Bao Viet Insurance the best workplace in non-life insurance

Insurer tops the list of best places to work in non-life insurance in The 100 Vietnam Best Places to Work 2016 list from Anphabe and Nielsen.

Bao Viet Insurance has been named the Best Place to Work in Vietnam’s non-life insurance sector for the second consecutive year.

The 100 Vietnam Best Places to Work 2016 list was compiled via independent research by Anphabe, the biggest career network of management professionals in Vietnam, and Nielsen, a global market research firm, and was based on feedback from 26,128 participants from three generations in 24 industries.

This is the second consecutive year Bao Viet Insurance participated in the voting, with 2017’s result seeing the company among the Top 3 workplaces within the insurance sector and the top in non-life insurance. Rankings were based on salary levels, bonuses, welfare, and work-life balance.

The result demonstrates Bao Viet Insurance’s ceaseless efforts over its 50 years in investing in human resources, the company’s most precious asset. Starting from an understanding of employee needs, the company has created a new standard for an ideal workplace.

All of Bao Viet Insurance’s employees are entitled to comprehensive care and worthy rewards for their contributions, via diversified experiences and challenges at work, and also receive opportunities to learn and develop themselves.

Speaking about the award, Deputy CEO Mr. Nguyen Quang Hung said it is proof of the company’s commitment and effort in developing human resources over the last 50 years, together with its mission of ensuring prosperity and long-term benefits for customers, investors, and the Vietnamese community.

“I want to thank all of the employees, consultants, and agents of Bao Viet Insurance, both past and present, for their contributions to the company, helping to build Bao Viet Insurance into a constructive and leading company in the non-life insurance sector that is closely engaged with the community,” Mr. Hung added.

While many companies saw declining growth last year, Bao Viet Insurance secured an ideal 12 per cent growth rate against 2015. Revenue from initial insurance premiums surpassed VND6.8 trillion ($298.3 million), or nearly 20 per cent of the revenue in Vietnam’s insurance market. It’s not only the leading insurer for household customers, it is also the leading insurer for packaged insurance solutions, minimizing damage to institutional customers and companies.

Earlier this month, Bao Viet Insurance officially opened two new branches in Hanoi - Bao Viet Thang Long and Bao Viet Trang An - increasing its total throughout the country to 75. The openings are within the network expansion plans of the insurer. Inheriting the experience of existing branches, Bao Viet Thang Long and Bao Viet Trang An will be highly competitive and will develop quickly. Expected revenue in each branch this year is around VND100 billion ($4.4 million), with 60 per cent coming from retail.

Life insurance players in Vietnam made an impressive showing in 2016, with growth reaching 37 per cent, the highest in a decade. Figures from the Insurance Supervisory Authority reveal that premiums totaled around VND86 trillion ($3.8 billion) last year, representing a rise of 22.74 per cent over 2015. In particular, total revenue for non-life insurance was VND36.4 trillion ($1.6 billion), up nearly 14.7 per cent, while revenue from life insurance was over VND49.2 trillion ($2.2 billion), up 28.4 per cent. Vietnam’s insurance industry remains dominated by Bao Viet and Prudential. Prudential leads the market in terms of total insurance premiums while Bao Viet has the strongest book of new business.

by Duy Anh