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Bao Long Insurance aims higher

Released at: 15:58, 31/05/2016 What's on

Bao Long Insurance aims higher

Photo: Bao Long

Awarded for its sterling products and services in Vietnam, Bao Long is now reaching out to regional and international markets.

by Tuyet Minh

Bao Long Insurance has been honored with “Vietnam Excellent Brand 2015” award, jointly organized by Vietnam Economic Times and the Trade Promotion Agency at the Ministry of Industry and Trade to honor 95 leading Vietnamese enterprises with impressive business results that overcame difficulties from regional and global crises and improved their human resources, technology, service quality and corporate social responsibility.

The “Vietnam Excellent Brand 2015” award is also recognition from society and the community of Bao Long’s continuous development and has inspired it to continue maintaining and improving the quality of its customer services.

Bao Long also received “The Best Insurance Customer Service Company Vietnam 2015” from Global Banking and Finance Review magazine - the world’s leading finance publication - which honors famous brands that made constant improvements and innovation in business strategy and financial operations.

Bao Long Insurance has long been dedicated to bringing peace of mind, prosperity and long-term benefits to customers and the community. With a long-term strategy and an emphasis on training human resources and investing in infrastructure and information technology to improve customer services, Bao Long will continue to conquer new heights and reach out to regional and international markets.

In 2015 Bao Long actively innovated its business strategy and enhanced its financial strength via share issuances to increase its charter capital to VND500 billion ($22.3 million) and an expected VND600 billion ($26.8 million) in 2016. It also improved its risk management systems, improved information transparency, and guaranteed safe and efficient operations in order to provide maximum benefits to customers and shareholders.

In order to bolster its capabilities to meet market requirements, capture major market share and become the one of the top insurance companies in Vietnam, Bao Long has made remarkable changes in service quality and the development of diversified, flexible and optimal products that fully meet the needs of different customer segments around the country.

In its early years Bao Long’s insurance products were limited to such business lines as cargo insurance, marine vessel insurance, health insurance, motor vehicle insurance, and fire insurance. It now offers more than 100 types of insurance products and services, focusing on five groups: motor vehicle insurance; health and accident insurance; property, engineering and liability insurance; cargo and hull and PNI insurance; and food and agricultural insurance. Thanks to this diversity and its ability to fully meet customer needs, Bao Long’s products have been widely accepted by individuals and businesses.

Bao Long has also concentrated on building and expanding its distribution network. In the second half of 2015 it had increased its total branches to 36 and sales offices to 40 nationwide, from 22. With the slogan “Accompany and Share” with customers, the dedicated and professional teams at Bao Long are always available to offer the best insurance products and services to each specific customer’s needs.

In 2015 Bao Long earned total revenue of more than VND600 billion ($26.8 million), or 18 per cent higher than in 2014.

Formerly known as Nha Rong Insurance Corporation, Bao Long Insurance was founded on July 11, 1995 as the first joint stock company in the field of non-life insurance in Vietnam. After more than 20 years of building and developing and overcoming numerous obstacles and challenges, Bao Long is now one of the most familiar and reputable brands in the industry, cementing its position in the minds of customers and partners nationwide.

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