Agribank Insurance and PVIRe launch electronic reinsurance transaction portal

Digital transformation in the insurance industry is an activity that is interested and encouraged by the Ministry of Finance, ensuring transparency in the market and bringing many benefits and values ​​to customers and insurance business units. On May 18, 2022, in Hanoi, Agriculture Bank Insurance Joint Stock Company (Agribank Insurance) and PVI Reinsurance Joint Stock Corporation (PVIRe) held a signing ceremony of the agreement to receive, transfer reinsurance and opened an electronic reinsurance transaction portal. In particular, the ceremony had the presence of Mr. Ngo Viet Trung – Director of Insurance Supervision Department – Ministry of Finance and Mr. Nguyen Quang Huyen – Deputy Director of Insurance Supervision Department – Ministry of Finance.

Along with the signing of the agreement to receive and transfer reinsurance, Agribank Insurance and PVIRe officially opened the electronic reinsurance transaction portal between the two units. Electronic reinsurance transaction portal is a form of transaction of reinsurance transfer contracts in the form of electronic documents and transmitted via the portal with the aim of minimizing processing time, limiting manipulations. Manual operation to increase accuracy, avoid losing documents like the traditional method, which is mainly based on paper. The transaction portal helps to ensure that the documents and data between the two parties are always matched and updated daily. This is one of the great technological advancements in the reinsurance sector in Vietnam.

Speaking at the Signing Ceremony, Mr. Ngo Viet Trung – Director of the Insurance Supervision Department – Ministry of Finance highly appreciated the digital transformation efforts and cooperation of the two businesses. He said that the digital transformation of the insurance industry is taking place slower than the other two industries in the three fields of Finance – Banking – Insurance. In the past two years, despite being affected by the Covid-19 epidemic, the insurance industry still achieved impressive growth, contributing to the development of the general economy. The Ministry of Finance in general and the Insurance Supervision Department in particular have been paying great attention to the development of information technology applied in insurance/reinsurance management activities, to ensure transparency in the market. Currently, the Insurance Supervision Department is also building and completing the electronic portal between the management agency and the insurance enterprise. The Insurance Supervisory Authority is very interested in and supports the application of IT and artificial intelligence applications by insurance/reinsurance businesses to connection and transaction activities and hopes that this IT implementation will be successful. continued to be spread and implemented in the entire non-life insurance/reinsurance market.

According to Mr. Nguyen Tien Hai – General Director of Agribank Insurance, the birth of the electronic reinsurance transaction portal is an important milestone in the cooperation between Agribank Insurance – PVIRe, opening a new era in which technology will play a leading role bringing more benefits and values ​​to both parties.

Mr. Vu Van Thang – Chairman of PVIRe’s Board of Directors highly appreciated the cooperation relationship between the two parties over the past time, and always wished that Agribank Insurance would be one of the partners with PVIRe to deploy the re-transaction portal. electronic insurance. Hopefully in the coming time, PVIRe will continue to provide more values ​​of digital activities to Agribank Insurance as well as customers and partners in the market.

Over the past time, Agribank Insurance has stepped up investment, focusing on technology development and strong digital transformation application in management and business activities. Key insurance products have been digitally signed, claim digitization, electronic document library system, compliance control, online sales on e-commerce channels, etc. to help improve labor productivity. Optimizing products and services, performing well in risk management and providing the best service experience for customers.

With this cooperation method, Agribank Insurance aims to a green business model that reduces paper usage and minimizes the space for storing documents and documents. This cooperation will optimize resources, improve business efficiency as well as competitiveness, and strongly promote the trend of digital transformation of Agribank insurance.