Get Quotes from BIDV Insurance
BIDV Insurance Corporation (BIC), a subsidiary of the Bank for Investment and Development of Vietnam (BIDV), is a prominent non-life insurance provider in Vietnam. Established in 2006, BIC offers a wide range of insurance products tailored to both individual and corporate clients, leveraging BIDV’s extensive banking network to enhance accessibility and service delivery.
✅ Pros
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Diverse Product Portfolio: BIC provides a comprehensive suite of insurance products, including health, motor vehicle, property, travel, and specialized coverages like cyber and cancer insurance. Notably, the “BIC Smart Care” plan caters to high-end customers seeking premium health insurance options.
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Strong Financial Performance: In 2023, BIC achieved a consolidated pre-tax profit of VND 574 billion, surpassing its targets by over 19.6%. The company maintained a 15% dividend payout, reflecting its robust financial health.
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International Credit Ratings: AM Best has affirmed BIC’s Financial Strength Rating at B++ (Good) and Long-Term Issuer Credit Rating at “bbb” with a stable outlook, indicating solid financial stability and risk management practices.
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Technological Integration: BIC has embraced digital transformation by offering online insurance purchases through the Omni BIDV iBank App, providing customers with convenient access to insurance services and potential savings of up to 20%.
❌ Cons
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Limited Online Transparency: Detailed information on specific policy terms, exclusions, and claim procedures is not readily available on BIC’s website, potentially requiring direct contact for comprehensive details.
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Moderate Capital Adequacy Volatility: While BIC maintains a stable financial position, it faces moderate volatility in capital adequacy, which could impact its ability to absorb unexpected losses.
💰 Pricing
BIC offers competitive pricing across its insurance products. Customers can benefit from discounts of up to 20% when purchasing insurance online through the Omni BIDV iBank App. For specific pricing details, potential clients are encouraged to contact BIC directly or visit their official website.
⭐ Overall Score: 8.6/10
BIDV Insurance Corporation stands out as a reliable non-life insurance provider in Vietnam, offering a diverse range of products backed by strong financial performance and international credit ratings. While improvements in online transparency could enhance customer experience, BIC’s commitment to technological integration and customer-centric solutions underscores its position in the market.
