SSP, a leading global provider of insurance technology solutions, has today announced that Bao Viet General Insurance Corporation (BVGI), based in Hanoi, Vietnam, has gone live.
BVGI is one of the oldest and largest general insurance companies in the rapidly developing South-East Asia market, with more than 8 million policies across 67 branches.
As part of a phased implementation approach, SSP's core insurance system has replaced BVGI's existing in-house legacy and manual systems in order to enhance the company's overall business capabilities, both now and in the future.
As the company distributes products through more than 60 branches, one of BVGI's key business drivers was to centralise its systems and data in one location, allowing business operations to be streamlined and standardised. By implementing the SSP solution, BVGI's business has transformed to a centralised processing model that has improved operational efficiency, allowed tighter control of business operations and increased the speed to market for new products. BVGI plans to roll out the new operating model, supported by the SSP solution, to all its branches in 2014 to take full advantage of these improvements.
The SSP solution will also provide BVGI with centralised financial reporting, to allow international standards to be adopted for items such as premium earnings and consolidated financial statutory reporting.
Mr Nguyen Xuan Thuy, Deputy CEO at BVGI, said: "We selected SSP as our strategic partner to help us modernise and transform our core insurance operations, and they have delivered this. 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 organisation.
"SSP's core insurance system has already enabled us to transform our operations, add new products quickly and, most importantly, provide even better service to our agents and policyholders. This project has been a significant step forward in our modernisation strategy, providing us us with a solid IT platform that will allow us to continue to improve our operational performance and strengthen our position in the market."
Michael Clarke, SSP's General Manger for Asia-Pacific, said: "We are delighted that BVGI has gone live. This is a significant enterprise-wide implementation and provides BVGI the flexibility it needs to streamline its day-to-day processes, improve customer service and meet its strategic objectives. 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."