Agribank Insurance pays out nearly 6,000 billion VND to loan customers facing risks.

In 2023, over 11,000 customers received insurance benefits from Agribank Insurance, totaling 509 billion VND. The cumulative compensation from 2007 to 2023 reached nearly 6,000 billion VND. Speaking at the closing ceremony of the "ABIC and Agribank - Working Together for Success" emulation program organized by Agribank Insurance on the evening of May 31st in Hanoi, Mr. Pham Duc An, Member of the Standing Committee of the Party Committee of the Central Enterprise Bloc, Secretary of the Party Committee, and Chairman of the Board of Members of the Vietnam Agricultural and Rural Development Bank (Agribank), affirmed: The figure of nearly 6,000 billion VND paid out by Agribank Insurance to borrowers demonstrates the immense role of Agribank Insurance. "Without insurance, trillions of dong would fall into bad debt, and if we had to seize the assets of poor people, it would make things even harder for farmers. With insurance, we reduce bad debt, and people have an additional financial shield to protect themselves and ensure financial support when facing risks. This is a very humane act," Mr. Pham Duc An emphasized.

Chairman of the Board of Members of Agribank, Pham Duc An, delivered a speech at the ceremony.

According to Agribank's Chairman of the Board of Members, Pham Duc An, the cooperation between Agribank and Agribank Insurance has best utilized the potential and strengths of the Agribank ecosystem, diversified products and services, increased convenience for customers, and enhanced the competitiveness of the Agribank brand in the market. Mr. Nguyen Tien Hai, Party Secretary and Chairman of the Board of Directors of Agribank Insurance, also stated: Following the impact of the Covid-19 pandemic, 2023 continued to be a difficult year for the global economy in general and Vietnam in particular due to many global political changes and persistently high inflation. In particular, 2023 saw the insurance market severely affected by a crisis of customer confidence. Although the Insurance Business Law came into effect on January 1, 2023, the government has yet to issue guiding decrees and circulars, significantly impacting the business operations of the insurance market in general and Agribank's Bancassurance channel in particular. Facing these difficulties, Agribank and Agribank Insurance have implemented comprehensive and unified solutions to develop their Bancassurance business, including: training agents, improving claims processing procedures, holding seminars on product and service development between Agribank branch leaders and Agribank Insurance, and researching and developing new products (account security, agricultural insurance, digital insurance). In addition, Agribank and Agribank Insurance are working together to conduct communication and awareness campaigns to ensure that all levels of government and the public have a correct understanding of insurance products and the operation of the Bancassurance channel. The consistent development of the distribution channel model, along with timely adaptation to the new economy, has helped the Bancassurance channel gradually overcome challenges and achieve impressive results. A highlight of 2023 was the successful signing of a comprehensive cooperation agreement between Agribank and Agribank Insurance. This agreement aims to concretize the cooperation program, improve operational efficiency, maximize the potential and strengths of the Agribank ecosystem, diversify products and services, increase customer convenience, and enhance the competitiveness of the Agribank brand in the market.

Chairman of the Board of Directors of Agribank Insurance, Nguyen Tien Hai, delivered a speech.

To implement the comprehensive cooperation agreement, the two parties signed a centralized agency contract to standardize the cooperation process for developing the Bancassurance channel from the central level to the branches. This aims to protect credit capital flows, safeguard Agribank's customer base, minimize bad debts, increase benefits and welfare for Agribank employees through emulation programs and awards, and increase revenue for Agribank. This will maximize the potential and strengths of the Bank-Insurance ecosystem. In addition, Agribank Insurance, in coordination with specialized departments at the Head Office and Agribank branches, launched the emulation program "ABIC and Agribank - Working Together for Success" to celebrate Agribank's 35th anniversary. To achieve high results in the emulation program, Agribank branches, in coordination with Agribank Insurance, have made efforts to deploy and exploit insurance products linked to credit activities, identifying the development of insurance products and services as an important task, and forming a habit of cross-selling products among staff in the bank's operations. Agribank Insurance also continues to implement short-term emulation programs, linked to key products such as: Emulation in exploiting account security insurance, credit security insurance and cardholder security insurance products, and the emulation promotion program for the third quarter. At the same time, it implements promotional programs for customers participating in insurance through the Bancassurance channel. To date, Agribank Insurance is providing insurance products to nearly 3 million individual and organizational customers using Agribank's services. Specifically, the Credit Protection Insurance product alone has nearly 2 million participating customers, corresponding to a participation rate of 59.9% among household and individual producers, and an insured loan ratio of 18.2%. In 2023, more than 11,000 customers received insurance benefits from Agribank Insurance with a total compensation amount of VND 509 billion. The cumulative compensation amount from 2007-2023 reached nearly VND 6,000 billion. However, despite these positive results, the actual exploitation rate of the Bancassurance channel remains low, with insured loans for household and individual producers reaching only 18.2%, and insured loans for businesses reaching 18%. Therefore, Chairman of the Board of Directors of Agribank Insurance, Nguyen Tien Hai, also expressed his desire to continue receiving the attention and guidance of the Board of Members, the Executive Board, the Representative Office, and the support and cooperation of departments and centers at the Head Office and branches within the Agribank system to promote the Bancassurance channel commensurate with the stature and position of Agribank, contributing positively to the development of Agribank and Agribank Insurance.

Awards were presented to outstanding Type II branches and headquarters.

At the conference, Agribank Insurance awarded and honored its general agents with a prize structure comprising 10 award categories divided into 3 competitive regions. Notably, the conference awarded comprehensive prizes to the general agents of Agribank Son La , Thanh Hoa, and Tay Ninh, who excelled in achieving their business targets.

Text and photos: Hong Anh

Source: https://nhandan.vn/bao-hiem-agribank-chi-tra-gan-6000-ty-dong-cho-khach-hang-vay-von-gap-rui-ro-post812221.html