Bao Minh Keeping the Faith

Overcoming numerous difficulties and challenges, from unpredictable economic fluctuations to fierce competition on the insurance market, Bao Minh Insurance Corporation asserts the top position on non-life insurance industry and confidently affirms the brand value of Bao Minh Insurance on the market.

Strategic cooperation agreement on IT development signed by Bao Minh Insurance and IBM

Building and maintaining trust

With the strategic vision "Building Bao Minh into a leading non-life insurance company in Vietnam operating in a financial and insurance service,” Bao Minh always attaches importance to improving the quality of services and products, developing highly capable human resources and professional insurance consultants, and expanding nationwide distribution channels. In addition, the company diversifies, advertises and introduces its products to customers. The insurer also simplifies all procedures towards “single window compensation” direction, standardises insurance regulations, boosts up transparency of insurance terms, conditions and premiums, and enthusiastically advises clients on all aspects. Thereby, the corporation creates the trust of customers.

Sharing secrets to success, Bao Minh Insurance General Director Le Van Thanh said: “Since its inception, Bao Minh has studied the insurance market, built suitable development strategy and roadmap. Pride, also the secret to success of Bao Minh, is the experienced, dedicated staff.”

Bao Minh's success is evidenced by impressive revenues over the years. Particularly in 2011, despite domestic economic volatility, Bao Minh's total premiums reached VND2,962 billion, up 12.5 percent over the previous year. In 2012, the corporation expects revenue to reach VND2,947 billion, compensations on revenues to reduce to 47 percent, and profits to climb to VND193.2 billion.

The firm continues restructuring the apparatus, developing distribution channels, diversifying new products like attorney liability insurance, notary liability insurance, physician professional insurance, export credit insurance, agriculture insurance, etc.

Never satisfied with its business successes, the Bao management actively explores new IT applications to improve governance and administration like SAM and SAM plus software for agent management, SAP for accounting statistics. Especially, Bao Minh is proud to be the first non-life insurance company to apply insurance management core software called core-Insurance, which helps boost strategic planning and customer care.

Earnest desire for leadership

Bao Minh’s today results have created the foundation for increasing the popularity of "Bao Minh Insurance" brand name on the market. Defined to be a leading non-life insurance company in Vietnam with “effective and sustainable” operations and “wholehearted” services, Bao Minh set outs strategic objectives with specific targets for in the 2011 - 2015 period.

To achieve its objectives, Bao Minh always focuses on strengthening and stabilising networks, restructuring capital portfolios, mobilising all resources to develop core non-life insurance businesses. At the same time, it improves the quality of corporate governance, raises qualifications of staffs, and enhances service quality for customers.

Bao Minh is committed to providing best services to customers, meeting expectations of shareholders, maintaining its position as a successful leading non-life insurance company in Vietnam in both quality and performance. Bao Minh President Tran Vinh Duc stressed: “Above any solutions, the most important is the closeness and unity of the entire company and agents. Therefore, the unity will continue to be promoted in the future to power up its sustainable development.”

With a young, dynamic and experienced workforce and specific, detailed and clear planning, Bao Minh has always strengthened its position as a prestigious brand in the market, kept the trust of customers, and contributed to the sustainable development of Vietnam's insurance market.

My Ngoc-Vccinews