BIC Insurance Corporation is the non-life insurance branch of BIDV bank, the 4th largest bank in Vietnam. Established in 1999 as à joint venture with QBE Australia, it has 27 branches with 1125 employees at your service.
They took over part of French Groupama Vietnam portfolio as they stopped business in 2015
BIC inherited the student insurance plan for international schools who need to insure the children for:
- any accident injury
- hospital treatment occurring during school activities
- Public liability for material damage and injuries caused to other children or people
The product has low but sufficient limit for Vietnam.
Overall Insurance Rating
BIC is still a Vietnamese insurer with no specific regulation, but the product with its low limits is largely within the means of the insurer.
Benefits have been studied and replicated from an International product designed by French insurer Groupama to best practice standards of the insurance industry.
This mono-product offers 1 comprehensive level of cover with 2 zones for 20-30USD/year.
Price is cheap compared to the level or cover for school children. Buit more importantly is the scarcity of this unique and only-product available in Vietnam as most insurers shy away from school student insurance deemed as dangerous or at least unpredictable when it comes to elementary school.
The service is attentive due to the scarcity of claims for children at international schools where the standards of teaching focus on security and best practices. But also the buildings and facilities are professionally world class designed as opposed to Vietnamese schools.
Ideal Client Profile
International schools and parents looking for a good coverage for their children’s protection for accidents arising in any activity organized by the school. The coverage includes hospital treatment and damage/injury to others.