News 10/31/2022 10:51

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

On October 26 in Hanoi, VietinBank Insurance (VBI) held a meeting of the Steering Committee with strategic partner Hyundai Marine & Fire Insurance (HMFI) - the non-life insurance company with the second largest market share in the Korean insurance industry. Thereby, the two sides discussed main issues for development in the Vietnamese market in the coming time through high-level cooperation plans. Besides, HMFI also shared experiences with VBI in risk management, new product development, etc. in the 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 Commercial Insurance Group; Mr. Hong Yong - Head of HMFI Overseas Business Division; Mr. Hur Jung Hoe - Head of HMFI Representative Office and Member of VBI Board of Directors.

On the side of VBI, the meeting was attended by Mr. Nguyen Huy Quang - Chairman of Board of Directors; Mr. Le Tuan Dung - Member of the Board of Directors and CEO; Mrs. Tran Thi Huong Thuy - Member of the Board of Directors and Deputy CEO; 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, Chairman Mr. Nguyen Huy Quang expressed his sincere thanks to the HMFI delegation for taking time to visit, work and share experiences with VBI. “The Board of Directors of VBI always recognizes and appreciates the cooperation, technical support, and experience sharing from the Korean development market for VBI in the past time and hopes that the two parties will continue to have useful sharing, promoting further cooperation in the future”.

Mr. Han Jae Weon - Head of HMFI Commercial Insurance Group assessed that, since HMFI cooperated with VBI in 2018, the two parties have carried out comprehensive cooperation activities continuously up to now. Despite facing many difficulties due to the impact of the Covid-19 pandemic, VBI still achieved the highest profit and revenue growth rates in the market.

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

In the meeting on October 26 morning, Mr. Le Tuan Dung - VBI CEO shared contents related to the situation of Vietnam's non-life insurance market in 2022; business situation and plans of VBI; 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 about 20% over the same period and is one of Vietnam non-life insurance companies that showed positive profit growth in 2022 compared to 2021. With HFMI’s support, VBI has developed business more and more, expanded insurance products and attracted a lot of FDI companies, especially Korean customers in Vietnam. Currently, VBI is in the Top 3 best insurance companies has the best Korean customer segment in Vietnam market.

The two sides signed a memorandum of understanding with the contents discussed at the Steering Committee meeting on the morning of October 26, 2022.

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

In 2 days from October 26th to 27th, the two parties held a technical seminar to share know-how about risk management, new market trends and products, marketing channels for individual lines and management skills of auto insurance. The seminar attracted the participation of a large number of senior managers of VBI: Directors of Departments of Head Office, Directors of member companies…

View of the semina with the sharing of knowhow from HMFI team

VBI believes that with knowledge from the seminar, VBI can get knowhow to control auto insurance loss ratio, update new trends of the insurance industry, so that VBI can improve operational efficiency in the coming time.

Khánh Linh