Bao Viet

Supporting record revenue growth of 38%

Industry

Insurance

Company size

7,000

Region

APAC

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.

Results


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

Workplace helped Bao Viet speed up their operations

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.

Workplace allowed for instant communication between employees at Bao Viet

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.

Bao Viet used Workplace's live video to broadcast weekly business updates

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.

Workplace helped Bao-Viet cut costs and free up travel time for training

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.

Workplace groups helped Bao Viet's communication and company-wide messages

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

Mr Do Truong Minh

Chief Executive Officer, Bao Viet Holdings

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