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Bao Viet Tokio Marine has facelift after 24 years of operation
Wednesday,  Sep 2, 2020,10:23 (GMT+7)

Bao Viet Tokio Marine has facelift after 24 years of operation

Bao Viet Tokio Marine, the first foreign-invested insurance company in Vietnam, on August 31 announced the change of its brand name and corporate identity to Tokio Marine Insurance Vietnam Company Limited.

Facelift to reach customers better

The move is aimed at strengthening its brand position as a high-quality Japanese insurance service provider in the booming Vietnamese insurance market. Many types of made-in-Japan consumer goods and cars are favored by Vietnamese people. Tokio Marine Insurance Vietnam, thus, changes its name in order to focus more on the individual customer market, not just the corporate segment like earlier.

Tokio Marine Insurance Vietnam, formerly known as Bao Viet Tokio Marine Insurance, was established in 1996. Tokio Marine Insurance Vietnam’s two major shareholders are Tokio Marine Asia (an affiliate of Japan’s Tokio Marine Group in the Asia Pacific region) and Bao Viet, the leading finance-insurance group in Vietnam.

With a wide variety of non-life insurance products and services, during the past 24 years, the company has served more than 2,000 customers, with more than half of them being Japanese investors in Vietnam.

After acquiring the new name, Tokio Marine Insurance Vietnam will continue to improve its professional processes based on Tokio Marine Group’s standards, in order to help customers in Vietnam have the best-ever satisfaction and experience with the Japanese quality service. In addition, the company will consolidate its internal infrastructure with enhanced information technology solutions to improve the business efficiency as well as to develop cross-platform distribution channels.

Hideaki Maeomote, general director of Tokio Marine Insurance Vietnam.

Hideaki Maeomote, general director of Tokio Marine Insurance Vietnam, said: “In the Vietnamese market, insurance is still not really trusted as a useful financial solution to help prevent businesses and individuals from risks in business and life. By providing Japanese-quality products and services, Tokio Marine Insurance Vietnam wants to contribute to the development of the Vietnamese insurance market that will receive better appreciation from consumers and businesses.”

Along with the change of company’s brand name and corporate identity, in the coming time, Tokio Marine Insurance Vietnam will continue to improve its corporate governance capacity following international practices by increasing the efficiency of internal audits and corporate risk management. Furthermore, the corporate culture with the philosophy of “To be a good company” is an important foundation, paving the way for Tokio Marine Insurance Vietnam to bring good benefits to not only consumers but also employees and the community. With these strategic directions, Tokio Marine Insurance Vietnam will flexibly respond to increasingly diverse needs and desires from customers through safety solutions, helping them be ready to deal with undesirable risks in business and life.

According to the General Statistics Office, premium revenue in the insurance market in the first six months of 2020 increased by 11% year-on-year. The non-life insurance in particular increased by 8%.

Tokio Marine Insurance Vietnam in the period also achieved positive results with the insurance premium growth of 11.4%, higher than the average growth rate of the Vietnamese non-life insurance market.

Promoting CSR activities

Tokio Marine Insurance Vietnam believes that the positive signals of the domestic insurance market development and good control of the Covid-19 epidemic will create favorable conditions for further domestic and foreign investment in Vietnam.

Given this trend, the Japanese company is always ready to accompany enterprises and individuals, local and foreign alike, to promote sustainable development as well as positive values ​​for a better Vietnam.

Realizing that sustainable development of a business always goes hand in hand with the community responsibility, Tokio Marine Insurance Vietnam has made efforts to carry out practical social activities to improve the local living quality through projects that support vulnerable groups in the society. The “Student Helmets” project donates quality helmets to students in need in order to improve traffic safety. The company also contributes to the local environment protection through a long-term mangrove planting project in Vietnam.

In the context of the Covid-19 outbreak, businesses are increasingly concerned about the importance of insurance and risk management services. Thus, Tokio Marine Insurance Vietnam has been implementing various activities to support customers, partners and employees to minimize impacts caused by the pandemic.

In addition to providing customers with risk management consulting services and business safety plans, Tokio Marine Insurance Vietnam also supports customer partners in protecting the health and safety of their staff members through the medical face mask and disinfectant donation campaign. This timely response of Tokio Marine Insurance Vietnam has partly helped create positive values ​​in the prevention of pandemic in the community.

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