from Bao Viet General Insurance
For over 50 years, Bao Viet Insurance has provided corporate businesses with cargo insurance solutions, covering them securely against the risk of loss or damage to goods during transportation. However, an increasingly inefficient policy issuance process was hindering growth and BVI recognized the need for improvement.
The cargo shipping industry’s manual policy issuance process was inefficient and time-consuming for all parties. Whenever a request was made to issue a new certificate or change an existing one, parties would have to communicate separately through a combination of emails, phone calls and faxes.
The need to contact multiple parties manually, made the process lengthy and inconvenient for clients and brokers. Similarly, the cumbersome process affected the productivity and efficiency of underwriters and sales staff.
BVI sought to develop a new digital solution and partnered with Fermion Merimen to swiftly develop e-Cargo Policy, an online central Policy Management platform, within 5 months.
The solution was built around 3 key elements: Speed, Automation and Compliance.
Bao Viet and Fermion Merimen understood the importance of creating a fast and easy-to-use platform. With e-Cargo Policy, underwriters can issue a policy in 3 simple steps:
To facilitate sales and enable fast policy issuance, the platform offers a comprehensive range of features such as a complete Master Open Cover setup, coupled with the ability to pre-fill requests from recently issued certificates to enable instant quotes, as well as eSignature for speedy and paperless confirmation.
To complement the fast policy issuance process, the platform also offers a comprehensive range of features to help BVI more efficiently manage policies. One key feature implemented was the ability for insurers to define and set underwriting rules to automatically approve or refer policy requests to underwriters, thus creating a smoother more efficient workflow.
The platform further enabled BVI to enforce robust risk and compliance measures across its entire portfolio, such as blocking issuance of additional policies in the event risk accumulation limit is exceeded, validation against sanctions and cargo restrictions, as well as assignment of authorization level for different users.
Bao Viet Insurance Corporation, a wholly-owned subsidiary of Bao Viet Holdings, is the leading Financial Insurance group in Vietnam. Established in 1965, the group is headquartered in Hanoi and has a widespread presence, with more than 67 branches, over 300 business offices nationwide and more than 3,000 staff members with high professional qualifications, strong financial statements, diversified and preeminent products, and high expertise insurance.
Bao Viet Insurance has made continuous efforts to fulfill its role and responsibility as the leading insurer in Vietnam by assisting and settling compensation for customers as well as in social responsibility; to ensure sustainable development and contribute to improving the quality of life for the community.