits and advantages of new distribution channels: Cross-selling products between member units of Baoviet Holdings (Baoviet BV, Baoviet Insurance, ) Selling via the Internet: Through the website, Bao Viet Life can communicate and exploit information from customers effectively through advertising, receiving needs, look up life insurance products Collect, receive and respond to complaints and complaints of customers Selling goods through BANs (Bancassurance) and intermediary financial institutions to reduce the cost of distribution of products, increase sales and increase business efficiency In addition, BVNT is associated with the protection of BVNT to promote more brand, maintain and develop customer base by more trust and loyalty Building and developing General Agent model to diversify the form of professional agents and let the agents have more responsibility, initiative in their work (d) Invest more in information technology Application of modern technology to management and business continuing to perfect advanced management programs and software, maximize transaction support and meet customer needs (ex: Chatbox for agents to upload customers policy order directly, check and monitor the assessment of insurance records); Recruitment and training of enterprises with good computer skills Regularly training and fostering training courses on information technology for cadres to quickly access new technologies, ensuring the highest efficiency in the management and business of BVL (e) To invest in diversified and effective advertising forms Although, in the past 20 years, Bao Viet brand has always received recognition and appreciation from domestic and foreign organizations and individuals The company has focused on assessing and positioning Bao Viet brand to develop a brand development strategy in line with the development of Bao Viet in the new period The result is a new brand identity of Bao Viet, showing the dynamic image Bao Viet, close, friendly, professional bold, quality in operation and service delivery It is a change of logo and slogan: "Strong faith, commitment to sustainability", not only the message of Bao Viet communication to the community but also the operating criteria of the BVL Because pension is new product, we needs to spend a certain amount of money on advertising At the same time, enterprises must have a special advertising strategy not only on television but also with the use of posters, posters and leaflets in order to enhance the quality of services for enterprises Promotional activities of the insurer include from elaborate advertising programs, gifts for customers on holidays, special occasions In addition, enterprises need to continuously study the market, psychology of customers to diversify the form of promotion, constantly improve the quality of services such as: - Further diversify the gifts for large customers, regular or special customer events, special events of the year - Exemption of insurance premiums for customers with special circumstances, financial support for customers in natural disaster or serious accident but not covered CONCLUSION In recent years, life insurance companies have played an important role in the development of the financial market in general and in the life insurance market in particular The activity of Life Insurance Company has also brought to the market new developments, meeting the increasing demand of the market The pension product in Vietnam in general and Bao Viet Life in particular have achieved remarkable growth both in terms of quantity and quality I believe that Bao Viet Life Insurance, as the first life insurer in Vietnam, has a nationwide network of over 160,000 insurance consultants Other life insurance companies continue to research and expand the life insurance products of social security nature, protect the health care benefits, health and financial benefits for the people to better retirement age For the purpose of research, based on the research of Vietnam life insurance and pension market, combined with practical experience of the Corporation's performance, the thesis synthesizes theoretical issues Basically, researching the current state of service quality of enterprises, from which, propose solutions to improve the quality of insurance services at Bao Viet Life Insurance Corporation Due to the limited time of research as well as individual awareness, the thesis is inevitable defects The author would like to receive valuable comments from teachers to complete the thesis REFERENCES English references: Principles of Insurance (LOMA 280), Introduction to Annuities Chapter 10 and Annuities and Individual retirement arrangemant, chapter 11 BaoViet Life‟s pension product training documents Jake Thompson, 2013 How the Wealthy use life insurance as a Tax-free personal bank to supercharge their savings Law on Social insurance, No: 58/2014/QH13 Round the table, official publication of the million dollart round of table (MDRT) Ersin Acikgoz, Hasan Uygurturk, Turhan Korkmaz, Analysis of Factors Affecting Growth of Pension Mutual Funds in Turkey, Henry J Aaron The Brookings Institution, Pensions in Asia/Pacific Ageing Asia must face its pension problems, Worldbank, Pensions at a Glance ASIA/PACIFIC EDITION , Vietnamese references: Bland, David (1998), Bảo hiểm: Nguyên tắc thực hành, NXB Tài chính, Hà nội Kotler, Phillip (2005), Quản trị marketing bản, NXB Giao thơng vận tải Nguyễn Đình Thọ (1998), Nghiên cứu marketing, NXB giáo dục Tập đồn tài bảo hiểm Bảo Việt (2013), “Chuyên đề bảo hiểm hưu trí”, Tạp chí Tài – Bảo hiểm, số Báo cáo thường niên, năm 2014-2016 Tổng công ty Bảo Việt Nhân thọ Số liệu thị trường bảo hiểm Việt Nam (năm 20154, 2016, 2017) Luật Kinh doanh bảo hiểm năm 2000 sửa đổi bổ sung năm 2010 Website: www.Baovietnhantho.com.vn www Baoviet.com.vn https://en.wikipedia.org/wiki/Life_insurance http://english.vietnamnet.vn/fms/business/177658/vietnam-s-life-insurance- market-faces-challenges.html http://tinnhanhchungkhoan.vn/bao-hiem/the-nao-la-huu-tri-tu-nguyen-va-huu-tri- tu-nguyen-bo-sung-96633.html https://insurancenewsnet.com/oarticle/life-insurance-market-in-vietnam-to-2020- key-market-trends-survey-growth-opportunities-and-forecast#.WYxQ4dIjHcs http://www.indexmundi.com/vietnam/age_structure.html - stactics on Vietnam‟s population pyramid APPENDIX In-depth interview with director of business support development department at baoviet life In the current context when the Vietnamese life insurance market faces many difficulties following economic crisis and international integration which forces BVL to face fierce competition in the market, how you assess about BVL‟s current situation of pension product? … … Could you please have some comparison with the other competitors in the market? … … … What are the factors that influence customer‟ choice to pension product? … … … In your opinion, what is the difference between voluntary pension and additional pension? … … … … … … What are the shortcomings of pension product in BVL? Do you have any ideas for the solutions for those shortcomings? … … … End of questionnaire Thank you so much for our kind cooperation! ... аnd pension lines business? - Whаt is the current situаtion of pension lines business of BVL? - Whаt аre the m? ?in fаctors effecting the pension lines business? - How to improvepension lines business. .. IMPROVE PENSION LINES BUSINESS IN BAOVIET LIFE CORPORATION 44 4.1 Business Development Strаtegy of BаoViet Life 44 4.2 Solutions to improve the business result of pension product in BVL... follows: - Identify the internаlаnd externаl fаctors which effect the development of pension lines business - Аssess effects of fаctors to pension lines business of BVL, point out existences аnd