Hung Nghiep Insurance Broker (HNIB) is a relatively new company established in January 2021, but it has a solid foundation of business experience in Vietnam insurance markets dating back to 1997 when it assisted the Phu My Hung urban planning project in District 7, Ho Chi Minh City, Vietnam's most successful and famous urban project. The firm can provide excellent services to clients such as contract review, reinsurance placement, employee benefits, claims support, and risk management, and it specializes in niche products such as Trade Credit, Stock Throughput, Renewable Energy, and Casualty, among others.
HNIB has a dedicated team with more than 15 years of experience in insurance broking services at multinational broking businesses, including experience in the general commercial line, reinsurance, trade credit insurance, and other specialties. HNIB ensures that team members are kept up to date on the latest strategies and follows Townhall meetings for the entire firm to discuss strategies with all personnel. Regular and ad hoc meetings with specialized teams relevant to the strategies, sharing project progress with team members regularly, as well as cross-sale activities among teams.
HNIB has a strong connection and relationship with the local insurance market as well as the regional and international insurance markets, including cooperation with over 20 non-life insurers in the local market and reinsurance cooperation with partners in China, Hong Kong, India, Korea, Singapore, Taiwan, and the United Kingdom. Moreover, the firm has a service partner network in Cambodia, China, Hong Kong, Korea, Laos, Malaysia, Philippines, Singapore, Taiwan, and Thailand, allowing it to provide its clients with multinational services. HNIB combines risk consulting, insurance consultant, and claims support together in providing excellent services to its clients, for instance, understanding the client's needs and concerns, reviewing their contracts with vendors/suppliers/contractors, and linking the exposures, liabilities, and contractual liabilities.
The firm spent time looking for insurance products that were not available in Vietnam but were available in international markets, studying and defining whether the product met the client's needs at reasonable premiums, a broader scope of coverage, quick claim settlement, and compliance with the law/regulations. Before introducing the product to its clients, HNIB consults with potential reinsurance markets to gain their support. Thanks to this endeavor, the firm has gained the trust and understanding of its clients, and an increasing number of clients are flocking to employ its services.
Services at Par
Insurance policies are based on standard wording; its approach is to obtain thorough risk information from clients via risk consulting in order to develop a policy that responds to a specific risk of clients.
Through risk surveys, clients receive improvement recommendations not just for insurance placement but also for the long-term operation of the organization. Risk engineers, on the other hand, assist clients in presenting effective risk management measures to underwriters in order for them to assess better coverage and premium. Approaching insurers is a division of risk consulting, insurance consulting, and claim. The difference between HNIB and others is that it combines these processes into one; information from risk assessment will enhance the process of policy creation and claim preparation. “We understand the client's issue and engage with insurers from the time the policy is placed, rather than waiting until a claim occurs. Any lessons learned from the claim will be returned to the risk management stage for assessment and improvement", Jason Lin, P&C Manager. 
(L-R): Henry Nong– Claim Director, Janice Giang – Deputy Manager, Jimmy Huang - General Manager, Bonnie Dang –Executive, Jason Lin – P&C Manager The firm further intends to develop a digital platform/ app system of quotes for personal line insurance products, automobile insurance, and life insurance. This will provide a comparison function, match demand and cost, and make it more convenient for its consumers to make decisions, not only saving time but also money. The firm will also put up an online robot customer service that can handle quote and claim inquiries from its clients 24 hours a day, 7 days a week, 365 days a year, offering rapid responses to its key customers.
Addressing the Challenges
Typically, when a client has a large claim but cannot have it resolved to owe to a variety of complications with their policy arrangement. The customer sought HNIB for opinions and assistance on how to proceed with their claim settlement. The firm scheduled meetings between the client and the insurer, as well as the loss adjuster, to resolve all outstanding issues, and accompanied the client throughout the claim process until the claim was successfully completed.
In another situation, the insurer refused the claim owing to substandard material, and HNIB assisted the client in proving to the loss adjuster and insurer that the real source of damage was external impacts. The claim was then paid. Another example is that ICBA (International Credit Brokers Alliance) previously had a local service partner selection in Vietnam, and as a new start-up company less than two years, the firm finally beat its local competitor and demonstrated its capability to the ICBA selection committee, and won the selection as an ICBA local service partner in Vietnam.
HNIB combines risk consulting, insurance consultant, and claims support together in providing excellent services to its clients
Road Ahead
HNIB is a modest company, but it can deliver big results to clients, and it plans to be a provider of insurance entire solutions (including non-life insurance, life insurance, and reinsurance) in the local market. All in all, HNIB firmly believes in experience and expertise. "The use of the Vietnamese name - Hung Nghiep - as our official company name demonstrates how we define our position and how we intend to operate in Vietnam.We are looking to bring the globe here and connect with the world and the professionals in Hung Nghiep. Connecting with the world by and from Hung Nghiep!”, concludes Jimmy Huang.
Jimmy Huang General Manager
"The use of the Vietnamese name - Hung Nghiep - as our official company name demonstrates how we define our position and how we intend to operate in Vietnam. We are looking to bring the globe here and connect with the world and the professionals in Hung Nghiep. Connecting with the world by and from Hung Nghiep!"- Jimmy Huang.
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