Supporting record revenue growth of 38%
Bao Viet Group is the largest financial insurance institution in Vietnam, with employees dispersed across 188 branches and 700 transaction offices. Not only did that make communication and knowledge sharing difficult, it also meant more time spent travelling, more resources wasted on poorly-attended training and less motivation to process new accounts.
Then Bao Viet discovered Workplace. Thanks to their familiarity with Facebook, agents and employees were soon using Workplace for real-time communication and collaboration. And with a large mobile workforce, many of them were doing it on their phones.
38%revenue growth in the first six months of 2018
Up to50%reduction in training costs
60%reduction in time taken to process new policies and resolve claims
How Workplace helped
Speeding up operations
The key to boosting revenue growth was Workplace's ability to reduce the time taken to acquire new customers, which increased the volume of new business while incentivising agents to drive further submissions. The strategy relied on chat bots to automate key operational procedures, which alleviated pressure on frontline workers and cut the average wait for new policy issuances or claim resolutions from seven to three days.
Boosting revenue and market leadership
Instant communication between employees through Groups and Workplace Chat also paved the way for agents across different business units to share relevant information on new products and services, enabling more cross-sell opportunities while boosting customer satisfaction.
Using video to engage employees
"Bao Viet TV" is an innovative corporate communications initiative that uses live video to broadcast weekly business updates. Interviews with company executives and high-performing employees have driven engagement across the organisation.
Delivering innovative training
Agents and employees can also receive live training for new product launches, sales updates and ongoing refresher courses. These sessions are hosted on Workplace and accessed via mobile, cutting costs by 30%-50% (mostly through travel savings) while increasing training frequency by 40%. That frees up agents' time to pursue new deals, drive the business forwards and improve their work-life balance.
Creating a more connected culture
Bao Viet Group was quick to reimagine how instant group-wide communications could create an open culture and cultivate a shared sense of purpose. Through Workplace, all 230,000 agents and employees now have a consistent and reliable way to connect, and are equipped with best practices and product knowledge wherever they are.
"Workplace is the single platform that allows us to connect and create cross-sell opportunities with employees across all seven subsidiaries."
Mr Do Truong Minh
Chief Executive Officer, Bao Viet Holdings