BIC and PVIRe launched electronic portal for reinsurance transactions

Hanoi, 15 April 2021 – BIDV Insurance Corporation (BIC) and PVI Reinsurance Joint-stock Corporation (PVIRe) held a ceremony for signing the inward and outward reinsurance agreement and launching of electronic portal for reinsurance transactions.

Attending the signing ceremony were Mr. Tran Hoai An – Member of the Board of Directors cum CEO of BIC, Mr. Trinh Anh Tuan – Member of the Board of Directors cum CEO of PVIRe together with the Board of Management, Chief Accountant and leaders of related departments from both companies.

Along with signing the inward and outward reinsurance agreement, the Leaders of BIC and PVIRe have officially launched the electronic portal for reinsurance transactions between the two companies. This is a transaction form of reinsurance contracts by way of digital documents transferred through the electronic portal with the goal of minimizing processing time and manual entries to increase accuracy, avoid losing documents as traditional method which based mainly on paper files. The electronic portal ensures that documents and data between the two parties will always be matched and updated daily. This is one of the major technological advances in Vietnam’s reinsurance industry.

According to Mr. Tran Hoai An – CEO of BIC, the two companies together have built close cooperation relationship for many years. Beside the achievement of the two companies, there’re still remaining difficulties in the working process. It is the increasing amount of paperwork, which affects the progress of documents rotation and confirmation, system input and payment between the two parties. The launching of electronic portal for reinsurance transactions is an important milestone in the BIC – PVIRe cooperation, opening a new era in which technology will play a key role, bringing more benefits and values ​​for both companies.

Speaking at the signing ceremony, Mr. Trinh Anh Tuan – CEO of PVIRe highly appreciated the cooperation between the two companies in recent years, and always wanted BIC to be one of the first partners to launch electronic portal for reinsurance transactions together with PVIRe. With the determination of Leaders and reinsurance team of both sides, Mr. Trinh Anh Tuan believes the project will be implemented successfully. In the upcoming time, PVIRe will keep continue to provide more added values ​​to BIC as well as other PVIRe's customers and partners in the market.

BIC and PVIRe’s Leaders also shared that information technology will be an important and key factor in the development of each company in the upcoming period. Recently, BIC has selected and signed a contract with PwC, one of the leading consulting organizations in the world, to implement a digital transformation consultancy project to comprehensively improve operations and bring more and more practical values to customers. At PVIRe, information technology is also a key area to be invested in and focused on development as well as is strongly applied in management and business activities, thereby help to improve productivity, optimize services and well perform corporate risk management.