Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Vietnam
  4. HANOI STOCK EXCHANGE
  5. PVI Holdings
  6. News
  7. Summary
    PVI   VN000000PVI1

PVI HOLDINGS

(PVI)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

PVI : Digital transforming the reinsurance industry needs tailor-made solutions for each company

09/27/2021 | 04:52am EST

In the progressively developing insurance market of Vietnam, not only insurance companies, but also reinsurance businesses in Vietnam have made rapid movements in digital transformation to meet more diversified requirements. According to Mr. Tran Quang Thao, Digital Transformation Director of PVI Reinsurance Joint Stock Corporation (PVI Re), digital solutions should benefit all participants and especially to be suitable with the characteristics and customs of Vietnam's insurance market.

PVIRe recently signed a contract to launch an electronic portal for reinsurance transactions with several domestic insurance companies such as BIC, PVI Insurance, and PVI Insurance, VBI, Bao Long Insurance… What benefits does this electronic portal bring to businesses?

Most of Vietnamese insurers are still performing reinsurance transactions in the traditional form.
Reinsurance business is carried out in the traditional way of exchanging emails and signing a written contract and generating insurance documents for each other. Basically, reinsurance documents can also be considered as red invoices and delivered by express delivery between two parties in very large quantities.

Consequently, disputes occurs when there is late signing of the reinsurance slip or untimely premium payment due to delay or missing of documents. From the business' aspect, it is difficult to manage the circulation of documents, update data etc. Most of Vietnam's insurance companies are still performing reinsurance transactions traditionally.

Our reinsurance profession is called a "paper business" since this work requires careful, meticulous and high precision.

With this solution, we have truly entered the digital age together with our partners. We have jointly used digital signatures for all types of reinsurance contracts, generating all statement of account related to claim payment and premiums electronically. These electronic documents are circulated/transacted through the electronic transaction portal. Due activities fully meet the requirements of the law on e-commerce and the law on insurance business. The digital solution helps businesses increase labor productivity and enhance competitiveness in the digital era.

Can you give us a quantitative figure to measure the benefits that the solution?

Additionally, the two parties are no longer worried about the missing of signing slips and documents. It was very difficult to hand over work when an employee quits before, but now there is no need to hand over documents anymore. The office reduces the amount of paperwork by up to 90%. At the moment, PVIRe and our partners are not afraid of business interruption due to the pandemic or geographical distance.

Have any reinsurance companies launched electronic portal before PVIRe in the past?

Previously, there were some foreign insurance companies and foreign insurance brokers that implemented payment gateways with most of Vietnamese insurance companies, but it was not successful. The reason behind is that they built a payment gateway that was a one-way information exchange portal, which meant to serve themselves without considering the interests of Vietnamese partners, therefore, Vietnamese insurance companies did not use it anymore.

What is the difference in the electronic portal for reinsurance transactions that PVIRe establishing?

Our intention of developing this portal based on building digital solutions to benefit all participants and especially to be suitable with the characteristics and customs of Vietnam's insurance market. The electronic portal is designed in the form of "tailor-made" to suit the administration model of each party.
Currently, all major partners of PVIRe have used the electronic reinsurance payment gateway with PVIRe. We expect the entire Vietnamese reinsurance market to apply this solution together. If this happens, the insurance market in Vietnam will surely be one of the first markets in the world to apply digitization synchronously to the reinsurance market, which together creates a leading reinsurance market in Asia.

Thank you.

Source: baodautu.vn

Disclaimer

PVI Holdings published this content on 27 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2021 08:51:06 UTC.


© Publicnow 2021
All news about PVI HOLDINGS
01/26Vietnam's Binh Son ups capacity, petrol firms boost imports amid shutdown fears
RE
01/26Vietnam's Binh Son ups capacity, petrol firms boost imports amid shutdown fears
RE
01/25PETROVIETNAM : Great honor, great responsibility
PU
01/20PVI : Re reached the highest profit milestone in the history
PU
01/20PVI Holdings Reports Earnings Results for the Fourth Quarter and Full Year Ended Decemb..
CI
01/19PVI INSURANCE : firmly moving forward
PU
01/11PVI : Overcoming difficulties and challenges, Petrovietnam contributes the highest to the ..
PU
01/09PETROVIETNAM LAUNCHES A NEW BRAND ID : proactively adapting, ready for a new development p..
PU
01/04PVI : HDI International AG sells its Russian life insurance unit to Sovcombank
PU
01/01PVI : Happy new year 2022
PU
More news
Financials
Sales 2021 486 B 21,4 M 21,4 M
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 11 080 B 489 M 488 M
Capi. / Sales 2021 22,8x
Capi. / Sales 2022 36,2x
Nbr of Employees 2 574
Free-Float 13,1%
Chart PVI HOLDINGS
Duration : Period :
PVI Holdings Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 47 300,00 VND
Average target price 52 638,50 VND
Spread / Average Target 11,3%
Managers and Directors
Hoa Xuan Nguyen Vice Chairman & Chief Executive Officer
Jens Holger Wohlthat Chairman
Nguyet Thi Bui Independent Director
Thuan Van Bui Director
Danh Thanh Duong Vice Chairman
Sector and Competitors
1st jan.Capi. (M$)
PVI HOLDINGS-3.27%489
AMERICAN INTERNATIONAL GROUP, INC.1.35%47 850
THE TRAVELERS COMPANIES5.90%40 488
TOKIO MARINE HOLDINGS, INC.6.09%40 466
THE ALLSTATE CORPORATION2.21%34 487
SAMPO OYJ-3.22%26 197