United Insurance Company of Vietnam (UIC)

Website: http://www.uicvn.com Vietnam economy has made strong progress on its way for globalization and economic integration. The recent WTO-membership has brought new opportunities to Vietnam and on the other hand new challenges. To bring Vietnam economy to a higher development for the purpose of regional and international economic integration has always been the common target of all economic sectors in general and insurance segment in particular. Through life-safety brought to individuals and financial safety to business operations of enterprises in the past years, insurance segment has showed its inherently important part in promotion of economic development. Particularly with the aim to meet requirements of the current strong economic integration, insurance market has become potential than ever.

Following this common target, United Insurance Company of Vietnam (UIC) with its great efforts has made contribution to the development of the young insurance segment of Vietnam. So far UIC has achieved persistent and stable development and will celebrate its 10th anniversary in the coming time. With the motto “Service quality is the measure of success” it’s the pride of UIC to have provided its clients insurance products of best service quality. Operating as a foreign-invested insurance enterprise, UIC has always achieved big share in the non-life insurance market thanks to its experienced, enthusiastic working team. Not limited in the business coming from Japanese investors, scope extension of clients always stand in the middle point of UIC strategy.

Services » Reinsurance service

Reinsurance service To most people, risk might occur and if it did, the outcome might not be favourable to us and/or not an outcome as preparation to look forward. From this point of view, the Insurance companies need to buy reinsurance. The nature of the insurance is a risk transfer mechanism. As the same as another insurance company in the market, UIC have put reinsurance transaction in their business operation and look at it as importance function of its generation. To keep the best reinsurance scheme as well as the company’s retention, we have set up the good relationship with Reinsurers for both reinsurance treaty and reinsurance facultative. We have very strongly support from Japanese Reinsurer such as Sompo Japan Ins. and Mitsui Sumitomo etc. And we also have got the support from world famous companies such as Munich Re, Swiss Re, Partner Re, Hannover Re, CCR etc. From this backup market, we always ensure the proper placement for our big insured accounts. In addition, we always develop and maintain regular contact with other Insusurer and Reinsurer in the local market and in the region to prepare acceptance of facultative reinsurance inwards from these sources.

Services » Loss Prevention Survey and Risk Manangement

Loss Prevention Survey and Risk Manangement A.Overview Fire and other loss consequences, which can involve property damage, business interruption, life safety hazards, environmental issues, damage to corporate image, and lack of future profitability, can present a major threat to corporate goals and survival. Recognition of these consequences has prompted the development of a program of management structure for loss prevention and control in many corporations that being established and implemented by UIC for safety purposes to the customers nationwide. The positive results brought from the risk management program became more and more steady proving by increasing safety awareness for risk management and loss control of the customers during their production process and prestige of UIC becamehigher appreciated as a reliable insurer. That is a favorable condition to enable successful underwriting results. C. Risk management Through the risk surveys services, UIC wants to provide the valuable judgments involved in establishing acceptable levels of risk and methods of handling identified risks. The acceptable risk decision making process is based on specific organizational goals and generally includes the following: - Identifying the visible risks as well as potential hazards of fire against properties and human life before and during industrial production. - Identifying the risks of machinery breakdown, products and ex-import goods may occur in the business activities. - Giving precise evaluation on existing situation of the fire protection system and technical infrastructure of the insured enterprises and providing proper judgment on the capability and readiness for fire protection according to the actual scale and type of production of each business. - Providing proper recommendations for improving fire protection system and suitable advises on effective fire fighting methods to the insured. D. Establishing and implementing loss control program Loss control program after being established will be recommended to the insured. If the program is approved, it will be assigned to the Head of Safety Committee (or Head of loss control dept.) to build a detail plan for implementation. In process of implementation of the program, the company often receives monitoring, consultancy and training services from UIC about loss control properly according to each type of business. The content of the loss control program includes: Overall supervision Defining loss control program function, clarifying responsibilities, and ensuring that all procedures are properly carried out. Building Planning: Anticipating hazards, and formulating plans and procedures for fire prevention and overall plant safety. Education and training: Providing employee training in fire prevention and other loss security activities according to different risk scenarios. Making sure that all production processes and operations are carried out safely, and that contractors follow safe procedures according to company regulations. B.Goals of the risk management and loss control program With great cares for the benefits of the customers, UIC always wish to go hand in hand with them to reach the following goals: • Profit (competitive market position); • Protection of company assets (major loss exposures); • Continued company operation (business interruption); • Continued growth (expansion); • Humanitarian concerns (employee and public safety); (expansion); • Community goodwill (potential embarrassment); • Legal requirements (liability, building codes, etc); • Insurance company requirements; and • Environmental concerns