PVI Re: Digital transformation for growth

The fourth wave of the Covid-19 pandemic in Vietnam has seriously affected most sectors of the economy. The implementation of social distancing according to Directive No. 16/CT-TTg of the Prime Minister which was applied to Ho Chi Minh City and Hanoi and key economic provinces has caused supply chain disruptions and business interruptions in most enterprises. In the insurance sector, payment transactions and contract signing and compensation settlement are also strongly affected by having to work from home of almost all staff. In that context, only businesses that have taken strong digital transformation steps can ensure continuous operation and development. PVI Reinsurance Corporation (PVI Re) is an enterprise operating in the field of reinsurance business. PVI Re provides its services to not only domestic customers but also international customers with many contract signing transactions, fee payments, and compensation every day. In the spirit of strictly complying with pandemic prevention measures while ensuring uninterrupted business operations, PVI Re has deployed for employees to work online, ensuring the majority of employees work from home and only go to the company when there is an urgent task.

Through an internal survey after 2 months of working online, 85% of PVI Re's staff worked from home over 80% of the past time of separation, and 80% of staff achieved a working efficiency of over 80% compared to their normal working hours at the company headquarters. Regarding work results, 80% of staff still ensure and complete the assigned work schedule. Remote access to internal systems still ensures stability and continuity for more than 90% of staff. These are impressive numbers compared to the context of the financial industry in general and the insurance market in particular.

PVI Re reaps the harvest thanks to the digital transformation that took place many years ago. Since 2018, PVI Re has digitized all old documents related to payment records, and implemented solutions to digitize business processes. The following years are the period of completing digital transformation with solutions for electronic signatures, contract digitization, online reinsurance payment through the banking system. PVI Re is also a pioneer in pushing the entire Vietnam reinsurance market to participate in digital transformation through the e-reinsurance transaction portal.

PVI Re is building a flexible business model based on the foundation of digital transformation. Working online has been effectively deployed by PVI Re, ensured business continuity. Employees stopped coming to the company but did not stop working, PVI Re's business activities were maintained stably during the quarantine period.

PVI Re's digital transformation is not only to cope with the pandemic but also aims to make information transparent, improve working speed, reduce paperwork, save time and cost. In addition to the negative impacts, the Covid-19 pandemic is also an important turning point that completely changes the operation mode of the world economy, in which comprehensive digital transformation will be an inevitable trend to maintain growth and cope with future fluctuations. The large investment in digital transformation will help PVI Re open up many new opportunities for development, increase competitiveness in the market as well as have many directions to develop new products and services.