* Facilities
Up to now, facilities among companies of PJICO are not equal. PJICO should invest in building, repairing and hiring working offices to upgrade the infrastructure which are suitable with the image and position of PJICO. This is to create the belief for clients, especially potential clients. Additonally, working equipments and facilities of compnaies in other areas are necessary to be taken care.
PJICO pays attention to develop profesional software management system and organize training courses for staffs in order to use Premia software in the whole system.
* Management capacity
Enhancing the management skills not only for of staffs but also for leaders must be taken care. This makes the management more effectively. Person with high qualifications will be arranged in right positions in order to work more effectively and contribute more to the sucess of corporation. This, consequenly, raises the image as well as service quality of PJICO.
* Image of PJICO
The image of PJICO has been highly appreciated for many years.
Therefore, it is necessary to maintain this image. In addition to this, PJICO should study and show strategy of cooperation to raise this image to other countries to intergrate internationally.
* Financial capacity
Financial capacity to compensate big loss in timely manner will raise the image and trademark of PJICO, carrying out all commitments with clients.
PJICO should increase of charter capital to meet all tender requirements for bidding of shipping companies.
- PJICO should often organize short-term training courses within the Head office to provide fully knowledge, functions, communication skills, underwirting
skills.
* Training and upgrading the quality of human resources:
- Often organizing meetings to exchange profesional experience, underwriting information, sharing obtacles in operation not only among PJICO member companies but also other companies in PJICO system.
- PJICO should encourage staffs’self- learning by supporting part of the cost since each employee is fully aware about what they need to learn more.
- Training to improve the quality of human resources is important in insurance business. Leader of PJICO shouls pay attention to this, especially training for agents who contribute considerably in revenue of retails.
* Creating motivation for staffs
The staffs will develop their ability and energy effectively once they are encouraged and evaluated their ability on time. Besides, training and updating more underwriting knowledge and experience must be cared. Interest, bonus and suitable salary for their position and ability are important things to help the staffs to work more and more effectively.
* Professional Ethics
For insurance companies, morality is built on Enterprise culture. Each staff of PJICO should live and work in this culture which helps client to believe and cooperate with PJICO.
This is quite complicated matter and can not carry out in short time. Hence, PJICO should carry out in advance the following measures:
- Issuing all regulations in respect of communication and behaviour among staffs and clients.
- Building up standards in respect of behaviour and actions for staffs.
Training more and more about the communications and attitudes to avoid any confuse or impolite attitudes to clients.
CONCLUSION
For many years, insurance is one of industries which has very impressive development of revenue and profit as well as stable growth rate in Vietnam.
However, there still have many challenges for non life insurance companies. That is why all non life insurance companies must complete and improve theỉ service quality, make clients feel satisfactory, minimize bad factors affecting the efficiency of insurance industry.
By analyzing, it is shown that there are many factors affecting the efficiency of ship insurance. The target of this thesis is studying factors affecting the efficiency of ship insurance, but the fact is measuring these factors to collect ideas and feedback from clients concerning the ship insurance in PJICO.
Finanally, some solutions and proposals are shown to support and develop more and more ship insurance. However, this thesis is carried out on small group of clients using insurance in PJICO, therefore the results will be more correct if it is implemented in bigger groups with more samples.
In the scope of this master thesis, the research results, ideas and porposals may contrubute to the development of PJICO. Due to the limited time, experience and information, author looks forward to receiving comments and ideas for the thesis to be more completed, create conditions for next researches.
REFERENCES References in Vietnamese
1. D. Bland (1998), Bao hiem: Nguyen tac va Thuc hanh, Nha xuat ban bo Tai chinh, Hanoi (Insurance principles and practice, Financial Publishing House).
2. Hoang Trong Chu, Nguyen Mong Ngoc (2005), Analizing data under SPSS, Statistics publishing House, Hanoi.
3. Insurance laws of Vietnam 2000, 2010, 2013.
4. Nguyen Van Dinh (2012), Insurance Economics, Press of National Economics University, Hanoi.
5. PJICO (2014, 2015, 2016, 2016), Annual Report.
6. PJICO (2014, 2015, 2016, 2016), Financial Report.
7. Cục quản lý giám sát bảo hiểm (2014, 2015, 2016, 2017), Niên giám thống kê.
(Vietnamese Insurance Supervisory Authority (2014, 2015, 2016, 2017), Statistical Book).
Referenes in English
1. Berry Leonard, Wall Eileen, Carbone Lewis (2006), Service Clues and customer assessment of the service experience: Lessons from marketing, Academy of Management Perspectives, p43 57.
2. Brady M. K., Cronin J.J (2001), Some new thoughts on conceptualizing perceived service quality: A hierarchical approach, Journal of marketing, pp.
34 49.
3. Cronin J.J Taylor, S. A (1992), Measuring service quality: Reexamination and extension, Journal of Marketing, pp. 55 68.
4. Dabholkar, P. A., Shepherd C. D., Thorpe D. I. (2000), A comprehensive framework for service quality: an investigation of critical conceptual and measurement issues, Journal of Retailing, pp. 139 173.
5. Gayathri H., M. C., Vinaya K., Lakshmisha (2005 2006), A pilot study on the service quality of insurance companies, Journal of Services Research, p123 138.
6. Ghobadian A., Speller S., Jones M. (1994), Service Quality Concepts and Models, International Journal of Quality & Reliability Management.
7. Gronroos C (1984), A service quality model and its marketing implications, European Journal of marketing, pp. 36 44.
8. Groth J. C., Dye R. T. (1999), Service Quality: Perceived Value, Expectations, Shortfalls, and Bonuses, Managing Service Quality.
9. Lamb C. W., Hair J. F,McDaniel C. (2000), Marketing (5th ecl.), Ohio: South Westem College Publishing.
10. Lehtinen U., Lehtinen J. R (1991), Two approaches to service quality dimensions, Service Industries Journal, pp. 287 303.
11. O’Brien E. M., Deans K. R. (1996), Educational Supply Chain: a Tool for Strategic Planning in Tertiary Education, Marketing Intelligence &Planning.
12. Parasuraman A., Zeithaml V. A., Berry L. L (1985), A conceptual model of service quality and its implications for future research, Journal of Marketing.
13. Parasuraman A., Zeithaml Valarie A., Berry Leonard L.(1988), SERVQUAL:
A multiple item scale for measuring customer perceptions of service quality, Journal of Retailing, p12
14. Parasuraman A., Zeithaml V. A., Berry L. L.(1991), Refinement and Reassessment of the SERVQUAL Scale, Journal of Retailing, Vol. 67, No 4.
15. Parasuraman, A., Zeithaml, V. A., Berry, L. L.(1993), More on improving service quality measurement, Journal of Retailing, Vol. 69, No. 1.
16. Santos J. (2002), From Intangibility to Tangibility on Service Quality Perceptions: a Comparison Study Between Consumers and Service Customers and Service Providers in Four Service Industries, Managing Service Quality.
17. Storbacka K., Strandvik T., Gronroos C (1994), A service quality model and its marketing implications, International Journal of Service industry Management, pp. 21
18. Suuroja, Maive (2003), ―Service quality — Main conceptuallizations and critique‖, University of Tartu Faculty of Economies & Business Administration Working Paper Series, p3 27.
APPENDIX 1 QUESTIONAIRE 1
Subjects: Experts are people who are working in PJICO, major in hull insurance at least 10 years.
Method: Direct interview
INTERVIEW QUESTIONS
Hull insurance is one of traditional insurance type and accounts for big percentage of total revenue not only in PJICO but also in the whole insurance market. However, underwriting results are not so good, loss ratio is high. Hence, the research is to show factors affecting the efficiency of insurance, particularly hull insurance in PJICO.
In order to serve this research, we would show some following questions and look forward to receiving your assistance:
1. Please show your ideas about development of hull insurance in Vietnam in recent years?
2. How do you evaluate the effects of economy to the development of hull insurance?
3. Please show advantages and disadvantages of legal environment to hull insurance (domestic and international)?
4. What do you think of the competition among insurance companies and hull insurance in PJICO?
5. Please show your ideas about the following factors affecting the results of PJICO business (scores from 1 to 5 in which 1 is the lowest and 5 is the highest)
No. Factors
Totally not affected
Not affected
Affected Much affected
Very much affected 1 Products
2 Distribution channel
3 Service quality after selling
4 Adjustment and claim settlement 5 Underwriting progress
6 Others
6. How and which factors should PJICO upgrade results of ship insurance?
7. What should State support in policies for development of ship insurance market?
QUESTIONAIRE 2
Subjects: Representatives of Ocean Transportation Companies who have been using hull insurance of PJICO.
Method: Direct interview
QUESTIONAIRE
Hull insurance is one of traditional insurance type and accounts for big percentage in portfolio not only of PJICO but also the whole insurance market. However, underwriting results are not so good, loss ratio is high. Hence, the research to show factors affecting the efficiency of insurance, particularly hull insurance in PJICO is very important.
In order to serve this research, we would show some following questions and look forward to receiving your assistance:
A. Information about the interviewee:
- Full name:
- Company:
- Duration under insurance in PJICO: 1 year…… 2-5 years ….... above 5 years……
- Value of property (ship) under insurance in PJICO:
B. Main content:
1. How do you evaluate the trade mark and image of PJICO?
Very bad Bad Normal Good Very good 2. How do you evaluate the financial capacity of PJICO?
Very bad Bad Normal Good Very good 3. How do you evaluate the ship insurance of PJICO (put X):
Factors Very not
suitable
Not suitable
Suitable Very suitable
Too suitable The diversification of products
Coverage Endorsement Premium
Terms and conditions