With the proportion of insurance revenues in GDP, raised from 0.37 per cent in 1993 to 1.86 per cent in 2004 and predicted to reach 4.2% in 2010, Vietnam has really become a potential market for foreign insurance companies. With the effervescence of insurance market in general and non - life insurance in particular, enterprises, especially domestic enterprises, are finding it difficult to succeed in the market. Vietnam Business Forum (VIB Forum) had a discussion with Mr. Nguyen Manh Toan – Director of the Post and Telecommunications Insurance Joint Stock Company (PTI) to find out how they are managing to find their own way to raise the competition of their company in the present context.
How do you assess the efficient business of your company in recent times?
After 7 years of doing business, PTI has built and confirmed its position in the market with the quality of its products and quality of services. In 2004, the growth of PTI insurance revenues reached 35 per cent 13 per cent more than its target; the rate of compensations accounted for 20 per cent of revenues; targets were maintained in the high range. PTI implemented the statistic tasks well, at the same time supporting and standing by customers during the insurance process to limit risk and to pay damages while ensuring customers’ interests.
In the future, we will concentrate on developing and widening our public insurance services.
Recently, the Vietnamese Insurance market has seen stiff competition from so many domestic and foreign enterprises. How do you assess the competitive capacity of PTV in this situation?
Up to now, Vietnam’s insurance market has 15 enterprises in sectors of national economy which join to do business in non life insurance fields. In this situation, in order to upgrade competitive ability, we are very cautious and always observe market changes in order to have suitable counter - policies. In 2005, we will establish/open more than 10 branches in special economic zones, the total number of branches will rise to 25. There is a parallel between enlarging the business net and diversifying services, we have been working hard to build a modern information technology infrastructure to enhance the management quality as well as to control active fees. Finally, we are especially concerned with our human resources and regard this as vital to the company. Our officers are often trained and subsidised to enhance their capabilities in Vietnam or overseas. Officers are tasked to their capabilities and prove their role in the business apparatus. Our professional targets are listening to customers’ ideas, improving management and upgrading professional skills as well as developing the ethics of officers to raise service quality. With the elements above, we are very confident in our competitive capacity in market.
PTI is a strong and famous trademark in the insurance field. Would you like to share some experiences in building credibility to customers?
The biggest shareholders of our company is Vietnam Post and Telecommunication Corp (VNPT). At present, we are widening and developing our customer base outside business, and to establish some harmony throughout our professional interests. In the insurance business, the most important aspect is building customers’ belief and confirming our prestige in the market. In order to gain this, we not only upgrade the quality of services, wide the business net, stand by customers during the insurance process and post process, but we apply a timely, sincere and exact motto in compensation as well as in examining the reality and credibility of enterprise. In reality, customers are always not only satisfied, but also they highly appreciate the compensative evaluation of PTI. Besides, we pledge to keep safe the sustainable and clear financial source that is an important element to help us building the belief and popularity in market.
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