Full Confidence Placed in AAA

The year 2007 was a challenging period for insurance companies, but it was a time of success for AAA Assurance Corp. Although having been established for only two years, our company posted strong growth. The firm's registered capital has been raised from VND80 billion ($5 million) to VND1,500 billion ($93.75 million). We have continuously expanded our agent network nationwide, with 55 branches and transaction offices, and 10,000 agents. In 2007, AAA Assurance was the sole Vietnamese business to receive the International Quality Crown Award granted by the international Business Initiative Directions (BID) in the UK. In early 2008, AAA has been honourably named in the Top 100 “Vietnam Trademark Golden Cup”. It has been granted the award “Top Trade Services 2007” by the Ministry of Industry and Trade. These significant achievements are attributed to the great efforts of the company's senior officials and employees over the past time. Apart from domestic partners, AAA Assurance has partnered with other big companies in the world such as Denmark's BankInvest and Switzerland's Assist – Card International in order to raise its competitiveness and take advantage of the management and administration technology of partners.

 

Business is associated not only with profits, but also responsibility to society and the community. Therefore, we introduce new products to meet demand and bring security to clients when they have put their faith in our company. According to our survey, the country now has some 20 million automobiles and motorbikes, and this figure will keep rising in the coming time. While the infrastructure system has not met the vehicle ownership growth rate, motorbikes face the highest risk and any motorcyclist would like to protect their vehicle. Based on this demand, we have developed the product “Motor Vehicle Insurance”. We think many people will pay attention to this product, because motorbikes are not simply a useful means of transport for most people, but also a valuable property for some people. If your motorbikes are not protected from accident, theft, natural disaster or fire, you can suffer losses. With this new product, AAA Assurance will take care of this problem. In the event of a loss, customers will receive compensation in cash or receive another car/motorbike of the same producer with the same value at the time of damage. If the car or motorbike is sustains over 75 per cent damage (according to the appraisal of authorities), or is ‘totalled’ and not able to be repaired, AAA Assurance will compensate 100 per cent for the owner as defined in the insurance policy. In case the car/motorbike is stolen, within 30 days of AAA receiving documentation from customers, our company will provide compensation for insured items whether or not the car/motorbike has been found. For other cases, AAA Assurance will consider the file within five days of receipt.

 

With the premium accounting for between 1.5 per cent and 2 per cent of the value of the car/motorbike at the time of contract, motor vehicle owners will be willing to buy insurance to protect their assets. Besides, we have also a discount policy for customers who have no loss or damage, or who take out long-term insurance. For example, customers who have no loss will enjoy fee reduction of 10 per cent after one year, 20 per cent after two years, and 30 per cent after three years. They will also receive a 15 per cent discount when they pay premiums for two consecutive years, or 20 per cent for payment for three consecutive years.

 

In our development strategy this year, “Motor Vehicle Insurance” is the key product.

 

In 2008, we will also focus on stabilising the personnel system and building our branch network nationwide, especially setting up branches in Central and Southeast Vietnam. We will pay attention to stabilising professional divisions, training staff with professional knowledge to provide guidance for employees at branches to better meet the demand of clients. Luckily, AAA Assurance has been officially assigned by the Prime Minister to build a national rest area system along National Highways 1, 6, 8, and 91. At these stations, drivers and passengers will be provided with various services including restaurants, hotels, supermarkets, mechanical services and medical rescue. With the support of Cho Ray Hospital in Ho Chi Minh City, these stations will provide medical services for passengers. I believe the operation of this rest area system will bring great value to society. In addition, we will also implement our community responsibilities through social charity activities contributing to national development.