VietnamCommercial Bank for Industry and Trade: VietinBank Insurance (VBI) and Hyundai Marine & Fire Insurance strengthen cooperation and share experiences

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VietinBank Insurance (VBI) and Hyundai Marine & Fire Insurance strengthen cooperation and share experiences

On October 26 in Hanoi, VietinBank Insurance (VBI) held a board meeting with its strategic partner Hyundai Marine & Fire Insurance (HMFI) – the non-life insurance company with the second largest market share in the sector. korean insurance. Thus, the two sides discussed major development issues of the Vietnamese market in the coming times through high-level cooperation plans. In addition, HMFI has also shared experiences with VBI in risk management, new product development, etc. in seminars.

The steering committee meeting between VietinBank Insurance (VBI) and Hyundai Marine & Fire Insurance (HMFI) was held on October 26 morning in Hanoi

The meeting was attended by Mr. Han Jae Weon – Head of HMFI Trade Assurance Group; Mr. Hong Yong – Head of Foreign Affairs Division of HMFI; Mr. Hur Jung Hoe – Head of Representative Office of HMFI and Board Member of VBI.

On the VBI side, the meeting took place in the presence of Mr. Nguyen Huy Quang – Chairman of the Board of Directors; Mr. Le Tuan Dung – Board Member and CEO; Ms. Tran Thi Huong Thuy – Member of the Board of Directors and Deputy General Manager; Mrs. Nguyen Ngoc Quynh – Chief Accountant and Director of Accounting Department.

The meeting between VietinBank Insurance (VBI) and HMFI on the morning of October 26

In the welcome speech, the Chairman, Mr. Nguyen Huy Quang, expressed his sincere thanks to the HMFI delegation for taking the time to visit, work and share experiences with VBI. “The VBI Board of Directors always recognizes and appreciates the cooperation, technical support and experience sharing of the Korean development market for VBI in the past and hopes that the two sides will continue to have a helpful sharing, promoting cooperation further in the future.”

Mr. Han Jae Weon – Head of HMFI Trade Assurance Group felt that since HMFI cooperated with VBI in 2018, the two sides have carried out comprehensive cooperation activities continuously so far. Despite numerous challenges due to the impact of the Covid-19 pandemic, VBI has consistently achieved the highest earnings and revenue growth rates in the market.

HMFI is committed to continuously supporting VBI comprehensively with contents such as: improving the ability to receive reinsurance, promoting business in the Korean customer segment, providing technical support and sharing business knowledge through annual seminars.

During the meeting on October 26 in the morning, Mr. Le Tuan Dung – CEO of VBI shared contents related to the situation of the non-life insurance market in Vietnam in 2022; VBI’s business situation and plans; potential, development opportunities and cooperation between the two parties in the future.

In the first 9 months of 2022, VBI still maintains a profit growth rate of around 20% over the same period and is one of the non-life insurance companies in Vietnam that recorded positive profit growth. in 2022 compared to 2021. With the support of HFMI, VBI has developed more and more business, expanded insurance products, and attracted many FDI companies, especially Korean customers in Vietnam. Currently, VBI is in the Top 3 of the best insurance companies and has the best Korean customer segment in the Vietnamese market.

The two parties signed a memorandum of understanding, the content of which was discussed during the steering committee meeting on the morning of October 26, 2022.

Representatives of the leaders of the two parties signed a memorandum of understanding for the meeting

In 2 days from October 26 to 27, the two parties organized a technical seminar to share their know-how on risk management, new market trends and products, marketing channels for individual lines and management skills. car insurance. The seminar attracted the participation of a large number of senior VBI managers: Directors of Departments at Headquarters, Directors of member companies, etc.

View of the seminar with the sharing of the know-how of the HMFI team

VBI believes that with the knowledge from the seminar, VBI can acquire the necessary know-how to control the loss rate of auto insurance, update the new trends in the insurance industry, so that VBI can improve the operational efficiency in the future.

Khanh Linh

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