The 2023 Summary Conference and Implementation of the 2024 business plan were effectively organized by GIC on December 21, 2023, in the port city of Hai Phong. Leaders from the Executive Board, Supervisory Board, Member Units, Regional Directors, Departments, Boards, and Centers at the Headquarters, as well as Mr. Ho Nam Thang, Chairman of the Board of Directors, and Mr. Phan Hoang Chung Thuy, General Director, attended the conference.
With many swings in the market economy through 2023, the Insurance industry in general, and Global Insurance (GIC) in particular, cannot avoid repercussions on their commercial activities. Total insurance premium revenue across GIC has not grown at the predicted rate, according to forecast data for GIC's business performance in 2023.
The conference will be held in the port city of Hai Phong on December 21, 2023 (Photo: GIC)
Faced with significant market issues and obstacles, GIC's Board of Directors swiftly understood that this was also an opportunity for GIC to drive internal transformations. From there, it assists businesses in improving their internal capacity in order to welcome the market's new recovery cycle and achieve the objective of being one of the Top 10 Insurance Companies with the highest premium revenue in Vietnam by 2025.
Mr. Phan Hoang Chung Thuy, General Director of GIC, delivered a commanding speech at the Conference (Photo: GIC)
04 significant initiatives were implemented and yielded numerous positive results in 2023, including the project to digitally alter the workspace with the Base application and the new pay policy project for employees. Staff working at the Head Office, a project to improve the business outcomes of Motor Vehicle Insurance, and a project to establish a CRM system for customer relationship management.
In order to encourage collectives to contribute to overall performance, the Board of Directors has decided to recognize up to ten outstanding Business Departments/Departments in 2023.
The Board of Directors bestows rewards upon groups that have made significant contributions in the year 2023 (Photo: GIC)
Anticipating the advent of 2024, which marks the third year in our steadfast pursuit of achieving our objectives, GIC has formulated a comprehensive plan wherein the total insurance premium revenue is projected to reach 2,087 billion VND, reflecting an 18% increase. Concretely, GIC is committed to advancing pivotal initiatives, including the enhancement of the compensation appraisal process, the facilitation of research and development activities for innovative products, the reinforcement of internal training programs, the expansion of projects dedicated to the transformation of our digital work environment, and the orchestration of initiatives aimed at disseminating information and understanding of the new Insurance Business Law across the entire organizational spectrum.
At the same time, GIC is implementing a number of bonus programs in three core operations: human insurance operations, motor vehicle insurance operations, and financial insurance operations. Products - Engineering - Maritime with the goal of motivating Business Units to grow.
From now until the end of 2025, GIC will launch 06 new member companies and aim for the target of 70 Departments, with the concept of constantly growing the transaction network and bringing GIC's brand closer to customers.
Chairman Ho Nam Thang honored the usual projects in 2023, as well as the Business Units that attempted to meet their intended targets, at the end of the Conference. At the same time, the Chairman anticipates that the entire GIC system will continue to work hard to achieve the impending 2024 target.
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