Agribank Insurance pays nearly 6,000 billion VND to customers with risky loans

In 2023, more than 11,000 customers had their insurance benefits paid by Agribank Insurance with a corresponding compensation amount of 509 billion VND. The accumulated compensation amount from 2007 to 2023 was nearly 6,000 billion VND. Speaking at the closing ceremony of the emulation program "ABIC with Agribank - Joining hands for success" organized by Agribank Insurance on the evening of May 31 in Hanoi, Mr. Pham Duc An, Member of the Standing Committee of the Party Committee of the Central Enterprises Bloc, Party Secretary, Chairman of the Board of Members of the Bank for Agriculture and Rural Development of Vietnam (Agribank) affirmed: The figure of nearly 6,000 billion VND that Agribank Insurance has paid to borrowers has shown the extremely important role of Agribank Insurance. “Without insurance, thousands of billions of dong will fall into bad debt and if we have to deal with the assets of poor people, it will make it more difficult for farmers. With insurance, we will reduce bad debt, people will have an additional financial shield to protect, ensuring financial support when facing risks. This is a very humane thing to do,” Mr. Pham Duc An emphasized.

Chairman of Agribank Board of Members Pham Duc An spoke at the ceremony.

According to Chairman of the Board of Members of Agribank Pham Duc An, the cooperation between Agribank and Agribank Insurance in recent times has best promoted the potential and strengths of the Agribank ecosystem, diversified products and services, increased convenience for customers, as well as enhanced the competitiveness of the Agribank brand in the market. Mr. Nguyen Tien Hai, Party Secretary, Chairman of the Board of Directors of Agribank Insurance also said: After the impact of the Covid-19 pandemic, 2023 continues to be a difficult year for the global economy in general and Vietnam in particular due to many political fluctuations in the world, inflation remains high. In particular, in 2023, the insurance market was severely affected by the crisis of customer confidence; The Law on Insurance Business takes effect from January 1, 2023, but state agencies have not yet issued Decrees and circulars guiding the Law, etc., which has significantly affected the business activities of the insurance market in general and Agribank's Bancassurance channel in particular. Faced with these difficulties, Agribank and Agribank Insurance have implemented synchronous and unified solutions to develop Bancassurance channel business activities such as: training agents, improving compensation procedures, seminars on product and service development between leaders of Agribank branches and Agribank Insurance, researching and developing new products (account security, agricultural insurance, digital insurance). In addition, Agribank and Agribank Insurance have made joint efforts to carry out communication and propaganda activities so that authorities at all levels and people have a correct understanding of insurance products and Bancassurance channel activities. The steadfast development of the distribution channel model and timely adaptation activities to the new economy have helped the Bancassurance channel gradually overcome challenges and achieve proud results. The highlight of 2023 is the event where Agribank and Agribank Insurance successfully signed a comprehensive cooperation agreement to concretize the cooperation program, improve operational efficiency, best promote the potential and strengths of the Agribank ecosystem, diversify products and services, increase convenience for customers, as well as enhance the competitiveness of the Agibank brand in the market.

Chairman of the Board of Directors of Agribank Insurance Nguyen Tien Hai spoke.

To implement the comprehensive cooperation agreement, the two parties signed a general agency contract to unify the cooperation process for developing the Bancassurance channel from the Central to the Branches to protect credit capital flows, protect Agribank's customer base, minimize bad debts, increase welfare benefits for Agribank staff through emulation and award programs, and increase revenue for Agribank. Thereby, the potential and strengths of the Banking - Insurance ecosystem are best promoted. In addition, Agribank Insurance has coordinated with specialized departments at the Head Office and Agribank Branches to launch the emulation program "ABIC with Agribank - Joining hands for success" on the occasion of the 35th anniversary of Agribank's establishment. To achieve high results in the competition program, Agribank branches have coordinated with Agribank Insurance to make efforts to deploy and exploit insurance products associated with credit activities, identifying the development of insurance products and services as an important task, forming the habit of cross-selling products for staff in the Bank's operations. Agribank Insurance also continues to deploy short-term competition programs, associated with each key product such as: Competition to exploit insurance products for account security, credit security and cardholder security, and the program to promote competition in the third quarter. At the same time, deploy promotional programs for customers participating in insurance through the Bancassurance channel. Up to now, Agribank Insurance is providing insurance products to nearly 03 million individual and organizational customers using Agribank's services. Of which, the Credit Security product alone has nearly 2 million customers participating, corresponding to the rate of production household and individual customers participating in insurance reaching 59.9%, the rate of insured outstanding debt reaching 18.2%. In 2023, more than 11,000 customers were paid insurance benefits by Agribank Insurance with the corresponding compensation amount of 509 billion VND. Accumulated from 2007-2023, the compensation amount reached nearly 6,000 billion VND. However, despite achieving positive results, in reality, the rate of exploiting the potential of the Bancassurance channel is still low with the outstanding debt of production households and individuals insured reaching only 18.2%, the outstanding debt of enterprises insured reaching 18%. Therefore, Chairman of the Board of Directors of Agribank Insurance Nguyen Tien Hai also expressed his wish to continue receiving the attention and direction of the Board of Members, the Executive Board, the Representative Office, and the support, sharing and cooperation of the departments and centers at the Head Office and branches in 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.

Awarding of Excellent Branch Type II and Headquarters.

At the conference, Agribank Insurance awarded and honored general agents with a prize structure of 10 groups divided into 3 competition areas. In particular, the conference awarded comprehensive prizes to general agents: Agribank Son La , Thanh Hoa, Tay Ninh, which are excellent units that completed the business targets.

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