PVI Re and Bao Long launched electronic portal for reinsurance transactions

03:08' CH - Wednesday, 01/09/2021

PVI Reinsurance Corporation (PVI Re) and Bao Long Insurance Corporation successfully completed the signing of the Electronic Reinsurance Transaction Portal.

The implementation of the Electronic Reinsurance Transaction Portal between Bao Long and PVI Re will help connect the information technology systems between the two entities and give access to manage all reinsurance agreement and reinsurance transactions on this digital platform. With this system, specific tasks that are "traditional" and "man-consuming" such as generating premium payment and losses compensation are made through a digital signature system and automatically rotated between the two portals that will help managing account offsets quickly, clearly, and orderly.

Bao Long and PVI Re intend to establish a sustainable business model going paperless and minimizing storage space for reinsurance closings. This cooperation will ensure resource optimization, improving business performance and promote digital transformation in insurance/reinsurance companies.

Until present, PVI Re had successfully developed Electronic Reinsurance Transaction Portal with Vietnam Joint Stock Commercial Bank for Industry and Trade (VBI), BIDV Insurance Corporation (BIC) and Bao Long Insurance Corporation.

PVI Re is aiming to sign and utilize the Electronic Reinsurance Transaction Portal with other insurance companies both locally and internationally, for a green, paperless and space-saving business model.

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