ABIC and PVI Re signed a reinsurance agreement and opened an Electronic Reinsurance Transactional Portal

On May 18, 2022, Agriculture Bank Insurance Joint Stock Company (ABIC) and Reinsurance Joint Stock Corporation (PVI Re) held the signing ceremony of the reinsurance agreement and the opening of an electronic reinsurance portal specializing for transactions.

The event was honored to welcome the attendance of Mr. Ngo Viet Trung – Director of Insurance Supervision and Administration Department, Ministry of Finance and Mr. Nguyen Quang Huyen – Deputy Director of Insurance Management and Supervision Department, Ministry of Finance main. Attending the Signing Ceremony were Mr. Vu Van Thang – Chairman of PVI Re, Mr. Trinh Anh Tuan – CEO of PVI Re, Mr. Nguyen Tien Hai – CEO of ABIC, Mr. Le Hong Quan – Member of the Board of Directors of ABIC and the Board of Management , Chief Accountant and leading representatives of relevant departments of the two parties.

Along with the signing of the reinsurance ceding agreement, the leaders of ABIC and PVI Re officially opened an electronic reinsurance portal specializing for transactions between the two corporations. This is a form of transaction of reinsurance contracts involving digital documents and transmission via an electronic portal with the purpose of minimizing processing time, limiting manual operations to increase the accuracy, avoiding lost documents like the traditional method, which is mainly based on paper. The transaction portal helps to ensure that the documents and data between the two parties are always matched and updated daily. This is an information technology infrastructure that PVI Re has built exclusively for ABIC, demonstrating a profound commitment to added values to customers. The electronic portal connecting ABIC and PVI Re's information technology systems will allow the two parties to manage all reinsurance transactions and the process of implementing reinsurance policies on a digital platform. With this system, specific tasks that are “traditional” and “man-consuming” such as: issuing Statement of accounts and Loss payments are effectively performed through a digital signature system and automatically rotated between the two partners on the basis of managing offset between the two parties abruptly, transparently and clearly. ABIC and PVI Re are aiming for a green business model that does not involve paper and free the working space to store fundamental documents.

Speaking at the signing ceremony, Mr. Trinh Anh Tuan – CEO of PVI Re highly appreciated the cooperation relationship between the two sides over the past time; simultaneously, he hoped that ABIC would be one of the most vital partners to develop an electronic reinsurance transactional portal together with PVI Re. With the determination of leaders and reinsurance departments of both sides, Mr. Trinh Anh Tuan believed that this project would be successfully implemented. In the coming time, PVI Re would continue to provide more added values to ABIC as well as to PV IRe's customers and partners in the market.

According to Mr. Nguyen Tien Hai – CEO of ABIC, the two corporations have had a close cooperation relationship for many years. ABIC is also an enterprise that focuses on developing information technology and automation systems. The birth of the electronic reinsurance transaction portal is an important milestone in ABIC – PVI Re cooperation, opening a new era in which technology will play a key role, bringing more benefits and value to both sides.

The signing ceremony was also honored to listen to the guidance, sharing and encouragement from Mr. Ngo Viet Trung – Director of the Insurance Management and Insurance Department, Ministry of Finance. According to Mr. Trung, state management agencies have been paying great attention to developing information technology applied in insurance/reinsurance management activities, to ensure transparency in the market. Currently, the Insurance Supervision Department have also been building and completing the electronic portal between the management agency and the insurance enterprise. The Department of Insurance Management & Supervision are very interested in and supportive the application of IT and artificial intelligence applications by insurance/reinsurance businesses to connection and transaction activities and hope that this IT implementation will successfully spread out and implemented in the entire non-life insurance/reinsurance market.

According to the sharing from leaders of the two companies, information technology will be an important and key factor in the development of each party in the coming time, a spearhead of investment and focus on development. It is strongly applied in management and business activities, thereby improving labor productivity, optimizing products and services, and performing well in corporate risk management. This cooperation will save a lot of human resources for the two parties and promote the trend of digital transformation of insurance businesses in the future. This signing ceremony is an event marking the beginning of the sustainable cooperation and development cooperation between ABIC and PVI Re to the next stages.