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.
Embracing the demands of Industry 4.0, Bao Viet Insurance integrated Merimen’s ePolicy platform into its offering for customers, allowing them to leverage instant data to boost productivity, improve process efficiency and drive growth.
With a flexible and secure digital platform, corporate customers can easily underwrite policies in three simple steps as well as configure referral rules to tailor and adapt to different customers and products.
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.
As a leading innovator in the industry, Bao Viet Insurance identified this problem area and sought to develop a new digital solution.
Bao Viet Insurance decided to partner with Merimen to co-innovate E-Cargo Policy, an online central Policy Management platform.
The solution was swiftly developed in 5 months and concentrated around 3 key elements: Speed, Automation and Compliance.
Bao Viet and Merimen understood the importance of creating a fast easy-to-use platform. With E-Cargo Policy, underwriters can issue a policy in 3 simple steps:
Complete Master Open Cover setup, coupled with the ability to pre-fill requests from recently issued certificates, enabled Bao Viet’s corporate customers to perform instant quotes and certificate issuance for standard shipping routes.
All information required for the policy, from ports and vessel databases, to live and historical forex rates, are automatically pulled and made available.
E-Cargo Policy is also integrated with eSignature, allowing clients to do fast and paperless confirmation.
In addition to minimizing cumbersome administrative paperwork, certificates can be issued online anytime and anywhere.
To complement the fast policy issuance process, the platform also offers a comprehensive range of features to help Insurers 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. Previously, having to manually review each request proved time-consuming, hampering productivity and efficiency. Now, underwriters can easily configure referral rules to automate the referral process and create a smoother workflow.
The platform further enabled Bao Viet to enforce robust risk and compliance measures across its entire portfolio.
Each customer and policy, for example, may have a risk accumulation limit, beyond which the platform would stop further policies issued. Each policy would also be subject to sanction checks, backdating limits, cargo restrictions and more.
The platform also equipped Bao Viet with the ability to specify the authorisation level for different staff users of the platform. This allows Bao Viet to define and enforce the authority, responsibility and accountability of each user’s job scope.
Since inception, Bao Viet has improved turnaround time for certificate issuance.
With E-Cargo Policy, Bao Viet has automated many previously manual cumbersome practices saving a significant amount of time and money.
With a more streamlined and efficient workflow, Bao Viet has reported an increase in staff productivity.
Bao Viet cites convenience and ease of use as key drivers for the increase in productivity.
Additionally, automating the referral process has saved valuable time and effort, allowing underwriters to focus on more complex requests. Policy quotes are now 100% automated.
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.
Website: https://www.baoviet.com.vn/insurance/
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