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Bao Viet Centralises its Core General Insurance Systems and Improves Efficiency with SSP

SINGAPORE, December 5, 2013 /PRNewswire/ --

SSP, a leading global provider of insurance technology solutions, has today announced that Bao Viet General Insurance Corporation (BVGI), based in Hanoi, Vietnam, has gone live.  BVGI is one of the oldest and largest general insurance companies in the rapidly developing South-East Asia market, with more than 8 million policies across 67 branches.

     (Photo: http://photos.prnewswire.com/prnh/20131205/658181 )

As part of a phased implementation approach, SSP's core insurance system has replaced BVGI's existing in-house legacy and manual systems in order to enhance the company's overall business capabilities, both now and in the future.

As the company distributes products through more than 60 branches, one of BVGI's key business drivers was to centralise its systems and data in one location, allowing business operations to be streamlined and standardised.  By implementing the SSP solution, BVGI's business has transformed to a centralised processing model that has improved operational efficiency, allowed tighter control of business operations and increased the speed to market for new products. BVGI plans to roll out the new operating model, supported by the SSP solution, to all its branches in 2014 to take full advantage of these improvements.

The SSP solution will also provide BVGI with centralised financial reporting, to allow international standards to be adopted for items such as premium earnings and consolidated financial statutory reporting.

Mr Nguyen Xuan Thuy, Deputy CEO at BVGI, said: "We selected SSP as our strategic partner to help us modernise and transform our core insurance operations, and they have delivered this. From the outset, we could see that the SSP solution was very flexible, scalable and cost-effective. It also provided the perfect solution to address our business priorities, allowing us to replace our legacy infrastructure with minimum impact on our organisation.  

"SSP's core insurance system has already enabled us to transform our operations, add new products quickly and, most importantly, provide even better service to our agents and policyholders.  This project has been a significant step forward in our modernisation strategy, providing us with a solid IT platform that will allow us to continue to improve our operational performance and strengthen our position in the market."

Michael Clarke, SSP's General Manger for Asia-Pacific, said: "We are delighted that BVGI has gone live. This is a significant enterprise-wide implementation and provides BVGI the flexibility it needs to streamline its day-to-day processes, improve customer service and meet its strategic objectives.  As business users can now configure new products without needing to involve programmers, the company has already created and rolled-out over 50 insurance products, and that is really just the beginning for BVGI."

Notes to Editors:

Bao Viet Group

Bao Viet is Vietnam's leading Financial-Insurance Group. Starting its historical development on 15 Jan 1965 with marine and cargo insurance, Bao Viet was the first insurance company to be incorporated in Vietnam. Bao Viet Group has six companies providing a comprehensive range of insurance and financial services, including general insurance, life insurance, banking, fund management, securities and investments. Bao Viet's headquarters is in Hanoi, with more than 150 provincial branches and 300 sub-branch offices in all provinces over the country. The company was listed on the Hochiminh City Stock Exchange in June 2009.

Bao Viet Insurance Corporation (BVGI)

BVGI is the core member of Bao Viet Group, and inherited Bao Viet's 45 years' experience in general insurance business in Vietnam. BVGI is the leading company in the general insurance market in market share, profit and service network.

BVGI's vision is to affirm its position as the number one company in the personal and household insurance market in Vietnam. Throughout our years of operation, we have established strong relationships with many reputable global insurers/reinsurers like Munich Re, Swiss Re, Hannover Re, Allianz Re.  These relationships ensure that we maintain outstanding financial security for large local and international investors and contractors.

SSP

SSP is the global technology company with unrivalled expertise across the entire general insurance supply chain - shaping a better industry.  With the greatest knowledge, talent and technology in our market, we bring value to every client engagement.

• Knowledge: 25 years' experience

• Talent: 700+ of the most talented IT professionals

• Technology: The broadest range of capabilities

There is nobody better equipped to deliver business capabilities that improve performance, facilitate greater distribution and enhance customer experience for the best return. For more information please visit http://www.ssp-worldwide.com.  

For more information about SSP, please call Daniel Fletcher on +44-(0)121-779-8334 / +44-(0)7920-078349 or email [email protected].


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