Developing life insurance market in hanoi

Therefore, in order to contribute to assisting the people of Hanoi to have proper awareness of life insurance as well as promoting the development of activities in the life insurance mar

Developing life insurance market in Hanoi

1.1 The urgency of the research thesis

Life insurance has appeared in the world since the middle of the eighteenth century Life insurance is not only a savings fund that brings benefits to the insured but also an effective risk recovery In addition, life insurance also contributes to the development of the socio-economy Today, along with its benefits, life insurance has become a widely used product in the world The number of people with life insurance in Japan is 30% of the population, the Philippines 15%, Hong Kong 25%, and in some developed countries, the rate is up to 90%.

In Vietnam and especially Hanoi, the insurance industry in general as well as the life insurance industry in particular is still a nascent industry 1996 marked the birth of the life insurance industry in Vietnam by the Ministry of Finance allowing Bao Viet to pilot life insurance Currently, in Vietnam, only about 8% - 10% of the population use life insurance This is a small number compared to other countries

in the world and especially for the current rapid development of our country Although the life insurance market has made significant progress, it has not really expanded across the country In terms of market supply, there are currently many companies selling life insurance products such as Bao Viet Life, Prudential, Manulife, AIA, Daiichi Life In which, Bao Viet Life Company is the only company with 100% Vietnamese capital to provide life insurance products The life insurance market is a market with great potential but has not been exploited much

by businesses Besides, the demand for life insurance is also not high Most people are not aware of the importance of life insurance to their lives, even many people have not had access to insurance products in general and life insurance products in particular.

Therefore, in order to contribute to assisting the people of Hanoi to have proper awareness of life insurance as well as promoting the development of activities in

the life insurance market, we have carried out the thesis "Developing life insurance market in Hanoi"

1.2 Confirmation and problem statement in thesis

Thesis title "Developing life insurance market in Hanoi”

With the subject, we determine the object of research is the life insurance market in Hanoi for 5 years (2015 - 2020), thereby assessing the current situation of the life insurance market in Hanoi and proposing suggestions and solutions to market development of life insurance in Hanoi.

- Second, be aware of the current situation of the life insurance market in Hanoi

- Third, offer solutions to develop the life insurance market in Hanoi.

1.4 Questions in the research

While researching this topic, there are a number of questions that need to be addressed, including

- How the life insurance market operating in Hanoi today?

- How to develop the life insurance market in Hanoi and bring life insurance products closer to the people of Hanoi?

1.6 Methodology

The thesis uses a combination of qualitative research methods, dialectical materialism methods, logical reasoning methods, statistical analysis methods, interpretation methods, inductive methods In addition, the topic also mentions issues from a general and specific point of view in order to closely analyze the current situation of the life insurance market in Hanoi in the years from 2015 to

2020, review the results achieved as well as the surface remains and their causes,

so that may be the solution proposed to develop the life insurance market in Hanoi

in the future.

1.7 Related studies

Development of the insurance market has been mentioned a lot in books, magazines and scientific forums However, within the scope of the student's scientific research topics, the graduate thesis of students, this topic has not been exploited much, moreover, the research content is still limited, such as:

- Graduation thesis "Improving the organization of life insurance marketing services at Life Insurance Company" by Le Quang Vinh.

- Graduation thesis "The necessary financial solutions to the strategy of Vietnam Insurance Corporation in the current market economic conditions", by Le Ba Truong.

- Graduation thesis "Perfecting management of distribution and sales channels at Hanoi Life Insurance Company", by Pham Thi Thanh Huyen.

- Graduation thesis "Marketing solutions to develop life insurance products market

of Bao Viet Life Company in Hai Duong", by Bui Thi Minh Thu.

The above studies have been very successful when focusing on analyzing marketing activities, sales distribution channels of a life insurance company operating in the Vietnamese insurance market, and giving get solutions to improve the organization and develop insurance businesses in the current life insurance market However, there is no systematic and comprehensive research on the life insurance market development, esspecially in Hanoi and other provinces.

Therefore, our team's research to develop the life insurance market in Hanoi the capital of Vietnam is very important and useful to today's general commerce in general.

1.8 Significance of the study

- The study will be a document for future specialized learning.

- The reference for scientific research of the following students

- A reference document for life insurance companies and businesses in Vietnam,

from which they can develop life insurance services to supply in Hanoi market In summary: This topic is a reference for strategic makers to develop and manage the

life insurance market in Hanoi, insurance businesses in general, and life insurance

in particular, In addition, it also serves the teaching and learning of universities and colleges in economics and finance with a specialization in insurance.

1.7 Structure of the thesis

The structure of the thesis is divided into 3 parts as follows

Chapter 1: Summary of some theoretical issues on the research topic

Chapter 2: Research method and analytical results of the current situation of the

life insurance market in Hanoi.

Chapter 3: Conclusions, discussions, and recommendations on the life insurance

market in Hanoi

CHAPTER 1: INTRODUCTION

1.1 Background of the study

According to Frazelle (2002), warehouses are more important than ever in the success orfailure of an enterprise Therefore, Kiefer and Novack (1999) believe that warehouses are

an important intermediary between supply chain members and affect supply chain costsand services According to HIDC/BCI (2001), many companies have established

centralized production facilities and warehouses in the past decades, trying to streamlinesupply chain processes and manage them more effectively According to a survey byELA/AT Kearney (2005), this leads to larger warehouses responsible for fasterdistribution to more demanding customers in the region, so the internal logistics process

is also more complicated Therefore, it is a challenging task to manage complexwarehouses efficiently and efficiently Therefore, an important question is howwarehouse management, as a cluster of planning and control procedures and decisions,can be organized to meet today's challenges Ten Hompel and Schmidt (2006) outlinedwarehouse management including controlling and optimizing complex warehouse anddistribution processes Like Bertrand et al (1990); De Toni and Panizzolo (1997); Hatch(1997); Peterson and Silver (1979); Van Assen (2005) added that this depends on thetasks performed and the market in which the warehouse operates in the field ofproduction management It is generally believed that the production volume and productdiversity (i.e task complexity) and the speed of change in the external environment (i.e.market dynamics) are the main driving forces of the planning and control structure.However, there seems to be a lack of systematic research on the dynamics of warehouseplanning and control structure As concluded in the research review of warehousemanagement literature, this study has taken the first step to explore the driving factors ofwarehouse management It shows that in the current warehouse management literature,analysis-oriented soliton problem research is dominant (Rouwenhorst et al., 2000; And

Gu et al.; 2007, 2010)

Son Kim Retail Joint Stock Company is a company operating in the retail business, withmany achievements in business activities As a reputable enterprise in the retail business,Son Kim Retail Joint Stock Company has a relatively large warehouse system, a lot ofgoods are circulated Therefore, for the company, the issue of inventory management iseven more important The good job of warehouse management will help the companysave a lot of costs in management, well perform customer orders, help manage goodseffectively, avoid loss and damage to the goods

Currently, the warehouse management at the company remains stable, ensuring the goodscirculation takes place However, the warehouse management still has limitations,reducing the efficiency of operations at the warehouse, thereby reducing the efficiency ofthe company's business operations Common difficulties such as the management ofimport and export, management of stockpiles Therefore, it is very necessary to researchand learn the existing limitations in managing the inventory at the company Becausefrom finding out the weaknesses and shortcomings that exist, it will help find solutions toimprove the efficiency of warehouse management, thereby improving efficiency inbusiness operations of the company Since then, the researcher decided to choose the

topic "Improving warehouse management at Son Kim Retail Joint Stock Company" as

the graduate dissertation topic

1.2 Problem Statement

Along with the increasingly fierce competition, each enterprise has to improve itself more

in management to improve the efficiency of production and business After the internship

at the company, being directly contacted and participating in the work at the company,along with the process of investigating and directly interviewing the employees working

in the company have shown the importance of warehouse management for the company,

as well as seeing the difficulties in warehouse management that the company is facingsuch as: the arrangement of goods in the warehouse, the management of import andexport goods, and management of stockpiling Therefore, the implementation of research

on the current situation of warehouse management at the company and from thereproposing solutions to improve warehouse management activities at the Company isextremely necessary

1.3 Research objectives

The research was conducted to analyze the current situation of warehouse managementactivities at Son Kim Retail, a company, detailing the achievements and shortcomings inthe company's current warehouse management Since then, proposing a number ofsolutions to improve the company's warehouse management efficiency

1.4 Research subject and scope

CHAPTER 2: RELATED WORK 2.1 An overview of Son Kim Retail Joint Stock Company

2.1.1 History of formation and development of the company

Son Kim Retail Joint Stock Company was established under the certificate of businessregistration number: 0314804474 issued by Ho Chi Minh City Department of Planningand Investment on December 26, 2017, headquartered at 30 Street 11, Thao Dien ward,district 2, Ho Chi Minh city

Over the past 4 years of construction and development, the company with Son Kim

brand name has not only confirmed its position in the field of commercial business,development of distribution systems leading fashion brands in Vietnam andinternationally such as VERA, JOCKEY, J-BUSS, WOW, MISAKI, ELLE… followingthe model of a chain of retail stores in Ho Chi Minh City and a wholesale channel systemthrough Distributors, Agents at all levels in the southern provinces A journey ofcontinuous development, the Company has achieved many remarkable achievementssuch as business growth rate all reached over 60% compared to the previous year, andstrong growth in size and human resources the number of customers is increasing, theservice partner system is diversified and closely cooperated

The initial size of the Company was just a small office, with a small number ofemployees, and a small amount of capital, despite difficulties and hardships, working inextremely difficult conditions, lacking enough However, the Company still determined

to implement it, firstly for the purpose of existence and then to affirm its reputation andbrand

During the operation process, it is impossible to mention all the difficulties as well as theunexpected obstacles that the employees of the Company must overcome from the start-

up days, in return the company has confirmed gain reputation, position and brand name

in the field of commercial business, develop a distribution system for leading fashionbrands in Vietnam and internationally.

In order to survive in an increasingly competitive market and to meet the increasingrequirements of the market as well as the continuous development of the country, theCompany has developed its own strategy, in which the focus is is investing in highquality human resources, fostering and improving the qualifications of employees

The company constantly innovates technology, equips machines, organizational methodsand connects modern services, applies scientific and technical advances to innovatingmethods of advertising and business towards e-commerce Thereby, it has createdreputation with partners providing services, at the same time creating a solid foundationfor the company to develop in new conditions

With the motto "Consider people as the central factor to determine success, prosperityand sustainable development", so the Company leaders always pay attention to theemployees' lives, with specific jobs such as opening expanding business operations,diversifying distribution products, contributing to creating stable jobs and increasingincome for employees of the Company This is clearly shown through income level, profitsharing policy, bonus policy and social and medical insurance policies, and also fromthese professional organizations, the Company has practiced concentrating on collectiveintelligence, enthusiasm, solidarity and comprehensive development

2.1.2 Organizational chart of the company

Figure 2.1 Organizational chart of Son Kim Retail Joint Stock Company

Board of directors

Sales Department Import-export

department Marketing Department

Accounting Department

 Board of directors

The Board of Directors of the Company includes 03 (three people): 01 Director and 02Deputy Directors The Executive Director, decides on matters related to the businessoperations of the Company, is responsible to the Board of Directors for theimplementation of the assigned rights and obligations Deputy Directors assist theDirector in each specific field and are responsible to the Director for the assigned workcontents, proactively handle the tasks authorized by the Director in accordance with theprovisions of Laws and Company Rules

 Supervisory Board

The Supervisory Board is responsible for supervising the Board of Directors in themanagement and operation of the company, checking the reasonableness, legality,

honesty and prudence in management, operating business activities, organization ofaccounting, statistics and financial reporting The Supervisory Board operatesindependently from the Board of Directors.

 Sales Department

The Sales Department has the function to advise, give opinions and propose to the Board

of Directors of the company on issues related to the company's distribution of productsand services to the market effectively and efficiently fastest The sales department hasthe function of instructing and directing research and development activities of newproducts and services or research and improvement of existing products and services tomeet the needs of the market These activities will contribute to expanding anddeveloping the target market for the enterprise

Develop strategies for product introduction and market expansion to attract customerinterest

Planning and implementing business activities as well as calculating and reporting thecost of products and services, to have a basis to sign contracts with customers

 Import-export Department

Advising the Board of Directors in the fields related to import and export

Develop marketing plans, forecasting the product consumption market, forecastingproduct prices in the year and each specific time to submit to the Director for approval

Import-Export Department is authorized by the Director to participate in negotiationswith partners on fields related to the import and export work to submit to the Director fordecision and implementation

Coordinate with related units and departments, professional departments to study andpropose options on product type, quality and consumption to ensure the consumptionstage with the highest economic efficiency Inquire about issues related to product qualityand customer complaints before submitting to the Director for consideration and decision.Organize the management, delivery and receipt of goods, ensure the correct timeaccording to the signed contract, and at the same time ensure that the goods are incompliance with regulations.

 Marketing Department

The Marketing Department is tasked with advising the Board of Directors on issuesrelated to brand development, developing distribution channels, building new productbrands, identifying target customers and assisting other departments in the companyimplements the marketing plan

Annually develop human resource plans and strategies for developing human resourcesfor enterprises, calculate budgets related to labor costs (salary fund, training costs, socialinsurance, health insurance, uniform costs, .) Join or coordinate with partners toorganize salary surveys and carry out labor cost surveys in the market to be the basis forbuilding annual personnel policies Conduct personnel policy survey, employeesatisfaction to improve personnel policies.

Development of salary regulations, labor rules, working regulations and processes,regulations in the recruitment, training, appointment, dismissal, dismissal,commendation, discipline, evaluation for with employees in the business Coordinatewith the grassroots Trade Union to develop the annual welfare and bonus program

Organize and conduct human resource activities in accordance with regulations:recruitment, personnel assessment, performance assessment, training, salary payment,welfare regime Document management, personal information compliance with currentregulations

 Warehouse

Consolidation: when a shipment/material is not enough, warehouse staff will gather,

rectify and rationalize the odd shipment into shipments with sufficient quantity to use thefull container shipping method When goods / materials are received from many smallsources, the warehouse that acts as a gathering point for such large batches has theadvantage of size when transported to the factory or market by means of transportation

Commodity coordination: (Organization of business items) In order to respond well to

orders including a variety of items, warehouse managers are tasked with separating largeshipments, coordinating and merging different types of goods into one complete order,ensuring the goods are ready for delivery sales process