Improving microinsurance services quality in Vietnam women's union, the case study at Vietnamese microinsurance fund
Tran, Thi Thu Ha (2018)
2018
Hallintotieteiden tutkinto-ohjelma - Degree Programme in Administrative Studies
Johtamiskorkeakoulu - Faculty of Management
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Hyväksymispäivämäärä
2018-10-23
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:uta-201811072788
https://urn.fi/URN:NBN:fi:uta-201811072788
Tiivistelmä
Microinsurance fund (MIF) that belongs to Vietnam Women’s Union (VWU) is one of the youngest micro insurers in Vietnam that officially entered microinsurance service market in the upward trend of competition since 2007. This fund only took up a very small part in the total insurance market share. To get effective competition, the prerequisite for Microinsurance fund is to give clients new microinsurance products with higher quality. In addition, the fund must continuously research, explore and improve existing product in order to create different product package compared to other insurers. This is the only way for them to gain competitive advantage, maintain customer loyalty and increase the fund’s market share in the microinsurance market.
To do that, Microinsurance Fund needs to find the right strategy and Blue Ocean Strategy (BOS) will be the best choice for MIF in coming time. The aim of applying the theory on BOS is not to create the competition in the existing insurance industry, but to create new market space or a blue ocean, thereby making the pursuit of differentiation and low cost.
This thesis focuses on analyzing and finding how Microinsurance Fund applies BOS for developing microinsurance products with following objectives. Firstly, it is to analyze current value of credit life microinsurance product in Vietnam insurance market. Secondly, it is to apply concept of BOS to recommend solutions for developing new microinsurance products in Microinsurance Fund. As for methods, the questionnaire’s survey and direct interviews were used for traditional clients, beneficiaries, TYM staffs and commune authorities.
The earlier research and results of this thesis show that there are some key value aspects related to microinsurance products. These value aspects include product features, premiums, claim investigation work, quality of staff, product distribution channels, quality of customer service, advertising and promotion policies and insurer’s brand and reputation. I applied the four actions framework model of BOS theory for developing new microinsurance products.
Finally, the author has tried to recommend solutions for Microinsurance Fund with “cost leadership” for developing new microinsurance products, including life and non –life insurance products. This cost is strategy used by almost companies in order to create a low cost of operation and to achieve in advance over rivals by cutting down other costs that of others in the insurance industry.
To do that, Microinsurance Fund needs to find the right strategy and Blue Ocean Strategy (BOS) will be the best choice for MIF in coming time. The aim of applying the theory on BOS is not to create the competition in the existing insurance industry, but to create new market space or a blue ocean, thereby making the pursuit of differentiation and low cost.
This thesis focuses on analyzing and finding how Microinsurance Fund applies BOS for developing microinsurance products with following objectives. Firstly, it is to analyze current value of credit life microinsurance product in Vietnam insurance market. Secondly, it is to apply concept of BOS to recommend solutions for developing new microinsurance products in Microinsurance Fund. As for methods, the questionnaire’s survey and direct interviews were used for traditional clients, beneficiaries, TYM staffs and commune authorities.
The earlier research and results of this thesis show that there are some key value aspects related to microinsurance products. These value aspects include product features, premiums, claim investigation work, quality of staff, product distribution channels, quality of customer service, advertising and promotion policies and insurer’s brand and reputation. I applied the four actions framework model of BOS theory for developing new microinsurance products.
Finally, the author has tried to recommend solutions for Microinsurance Fund with “cost leadership” for developing new microinsurance products, including life and non –life insurance products. This cost is strategy used by almost companies in order to create a low cost of operation and to achieve in advance over rivals by cutting down other costs that of others in the insurance industry.