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FPT IS to build a database for compulsory vehicle insurance in Vietnam
On Jan 5, the signing ceremony of the project "Building database for compulsory civil liability insurance of motor vehicle drivers" of FPT IS and Vietnam Insurance association (VIA) took place at the Melia Hanoi hotel. VIA General Secretary, head of the Insurance Fund and project director Mr. Phung Dac Loc and FPT IS CEO Duong Dung Trieu represented the two sides to sign the contract.
The VND 32 billion BI-GIS (Business Intelligence - Geographic Information System) project aims to research and apply a unified and synchronized system to manage and monitor the compulsory insurance for motor vehicle drivers nationwide.
Under the five year contract, FPT IS will provide the VIA with a license for the SAP Business Object, install software, provide server hosting and system software, establish a datacenter, and lease the line for the database, including one year to construct the system and four years of data hosting and maintenance services.
VIA General Secretary, head of the Insurance Fund and project director Mr. Phung Dac Loc and FPT IS CEO Duong Dung Trieu represented the two sides to sign the contract.
The priority to build a centralized database to manage compulsory vehicle insurance under State administration is essential for the general development of the insurance sector. With a common database, insurance companies will be able to create their own databases compatible with their systems that can connect to the shared database to improve management efficiency and facilitate decision making to ensure more precise compensation for damages caused by traffic accidents.
The central database will benefit a variety of users including insurance companies, the VIA, Department for Managing and Controlling Insurance and other related agencies such as Public Security and the Department of Registration as well as hospitals. The system will comprise all essential modules such as compulsory and voluntary insurance data warehouses, data input, reporting, a digital platform map and system administration.
There are more than 32 million motor-vehicles and motorbikes in Vietnam, 7.5 million of which were purchased with motor insurance, and 1.5 million automobiles, 1.4 million with insurance. It is forecasted there will be 35 million motor-vehicles and motorbikes by 2015 and that figure will increase to 36 million by 2020, creating increased risks to the community's health, lives and assets. In the meantime, identifying the vehicles with insurance and the compensation levels is difficult because there is no unified database for compulsory vehicle insurance, and it is far beyond the processing capability of manual data collection to create such a database.
Individual insurance companies are also required to have their own vehicle insurance databases by 2012, which will vary greatly, making connections between them almost impossible. Therefore, it is necessary to implement advanced, standardized IT solutions to meet their current business demands and promote future development.
Mr. Phung Dac Loc- VIA General Secretary, head of the Insurance Fund and project director says: "There are an ever- increasing number of vehicles and vehicle owners in Vietnam, which presents numerous difficulties for insurance companies in collecting and updating information because of gaps in the profession and IT infrastructure. Vehicle insurance, especially for motorbikes, is sold mostly in retail shops that seldom collect enough information on the vehicle and/or its owner. This happens all over the country and it has become a headache for us in the insurance sector to unify and manage all the information quickly and accurately. Applying information technology and building a modern, centralized database is the key to resolving this problem".
Mr. Loc said he hopes the database will be able to connect with those of the traffic police, registration departments and hospitals to reduce the wait for compensation and protect the rights of traffic victims. The database will store information on the cause and time of the accident as well as the victim's age, the name of vehicle owner, etc, and calculate the damages to facilitate the processing of vehicle insurance claims.
On behalf of the project contractor, Mr. Duong Dung Trieu- CEO of FPT IS said: "This project has confirmed FPT IS's direction and capability in implementing ERP applications for the public sector, with the VIA as one of the pioneers. Our experts will research the most appropriate solutions to build a reliable and efficient system able to process the large amount of data, which will triple or quadruple in the next five years as the number of motorbikes and automobiles is expected to rise sharply".