Petrolimex Joint-Stock Insurance Company (PJICO) is a national insurance company with 45 branches and nearly 1,000 representative offices, general agents and agents. The ever-growing Pjico has built a prestigious image and won the Vietnam Golden Star Award for strong trademarks in 2004.
Pjico’s Ha Tay branch, was set up in 2001. Despite being a young enterprise, Pjico Ha Tay has quickly affirmed its foothold on the market, which has resulted from its premium service qualities, competitive insurance products and good indemnity for its clients.
When Pjico decided to open a branch in Ha Tay Province, the company considered Ha Tay a potential emerging market. At that time, the insurance market in Ha Tay had been totally dominated by Bao Viet for more than two decades. Entering a potentially lucrative but difficult market, Pjico Ha Tay launched its own business strategy attributing great importance to providing the best service quality and insurance products. Pjico provides a wide range of insurance products, including life insurance, student insurance, teacher insurance, vehicle insurance, property insurance, construction insurance, and installation insurance among others.
Currently, Pjico Ha Tay has four representative offices with 300 general agents and agents in Ha Tay Province, which directly sell insurance policies at filling stations and at local residents’ houses. Pjico Ha Tay is also one of the best performing branches of Pjico (with an annual growth of at least 80 per cent). The branch has seen a geometric progression in annual revenues since its establishment with VND2 billion (US$125,000) in 2001, VND4.5 billion (US$281,250) in 2003, VND7.3 billion (US$456,250) in 2004 and estimated VND12 billion (US$750,000) in 2005. In the first six months of 2005, the branch fulfilled 60 per cent of its annual revenue target). And, the best business result of Pjico Ha Tay can be seen in the trust of its clients. Pjico Ha Tay is rated as the best insurance provider in Ha Tay.
All of the company’s activities must go in line with the principle “Making Commitments only to what can be fully achieved” and with the policy of setting up long-term, effective, flexible and friendly relationships with clients and sharing their successes and risks with clients. Mr. Bui Tien Long, director of the company, affirmed, “The most important thing Pjico Ha Tay wishes to do is to sow the seeds of permanent trust of clients. The clients are the best and fairest means of assessing the service quality that they enjoy.
In a couple of years, Pjico Ha Tay targets to become a leading insurance branch in Ha Tay Province. Apart from traditional Pjico insurance products, the branch will also introduce other insurance products such as property insurance, freight insurance, import-export goods insurance, construction insurance, installation insurance, reliability insurance and others. However, in order to realise these targets, Pjico Ha Tay will have to try harder to remove its shortcomings. Ha Tay is considered an ideal place for insurance providers. As a result, apart from State-run Bao Viet, other domestic and foreign insurance firms have arrived in the province. According to Pjico, in the north of Vietnam, insurance revenues in Ha Tay only follow Hanoi, Haiphong and Quang Ninh.
In order to serve more and more clients, the company will diversify its insurance products, improve its service quality, sharpen its competitive edge and attract more investment from other enterprises in Ha Tay Province. As with other enterprises, Pjico Ha Tay will have more opportunities to develop and serve the local people as well having more access to the region and the world.
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