Developing non-life insurance activities in Vietnam

(7) Pay attention to customers' biggest concerns; (8) always pay attention to customers' special needs and their benefits for the service.

4.3 Conditions for implementing the solution

The state management agency is a market participant, ensuring that market members comply with regulations. Therefore, improving the state's management and supervision capacity means ensuring the healthy development of the market, protecting the legitimate interests of both customers and insurance companies. Therefore, the thesis makes the following recommendations:

Firstly, it is necessary to improve the professional management level of state management officials. This can be done through training and coaching mechanisms. Along with the development of the market, the requirements for the qualifications of management officials must also be increasingly improved and the demand for highly skilled labor in management. Therefore, it is necessary to have a system of planning and developing officials, recruiting highly qualified officials, understanding the practice and providing good treatment to attract and retain talented people. At the same time, it is necessary to improve the political capacity, work style and professional ethics of officials.

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Second, strengthen state management through remote and on-site monitoring mechanisms. It is necessary to promote remote monitoring because this is a regular and inexpensive monitoring tool. Management agencies need to unify the criteria for evaluating enterprises according to international standards and the practical situation in Vietnam. Use modern analytical tools to provide early warnings to enterprises. For on-site monitoring, it is necessary to implement a regime to check the compliance with legal regulations of insurance enterprises and the safety of the system. Although strengthening management and monitoring, the monitoring mechanism must be designed in a simple, effective way and avoid causing negative impacts on the business activities of enterprises. Implementing a monitoring regime does not mean hindering enterprises but is meant as a tool to ensure that market participants respect the rules of the game, for the development of the industry.

To ensure effective supervision, the Government needs to invest in technical facilities for management agencies. Currently, the focus is on applying modern technology, especially information technology in management so that procedures can be processed quickly.

Third, perfecting the state management model of insurance business activities. According to current regulations, the management and supervision of the insurance market is related to the responsibility of many different units such as: the National Assembly's Finance and Budget Committee; Ministry of Finance, State Bank, Audit, Government Inspectorate, etc., in which the specialized management role is the Insurance Supervision and Management Department under the Ministry of Finance. However, the current management trend of countries in the world is according to the consolidated financial supervision model because insurance companies also operate in the financial market. The Ministry of Finance should also consider and soon apply this model in our country because it has shown its advantages when applied in many countries in the world (Norway, Sweden, Denmark, the United Kingdom, Korea, Japan) (Trinh Thi Xuan Dung, 2012) [17]. The unified financial supervision model has advantages over separate supervision models due to better information sharing among management agencies, limiting inconsistencies in the operation of the financial system, taking advantage of resources and coordinating in supervision and management activities. However, when studying the application of this model in Vietnam, it is also necessary to assess the model's obstacles when applying it in order to be able to deploy it effectively.

CONCLUDE

The thesis " Development of non-life insurance activities in Vietnam " has achieved the results as initially set out:

Systematize theoretical basis for developing non-life insurance activities.

Proposing a method to assess the level of development and factors affecting the development of non-life insurance activities in Vietnam.

Assess the current status of non-life insurance activities in Vietnam, especially clarify the limitations and causes that limit the development of non-life insurance activities in Vietnam.

Proposing a system of solutions to develop non-life insurance activities in Vietnam.

(1) Systematizing the theoretical basis for the development of non-life insurance activities includes: Concept of insurance, non-life insurance, non-life insurance market, market participants, factors affecting the development of insurance services. In particular, the study emphasizes the creation of non-life insurance products with service quality, creating customer satisfaction and customer loyalty. These theoretical bases are the foundation for the author to evaluate the overall insurance market and establish an analytical model to verify the relationships between service quality, corporate image, price perception to customer satisfaction and loyalty.

(2) Proposing a method to assess the level of development and factors affecting the development of non-life insurance activities in Vietnam

(3) Assess the current status of non-life insurance activities in Vietnam, especially clarify the limitations and causes that limit the development of non-life insurance activities in Vietnam in the period 2008 - 2013.

(4) Proposing a system of solutions to develop non-life insurance activities in Vietnam.

Although there have been certain contributions such as establishing quantitative analytical models of factors affecting customer satisfaction with services; the impact of funding structure on business efficiency, quantifying qualitative relationships, etc. However, the study also has certain limitations such as: The research sample size is not large, the study only refers to the overall market assessment without comparisons on the level of satisfaction and customer loyalty for different businesses; the study also only investigated customers in Hanoi, so the generalization to the entire market may have certain limitations. These limitations need to be supplemented and completed by further studies.

LIST OF PUBLISHED WORKS OF THE AUTHOR

1. Ho Cong Trung (Main editor), Module 1: Principles and practices of life insurance.

2. Ho Cong Trung (Main editor), Module 2: Activities in Life Insurance Company .

3. Ho Cong Trung (Main editor), Module 3: Life insurance business management .

4. Ho Cong Trung (Chief editor), Module 4: Marketing in life insurance .

5. Ho Cong Trung, Solutions to maintain customer loyalty in non-life insurance in Vietnam

6. Ho Cong Trung (2014), Quality and customer satisfaction in Vietnam's non-life insurance market, Journal of Financial and Accounting Research No. 9/2014.

7. Ho Cong Trung (2014), The impact of capital structure on insurance companies in the Vietnamese stock market, Journal of Financial and Accounting Research No. 10, 2014.

LIST OF REFERENCES

Vietnamese Documents

1. Government (2012) Decision No. 193/QD-TTg dated February 15, 2012 approving the development orientation of Vietnam's insurance market to 2020 , Hanoi

2. Doan Trung Kien (2005), Solutions to improve and develop investment activities at Vietnamese insurance companies , PhD thesis, National Economics University

3. Doan Minh Phung (2007), Improving the efficiency of non-life insurance business activities of state-owned insurance enterprises in the context of openness and integration , PhD thesis, Academy of Finance.

4. Hoang Manh Cu (2007), Financial solutions to develop Vietnam's insurance market, PhD thesis, Academy of Finance

5. Hoang Trong & Chu Nguyen Mong Ngoc (2008), Research data analysis with SPSS - 2 volumes , Hong Duc Publishing House

6. Japan Non-Life Insurance Association, Achieving Healthy Growth in the Non – life Insurance market (2013) ( Vietnamese translation ),

7. Nguyen Quang Dong (2003), Lecture on Econometrics , Statistical Publishing House

8. Nguyen Van Dinh (2008), Insurance business administration textbook , National Economics University Publishing House

9. Nguyen Van Dinh (editor) (2012), Insurance textbook (first edition) , National Economics University Publishing House

10. Nguyen Dinh Tho (2011), Scientific research in business: Design and implementation , Labor - Social Publishing House.

11. Nguyen Cao Van & Tran Thai Ninh (2009), Textbook of probability theory and mathematical statistics, National Economics University Publishing House

12. Pham Thi Dinh (2004), Investment activities of state-owned insurance enterprises in Vietnam , PhD thesis, National Economics University

13. Philip Kotler (2007), Basic Marketing (Vietnamese translation) , Labor - Social Publishing House

14. National Assembly (2000), Law on Insurance Business 2000 , Hanoi

15. National Assembly (2010), Law on Insurance Business amended in 2010 , Hanoi

16. Trinh Thi Xuan Dung (2012), Solutions for developing non-life insurance market in Vietnam , PhD thesis, National Economics University

17. Tran Hung Son & Tran Viet Hoang. (2008), "Capital structure and business performance of listed companies on the Ho Chi Minh City Stock Exchange", Economic Development Magazine , 218

18. Ries, A., & Ries, L. (2004), 22 Immutable Laws of Branding , Statistical Publishing House

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Dynamic – Society

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25. Butle, F. (1996), SERVQUAL review, critique, research agenda, European Journal of Marketing , 30 (1), 8 – 32

26. Blesic, I., Tesanovic, D. & Psodorov, D. (2011), Consumer satisfaction and quality management in the hospitality industry in South East Europe, African Journal of Business Management , 5(4), 1388 -1396

27. Bitner MJ, Fisk RP & Brown SW (1993), Tracking the evolution of the services marketing literature”, Journal of Retailing , 69(1), 61 - 103

28. Bowen, J. (1990), Development of a taxonomy of services to gain strategic marketing insights, Journal of the Academy of Marketing Science , 18(1), 43-49

29. Chow, CC & Luk, P. (2005), A strategic service quality approach using analytic hierarchy process, Management Service Quality , 15(3), 278 - 289

30. Crosby, PB (1979), Quality is free , McGraw – Hill, New York

31. Dufhues, T., Lemke, U. & I.Fischer (2004), Constraints and potential of livestock insurance schemes – A case study from Vietnam. Research in Development Economic and Policy Discussion paper No 5/2004. Stuttgart, Germany: Grauer Verlag.

32. Fah, LK & Kandasamy, S. (2011), An investigation of service quality and customer satisfaction among hotels in Langkawi , International conference on management proceeding, 731 -749

33. Gurajati, D.N. (2003), Basic Econometrics , McGraw Hill.

34. Grzinic, J. (2007), Concept of service quality measurement in hotel industry,

Econ Misao Praksa , 16(1), 81 – 98

35. Han, SL & Beak, S. (2004), Antecedent and Consequences of service quality in online banking: An application of the SERVQUAL instrument, Advances Consumer Research , 31, 208 -214

36. Hanzaee, KH & Nasimi, MA (2012), Path Analysis of perceived service quality, satisfaction and Loyalty in the banking industry of Iran, Research Journal of Applied Sciences, Engineering and Technology , 4(10), 1351 – 1358

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