LVI partners for improving digital experience

Manh Hai

LVI and BCEL sign a cooperation agreement on insurance products

On 5 August 2020, Banque Pour Le Commerce Exterieur Lao (BCEL) and Lao-Viet Insurance Joint Venture Company (LVI) signed a cooperation agreement and launched electronic insurance certificate and insurance service payment via BCEL One and BCEL i-bank apps.

According to the agreement, customers can buy new, renew and pay for LVI's motor vehicle insurance and health care products through the BCEL One, BCEL i-bank.

LVI is the first insurance company licensed by the Laos Finance Ministry to deploy electronic insurance certificates to customers through applications of banks and telecommunications companies. Customers buying LVI's insurance through the applications will receive an electronic insurance certificate on their mobile phone as replacement for the hardcopy certificate.

Mr. Nguyen Viet Hai, Chief Executive Officer of LVI, proposed state regulators to continue supporting the company’s business activities in particular and the Laos’ insurance market in general. He also proposed the Traffic Department of the Laos Security Ministry to popularize the use of e-certificate for vehicle insurance across the country to facilitate people.

BCEL is the largest bank in Laos and a founding shareholder of LVI in addition to BIDV Insurance Corporation (BIC). LVI ranks second by market share in Laos.

Previously, LVI implemented this service via U-Money, a mobile payment app developed by Unitel (a member of Viettel Global in Laos). The company is the first in Laos to implement new insurance selling channel via Mobile Money, Internet Banking and e-insurance certificate. LVI said it would continue to work with other banks and telecom companies to universalize this type of issuing insurance to optimize customer convenience and business efficiency.

LVI, established and officially launched in June 2008 in Laos, is a joint venture between BIDV Insurance Joint Stock Corporation and Banque Pour Le Commerce Exterieur Lao and Lao-Viet Joint Venture Bank. The company's main business lines include non-life insurance, reinsurance and financial investment services. As of 31 December 2019, total assets of the company hit USD16 million.