(Panorama of Hanoi.)
Bao Viet General Insurance Corporation (BVGI, Hanoi), one of Southeast Asia’s largest general insurers, with over 8 million policies, has successfully replaced its legacy systems and achieved a centralized processing model by consolidating its capabilities onto SSP’s core insurance system. BVGI plans to roll out the new operating model to its 67 branches during 2014.
The insurer sought to streamline and standardize operations across its 67 branches through centralizing systems and data in a single location. By re-engineering processes, replacing legacy policy administration systems and consolidating onto the SSP core system, BVGI’s business has transformed to a centralized processing model that has improved operational efficiency, enabled tighter control of business operations and speed-to-market for new products, according to an SSP statement.
“We selected SSP as our strategic partner to help us modernize and transform our core insurance operations, and they have delivered this,” comments Nguyen Xuan Thuy, deputy CEO, BVGI. “From the outset, we could see that the SSP solution was very flexible, scalable and cost-effective. It also provided the perfect solution to address our business priorities, allowing us to replace our legacy infrastructure, with minimum impact on our organization.”
The SSP solution will also provide BVGI with centralized financial reporting to allow it to adopt international standards for premium earnings and consolidated financial statutory reporting.
The SSP core insurance system has already enabled BVGI to transform its operations, add new products quickly and provide improved service to its agents, according to Nguyen. “This project has been a significant step forward in our modernization strategy, providing us with a solid IT platform that will allow us to continue to improve our operational performance and strengthen our position in the market,” he says.
Michael Clarke, SSP’s General Manger for Asia-Pacific, adds, “As business users can now configure new products without needing to involve programmers, the company has already created and rolled-out over 50 insurance products, and that is really just the beginning for BVGI.”