BIDV MetLife Life Insurance LLC | APEA - Asia Pacific Enterprise Awards Asia Pacific Enterprise Awards

CORPORATE EXCELLENCE CATEGORY

BIDV MetLife Life Insurance LLC

Information about the Company
Licensed in 2014, BIDV MetLife Life Insurance LLC (BIDV MetLife) is a joint venture between MetLife and Bank for Investment and Development of Vietnam (BIDV). BIDV MetLife provides customers with the most comprehensive life and health insurance solutions through a network of more than 1,000 BIDV banks’ transaction points nationwide as well as Agency network.

BIDV MetLife combines MetLife's over 151 years of global expertise and financial prowess with BIDV's deep understanding of the domestic market to become a modern and reliable life and health insurance provider in Vietnam.

BIDV MetLife upholds the value of always putting customers first, bringing innovative solutions and making the experience of life insurance easier to create a niche in the market and deliver happiness to customers.

BIDV MetLife's vision is to become a preferred partner for its employees and customers and earn respect through its activities. With this vision, BIDV MetLife is aiming to be a top tier bancassurance and digital life insurance solutions provider in the Vietnam market.

Company Culture & Company Activities
BIDV MetLife's environment is open, transparent, proactive, and dynamic. The employees are always challenged to be curious and innovative with a focus on continuous learning. It enables the employees to feel empowered in providing a consistent and trustworthy experience to the customers. BIDV MetLife encourages a culture of diversity and succeeding together as a team. It is evidenced by several cross-functional initiatives that have been launched by the company to improve the experience of the customers. In addition, BIDV MetLife cares about women's role within the company as well as in society. Females are encouraged to be independent and take on higher roles and responsibilities in the company. To ensure that there is a culture of well-being, BIDV MetLife also organises numerous classes about Zumba, yoga, personal skill development, and healthcare consultancy

BIDV MetLife has a twin pillar corporate social responsibility (CSR) strategy that includes leveraging its global MetLife foundation for large countrywide programmes as well as partnering with BIDV in small provinces and communes for local impact. MetLife Foundation was established in 1976 and focuses on financial inclusion as a core theme. The Foundation has committed USD 5 million for Vietnam along with several contributions to other developing and under-developed communities in Asia and LATAM. At a local level, there is strong collaboration with BIDV branches through which the local needs are assessed and communities are helped. The contributions can range from providing children with bicycles to encourage them to go to schools, installing water purifiers to bring clean water to the pupils in schools, and helping families have better livelihoods.

Achievements & Impact
BIDV MetLife has over 550 employees comprising of non-sales as well as sales. Besides the employees, BIDV MetLife has a vast network of over 7000 Licensed Bank Staff and over 500 agents who provide Health and Life Insurance solutions.

Joint Venture with BIDV, which is the number 1 bank by total assets of Vietnam, offers BIDV MetLife a chance to access 11 million retail customers and over 400,000 SMEs through its 1000 offices. BIDV MetLife is present across Vietnam with over 75,000 customers and 950 billion of revenue until July 2021. With the expertise of MetLife, BIDV offers 15 innovative life insurance and health products to customers and is known to be a fast-paced life insurance company.

In 2020, the total income of the company was VND 1550 billion, and the company showed consistent growth year-on-year. For the first 6 months of 2021, the new premiums for the company have grown by 32% year-on-year. BIDV MetLife has a renewal persistency ratio of over 85%, signaling high customer loyalty.

To deliberately deploy its resources to the highest value opportunities, BIDV MetLife focuses on the development of its talent, technology initiatives and capability. BIDV MetLife intends to differentiate itself from competitors in the market through digital, trust and brand promise, global scale, rich talent pipeline, and lasting customer relationships. This year, BIDV MetLife applied an e-insurance policy for all products sold to its customers, helping to reduce environmental impact and improve customer experience and the company's working efficiency.

Future Direction
In the next 2 years, BIDV MetLife will continue to be an attentive organisation that listens and build a culture of innovation and continuous improvement to improve its product and service quality.

In an under-penetrated market like Vietnam, BIDV MetLife intends to enhance customer awareness of the benefits of life and health insurance. Leveraging its vast network of offices and trained people, BIDV MetLife would strive to provide confidence-building solutions for customers and families.

While leveraging its strong partnership with BIDV for Bancassurance, BIDV MetLife is also building on a professional agency network to bring the benefits of its solutions to untapped customer segments. In conclusion, BIDV MetLife will continue to differentiate itself from competitors in the market through its use of digital, training, building awareness and investing in local talent.

CORPORATE EXCELLENCE CATEGORY

BIDV MetLife Life Insurance LLC

Information about the Company
Licensed in 2014, BIDV MetLife Life Insurance LLC (BIDV MetLife) is a joint venture between MetLife and Bank for Investment and Development of Vietnam (BIDV). BIDV MetLife provides customers with the most comprehensive life and health insurance solutions through a network of more than 1,000 BIDV banks’ transaction points nationwide as well as Agency network.

BIDV MetLife combines MetLife's over 151 years of global expertise and financial prowess with BIDV's deep understanding of the domestic market to become a modern and reliable life and health insurance provider in Vietnam.

BIDV MetLife upholds the value of always putting customers first, bringing innovative solutions and making the experience of life insurance easier to create a niche in the market and deliver happiness to customers.

BIDV MetLife's vision is to become a preferred partner for its employees and customers and earn respect through its activities. With this vision, BIDV MetLife is aiming to be a top tier bancassurance and digital life insurance solutions provider in the Vietnam market.

Company Culture & Company Activities
BIDV MetLife's environment is open, transparent, proactive, and dynamic. The employees are always challenged to be curious and innovative with a focus on continuous learning. It enables the employees to feel empowered in providing a consistent and trustworthy experience to the customers. BIDV MetLife encourages a culture of diversity and succeeding together as a team. It is evidenced by several cross-functional initiatives that have been launched by the company to improve the experience of the customers. In addition, BIDV MetLife cares about women's role within the company as well as in society. Females are encouraged to be independent and take on higher roles and responsibilities in the company. To ensure that there is a culture of well-being, BIDV MetLife also organises numerous classes about Zumba, yoga, personal skill development, and healthcare consultancy

BIDV MetLife has a twin pillar corporate social responsibility (CSR) strategy that includes leveraging its global MetLife foundation for large countrywide programmes as well as partnering with BIDV in small provinces and communes for local impact. MetLife Foundation was established in 1976 and focuses on financial inclusion as a core theme. The Foundation has committed USD 5 million for Vietnam along with several contributions to other developing and under-developed communities in Asia and LATAM. At a local level, there is strong collaboration with BIDV branches through which the local needs are assessed and communities are helped. The contributions can range from providing children with bicycles to encourage them to go to schools, installing water purifiers to bring clean water to the pupils in schools, and helping families have better livelihoods.

Achievements & Impact
BIDV MetLife has over 550 employees comprising of non-sales as well as sales. Besides the employees, BIDV MetLife has a vast network of over 7000 Licensed Bank Staff and over 500 agents who provide Health and Life Insurance solutions.

Joint Venture with BIDV, which is the number 1 bank by total assets of Vietnam, offers BIDV MetLife a chance to access 11 million retail customers and over 400,000 SMEs through its 1000 offices. BIDV MetLife is present across Vietnam with over 75,000 customers and 950 billion of revenue until July 2021. With the expertise of MetLife, BIDV offers 15 innovative life insurance and health products to customers and is known to be a fast-paced life insurance company.

In 2020, the total income of the company was VND 1550 billion, and the company showed consistent growth year-on-year. For the first 6 months of 2021, the new premiums for the company have grown by 32% year-on-year. BIDV MetLife has a renewal persistency ratio of over 85%, signaling high customer loyalty.

To deliberately deploy its resources to the highest value opportunities, BIDV MetLife focuses on the development of its talent, technology initiatives and capability. BIDV MetLife intends to differentiate itself from competitors in the market through digital, trust and brand promise, global scale, rich talent pipeline, and lasting customer relationships. This year, BIDV MetLife applied an e-insurance policy for all products sold to its customers, helping to reduce environmental impact and improve customer experience and the company's working efficiency.

Future Direction
In the next 2 years, BIDV MetLife will continue to be an attentive organisation that listens and build a culture of innovation and continuous improvement to improve its product and service quality.

In an under-penetrated market like Vietnam, BIDV MetLife intends to enhance customer awareness of the benefits of life and health insurance. Leveraging its vast network of offices and trained people, BIDV MetLife would strive to provide confidence-building solutions for customers and families.

While leveraging its strong partnership with BIDV for Bancassurance, BIDV MetLife is also building on a professional agency network to bring the benefits of its solutions to untapped customer segments. In conclusion, BIDV MetLife will continue to differentiate itself from competitors in the market through its use of digital, training, building awareness and investing in local talent.