DSpace at VNU: Business strategies: the case of Bao Viet's fronting and broking corporate insurance

Business strategies: the case of Bao Viet's fronting and broking corporate insurance Nguyễn Huyền Trang Khoa Quản trị Kinh doanh Luận văn Thạc sĩ ngành: Kinh doanh và quản lý; Mã số: 6

Business strategies: the case of Bao Viet's fronting and broking corporate insurance

Nguyễn Huyền Trang

Khoa Quản trị Kinh doanh Luận văn Thạc sĩ ngành: Kinh doanh và quản lý; Mã số: 60 34 05

Người hướng dẫn: TS Nguyễn Việt Anh

Năm bảo vệ: 2010

Keywords: Quản trị kinh doanh; Doanh Nghiệp; Bảo hiểm; Chiến lược kinh doanh;

Quản lý điều hành

Content

TABLE OF CONTENTS

ACKNOWLEDGMENTS i

ABSTRACT ii

TOM T T iv

TABLE OF CONTENTS vi

LIST OF TABLES viii

LIST OF FIGURES ix

LIST OF ABBREVIATION x

INTRODUCTION 1

1 The problem 1

2 Scope of work 1

3 Objectives and aim 1

4 Research questions 2

5 Research methods and data sources 2

6 Significance 3

7 Limitations 3

8 Expected results 3

9 Thesis structure 4

CHAPTER 1:_ THEORETICAL FOUNDATION 5

1.1 Business strategy 5

1.1.1 Strategy 5

1.1.2 Concepts of business strategy 6

1.2 Strategic management 8

1.2.1 Vision and Mission statement 9

1.2.2 Strategy formulation 9

1.2.3 Strategy implementation 22

CHAPTER 2:_ FORMULATION OF BUSINESS STRATEGIES 24

2.1 The concept of service area 24

2.1.1 Insurance in general 24

2.1.2 Characteristics of fronting and broking corporate insurance 28

2.2 Introduction to Bao Viet Insurance 30

2.2.1 Introduction to Bao Viet Holdings 30

2.2.2 Bao Viet Insurance Corporation (Bao Viet Insurance) 34

2.3 Vision and Mission statement 36

2.4 Strategy formulation 37

2.4.1 External analysis 37

2.4.2 Industry analysis 48

2.4.3 Internal environment analysis 58

2.4.4 Choice of strategies 69

CHAPTER 3: IMPLEMENTATION OF CHOSENSTRATEGIES 72

3.1 Choosing strategic solutions 72

3.1.1 SWOT matrix for strategic solutions 72

3.1.2 The GREAT 75

3.2 Performing components of strategy implementation 75

3.2.1 Communication 75

3.2.2 Support 76

3.2.3 Tactics 76

3.3 Actions plan 76

3.3.1 Activities to strategic solution 01 - Improving clients discovery and services 76

3.3.2 Activities to strategic solution 02 - developing professional underwriting 78 3.3.3 Actions plans (for strategy of 5 years from 2011 to 2015) 80

3.4 Recommendations to Bao Viet Insurance 82

3.5 Recommendations to the Government 83

CONCLUSION 85

REFERENCES 87

APPENDICES 89

REFERENCES

1 Alex Miller, Gregory G Dess (1996), “Strategic management", McGrawHill, New

York

2 Aon Benfield (2009), “Vietnam insurance market"

3 Association of Vietnamese Insurers (2010, 2009, 2008, 2007), “Vietnam insurance

market statistics’"

4 Bao Minh’s annual reports and brochures (2009)

5 Bao Viet Holdings’ annual reports (2009, 2008, 2007)

6 Bao Viet Insurance’s seminar on insurance - fire and engineering 2009 - 2015

8 Dang Quang Tinh (2009), “Vietnam country report of flooding and typhoons'’",

Institute of Meteorology and Hydrology

9 Lloyd L Byars, Leslie W Rue, Shaker A Zahra (1996), “Strategic management",

Irwin, Chicago

Business Review

Business Review

12 Michael E Porter, “What is strategy"", Harvard Business Review

15 Samuel C Certo and J Paul Peter (1998), “Strategic management - a focus on

process"", Mc GrawHill, New York

17 Willis Group Holdings Limited, “Vietnam insurance report 2010”

24 www.exchange- rates.org/history/VND/USD/G