Prospering in the whole sector
Operating during the Covid-19 pandemic, the insurance industry has still maintained the positive upward momentum in the first months of 2021. Meanwhile, it is unsurprising that health care insurance increased by 87%, motor vehicle insurance increased by 7%, property insurance and freight insurance increased by 16% and 15% respectively, hull insurance and civil liability of the ship owner increased by 7%, aviation insurance increased by 37%, fire and exploration insurance increased by 11%… It is estimated that total revenue of insurance premium of the non-life sector reaches more than VND 14.8 trillion, raised 6% over the same period last year 2020.
If Covid-19 at the beginning of 2020 made the insurance field become unexpected and take a long time to adapt to circumstance, initially in 2021, most companies have already had plans to deal with impact of the pandemic. Some companies even considered circumstance as an “opportunity” instead of “danger”. Therefore, the outbreak of Covid-19 has had a great impact on the economy and insurance companies, but these impacts have been predicted, and it is deemed to be an opportunity for companies to break through and show their true nature as well as affirm its own proper business strategy.
And the breakthrough for the leading position
Report from PVI Insurance showed that, by the end of the first quarter of 2021, this company continually achieved satisfactory business results: total revenue of VND 2,894 billion VND, completing 112.7% of the quarterly plan, increasing 11.1% over the same period in 2020; pre-tax profit is VND 171 billion, completing 112.8% of the quarterly plan and increased by 10% over the same period in 2020. With such impressive numbers, PVI Insurance continues to be the leading profitable company in the market and became the market leader in terms of market share (accounting for 16.6%).
Hence, in spite of impact of the Covid-19 pandemic, PVI Insurance still shows a strong and persistent growth over a long period. As announced by the PVI Insurance’s Representative, this achievement comes from its strategy in which business development is in along with efficiency and its appropriate transformation of the governance model for each development stage of the company. This strategy has brought PVI Insurance outstanding business results for 2019 and 2020 with high profit growth. In 2019, PVI Insurance achieved a pre-tax profit of VND 623 billion, by 33% higher than the initial profit plan (VND 468 billion). The year 2020 started with many difficulties due to the Covid-19 epidemic, but at the end of the year, PVI Insurance still achieved a pre-tax profit of VND 787 billion, by 120% of the assigned profit plan.
In addition, in order to adapt to the epidemic situation and general development trend of the economy, PVI Insurance has strongly invested in technology to create new experiences for the customers as well as optimize compensation activities. As a pioneer in providing online insurance products, PVI Insurance immediately became the bright spot of the market when issuing the e-Certificate of compulsory civil liability insurance under the Decree No. 03/2021-ND/CP. Earlier in 2020, PVI Insurance provided e-Certificate for Voluntary Auto Insurance and Personal Accident Insurance.
As said by the Representative of PVI Insurance, in the coming time, the company continues with its retail system development strategy in the principle of efficiency, further promotes e-commerce channels, and takes advantage of technology to constantly innovate the customer care services.
