ASSIGNMENT 2 FRONT SHEET

Qualification BTEC Level 5 HND Diploma in Business

Unit number and title Unit 11: Research Project

Submission date 29/8/2022 Date Received 1st submission

Re-submission Date Date Received 2nd submission

Student Name Nguyen Hoang Viet Student ID BH00081

Class PBBA17101 Assessor name Hoang Van Dung

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 The Impact of The Global Pandemic

develop the recovery strategy for

Chubb Life Ha Noi

GRADUATE THESIS

MAJOR: INTERNATIONAL BUSINESS ADMINISTRATION

AUTHOR: Nguyen Hoang Viet

LECTURER: Hoang Van Dung

PROGRAMME: BTEC Higher National Qualification in Business

SUBJECT: Semi Project

SCHOOL: BTEC-FPT International College

Hanoi, 15th July 2022.
Contents
EXECUTIVE SUMMARY ........................................................................................................................................................ 7

I. ACKNOWLEDGEMENTS ............................................................................................................................................... 7

II. INTRODUCTION ........................................................................................................................................................... 7

III. LITERATURE REVIEW ............................................................................................................................................. 10

3.1. Domestic research ............................................................................................................................................ 10

3.1.1. Innovation as recovery strategy for small and medium-sized enterprises in emerging economies
during the COVID-19 pandemic ................................................................................................................................ 10

3.1.2. Homestay businesses' strategies for adapting to and recovering from the COVID-19 pandemic: A
study in Vietnam ....................................................................................................................................................... 11

3.1.3. Recovery Strategies in On-Line Service Failure........................................................................................ 12

3.2. Foreigner studies .............................................................................................................................................. 12

3.2.1. Business Recovery Strategies for Adversely Affected Industries in the UAE- Covid-19 Crisis Response12

3.2.2. Recovery strategies for service composition in dynamic network ......................................................... 13

3.2.3. Recovery Strategies of Tourism Businesses in the COVID-19 Pandemic in Indonesia ........................... 13

IV. METHODOLOGY .................................................................................................................................................... 14

V. FINDINGS ................................................................................................................................................................... 14

VI. RECOMMENDATIONS ........................................................................................................................................... 18

VII. CONCLUSIONS ....................................................................................................................................................... 19

VIII. LIMITATIONS AND SUGGESTIONS FOR FUTURE RESEARCH ................................................................................ 19

IX. CRITICAL EVALUATION.............................................................................................. Error! Bookmark not defined.

EXECUTIVE SUMMARY
This report examines the influence of the worldwide pandemic COVID-19 on the recovery planning model
development of organizations, specifically target is Chubb Life Ha Noi, one of Chubb Life Iínurance Vietnam
Company Limited branches. Most companies have been impacted by the COVID-19 outbreak and the
government's social distancing efforts to deal with the disease. During that period, almost all organizations
have been affected and forced to adjust to come up with plans to cope with the situation. This research is all
about conducting theoretical systematic research and insightful analysis of develop the recovery strategy of
Chubb Life Ha Noi during Covid 19. From the data collected, the thesis will propose logical solutions to
positively impact and minimize negative impacts on Chubb Life Ha Noi.

I. ACKNOWLEDGEMENTS

In order to successfully conduct and finish this thesis, I would want to offer my sincerest gratitude to the
Chubb Life Ha Noi company's personnel, managers, and leaders for their utmost enthusiastic support,
concern, and assistance during the data gathering procedure for this research study. The final product is a
transparent, accurate, and well-informed study report that ensures objectivity and science.

In addition, I'd want to express my gratitude to BTEC-FPT International College, particularly my

teacher/lecturer Hoang Van Dung, who patiently answered my questions and guided me through the
research and completion process. “The Impact of The Global Pandemic develop the recovery strategy for
Chubb Life Ha Noi” is the title of the thesis. At the same time, I'd want to express my gratitude to all of the
lecturers who have personally taught and transmitted professional and scientific knowledge in the subject of
International Business Administration during the course of my studies.

II. INTRODUCTION

The outbreak of acute respiratory tract infections caused by the new coronavirus (Covid-19) appeared in
December 2019, and on January 31, 2020, the World Health Organization (WHO) declared a global health
emergency. Up to now, the development of the epidemic situation has been very fast, serious, complicated,
unpredictable and has not predicted the peak of the epidemic, the time of end, the scale and scope of
impact.

So far, the COVID-19 epidemic is still very complicated in many countries around the world, negatively
impacting major economies such as the US, China, Japan, the European Union ... In Vietnam, in the first 6
months of 2020, COVID-19 impacted the economy and caused our economic growth to fall to the lowest
level in 10 years. It seems that the COVID-19 pandemic storm has passed and the economy will recover after
that difficult period, but after 99 days without infection in the community, sars-CoV-2 virus infections were
detected in Da Nang, Quang Ngai, Quang Nam and spread to the provinces, other cities in the country
(Hanoi, Ho Chi Minh City, Hai Duong, Dak Lak...), threatening economic growth, business development and
workers' income.

With an economy with a high level of openness, when the Covid-19 epidemic occurred causing the global
production chain to break, Vietnam's economic activities suffered severe supply and demand shocks, with
the inevitable consequence of a very sharp decline in growth, reaching only 2.91% in 2020. Although this is
still a positive growth rate, it is the lowest GDP growth rate in the past 20 years. In order to prevent the
economic slowdown, the Government has introduced many guidelines and solutions to achieve the "double
goal" of preventing pandemics and developing the economy. In fact, the policies and solutions implemented
have promoted a positive impact in economic activities with GDP growth in the first 6 months of 2021
reaching 5.64% (Nhat Quang, 2021). However, due to the outbreak of the epidemic in a series of localities,
especially at the locomotive of economic growth in Ho Chi Minh City from March 2021 forcing the
Government to continue implementing social distancing, the result is that although fiscal and monetary
measures have been implemented, economic growth continues to decline, only 2.58%.

However, Covid-19 has created a disparity between paid insurance claims and safety insurance. The number
of people participating in insurance also decreased rapidly due to rising unemployment, adversely affecting
the collection of premiums and new exploitation. Accordingly, non-life insurance premium revenue will
decrease slightly due to the COVID-19 epidemic that has affected import and export activities, tourism, air
transport, shipping ... leading to the revenue of premiums of the insurance services of imports and exports,
health insurance, aviation insurance ... diminish.
In the first 4 months of 2020, the total revenue of insurance premiums in the whole market was estimated
at VND 51,395 billion, an increase of 14.5% over the same period in 2019. In particular, the premium
revenue of life insurance enterprises reached VND 33,475 billion, an increase of 17.6%; premium revenue of
non-life enterprises reached VND 17,920 billion, an increase of 9.11%.

"Although the whole market still achieved fee revenue growth, in terms of growth rate for both life
insurance and non-life insurance sectors was lower than the growth rate in the same period in 2019 (the life
sector achieved growth of 25.5% and the non-life sector achieved growth of 13.12% in 2019).

Experiencing the days of fatigue, anxiety, fear due to the 'stalking' of Covid-19 and facing the news of
hundreds of deaths every day, along with the rapid increase of new infections, especially during the 4th
outbreak, health issues became the top concern of the people and the whole society. Therefore, it is also
understandable that nearly 71% of insurance companies in Vietnam said that the impact of the Covid-19
epidemic has significantly improved people's awareness and understanding of insurance, according to a
recent survey released by Vietnam Report. This improvement will create an important growth engine for
insurers in the second half of 2021 and lay the foundation for higher insurance penetration to GDP in the
coming years. Currently, this indicator is low. By 2020, Vietnam will have only 11% of the population
participating in life insurance, the average premium revenue of GDP is up to 3%, much lower than other
countries in the region. With this momentum, by 2025, it is estimated that 15% of the population will
participate in life insurance with revenues expected to reach 3.5% of GDP, just 0.2% higher than the average
of countries in the region in 2019. This shows that the development of the insurance industry in Vietnam is
still very large.

The COVID-19 pandemic has been making health issues a top concern for people and society as a whole.
Therefore, insurance companies have reacted quickly and timely when increasing the benefits of life
insurance, traditional health with a wide range of health products and services for customers. Even so, it
presents many different challenges for the insurance industry. The first challenge is that increased levels of
competition in the industry are not a new problem for the insurance industry. Currently, most insurance
companies are more confident with breakthroughs thanks to technology, product diversity and the quality of
consultants/ agents. The second challenge is that the difference in the quality of customer care, premiums
or distribution network coverage among insurance companies has decreased significantly. That's because
over the past year, the insurance industry has made a positive change; Customers have the opportunity to
access insurance more quickly with more experience and professionalism. Vietnam Report's consumer
survey results also show that the majority of customers are quite satisfied with the presence, reliability,
sympathy, responsiveness, service capacity, product quality as well as premiums that insurance companies
are providing. The third challenge is the decline in customer income, according to the General Statistics
Office, about 22.2 million workers suffered income loss due to the impact of COVID-19 in 2020. In the first
quarter of 2021 alone, this number reached 6.5 million people (approximately one-third of all people
affected by COVID-19 in 2020). The last challenge is the issue of insurance profiteering, Inflation can affect
the profitability of the insurance industry through 4 channels are claims, expenses, investment income and
balance sheet; In particular, the most affected is the compensation channel. Inflation also leads to higher
compensation costs, eroding profits. The more sudden the increase in inflation, the more severe the impact
is due to unregulated premiums. Therefore, it can be seen that the study of remedial planning models of the
insurance industry is really necessary and urgent. Therefore, I decided to choose the theme "Developing
Chubb Life Hanoi's recovery strategy" to study economic recovery strategies. From there, propose solutions
to restore the operation of the insurance industry in general and Chubb Life Hanoi insurance company in
particular.

III. LITERATURE REVIEW

3.1. Domestic research
3.1.1. Innovation as recovery strategy for small and medium-sized enterprises in emerging economies
during the COVID-19 pandemic

Authors: Omar Caballero

Published: February 2021

The isolation and disruption of non-essential activities as a measure to prevent the COVID-19 pandemic has
negatively affected all economies worldwide. This has had a deeper impact on small and medium-sized
enterprises (SMEs) in emerging economies because they have very limited resources and vulnerable supply
chains and business-to-business relationships with customers. In this context, it is expected that after the
pandemic, many of these businesses will disappear because the "new norm" will require changes in business
management and infrastructure. To mitigate this risk, innovation is identified as an important aspect of
restoring business activity during the ongoing period and after the COVID-19 pandemic. This work presents a
multidisciplinary methodological approach to guide these businesses innovating their products for new
markets and making better use of their limited available resources. As an example of this approach, the
development of a new product supported by research for a family-owned small and medium-sized business
has been undertaken in an area at high risk of COVID-19. The results provide insight into innovation as a tool
that exists for small and medium-sized businesses during and after COVID-19, and the use of digital
resources is identified as the primary driver for networking and research-based design of innovative
products in the context of "social distancing."

3.1.2. Homestay businesses' strategies for adapting to and recovering from the COVID-19 pandemic: A
study in Vietnam

Authors: Tin Doan - Richard S. Aquino - Hongxia Qi

Published: May 2022

Adaptation and recovery are essential for businesses to survive crises and disasters. Drawing on the
concepts of business resilience and hospitality service delivery practices, this study explored strategies
employed by owners of Vietnamese homestay businesses for adapting to and recovering from the COVID-19
pandemic. Semi-structured interviews with 17 purposefully selected homestay owners were conducted
during the pandemic. The thematic analysis of the data revealed three major strategies: adapting
operational protocols, modifying products and service offerings, and reinstating the authenticity of the
homestay experience. A conceptual model illustrating the transformations in homestay businesses was
developed from the findings. As the study particularly revealed that the selected Vietnamese homestay
businesses showed a strong capacity for adaptation, we discuss several factors influencing the
implementation of adaptation and recovery strategies. This study contributes to the understanding of how
micro, small, and medium-sized enterprises can adapt to external shocks and new externalities and provides
practical implications for homestay owners and stakeholders in relation to their post-pandemic business
recovery.

3.1.3. Recovery Strategies in On-Line Service Failure

Authors: Wilson Ozuem - Geoff Lancaster

Published: January 2013

Despite a proliferation of a number of studies on service failures and recovery in e-service settings, there is a
paucity of knowledge of ways in which service failures and recovery practices are implemented in the
fashion industry. Drawing on constructivist perspective, this study offers a new perspective on an effective
relational mechanism that would bridge the rupture between consumers and companies particularly in the
on-line fashion sector. The analysis adds to studies on service failures and recovery by elucidating recovery
strategies relevant to retailers’ operations in on-line environments. This analysis advances knowledge of on-
line service failures and recovery in the UK fashion industry. Findings indicate that consumer expectations of
service failures and recovery are context driven, which requires companies to fine-tune their recovery
strategies to improve recovery satisfaction.

3.2. Foreigner studies

3.2.1. Business Recovery Strategies for Adversely Affected Industries in the UAE- Covid-19 Crisis
Response

Authors: Pranav Kumar, Usha Seshadr, Paramaiah CH

Published: May 2021

Covid-19 pandemic struck the world during December 2019, and it has now been over a year that the
countries are still struggling to cope up with it. United Arab Emirates (UAE), largely being an oil-driven
economy witnessed a contraction in its GDP in 2020. While the UAE is still to assess the total economic and
social costs of the pandemic, many businesses seem to have got highly affected and some of them might be
on the verge of getting wiped off from the market. Consequently, unemployment might upsurge resulting in
increasing number of people falling into the poverty trap. Thus, it is essential for the government and
businesses in the UAE to explore possible alternatives to revive the economy. Even though vaccination has
started, it is only in the initial stage and another wave of Covid-19 could be anytime possibility. As such, this
study attempts to understand the impact of Covid-19 on the UAE’s economic environment along with major
sectors that have gained or got distressed in the pandemic. Also, it reviews the existing literature on post-
disaster business recovery strategies and identifies the comprehensive framework that could aid the UAE in
reviving its economy and businesses. The framework highlighted in this study focuses on the collective
action of both government and businesses to fight against the pandemic. It guides the economic recovery via
building trust among the people, creating an entrepreneurial and startup ecosystem, learning from small
business recovery plans and infusing financial stimulus to create a much needed sustainable and resilient
business environment.

3.2.2. Recovery strategies for service composition in dynamic network

Authors: Lili Sun - Jianwei An - Ming Zeng

Published: December 2011

Due to the mobility of nodes, link failures, dynamic topology, as well as limited energy and bandwidth of the
nodes, recovery strategies for service composition have caused a widespread concern in dynamic network.
Different from rollback mechanism of post service composition interruption, Backup Service Replacement
Strategy (BSRS) can accelerate the service repair process. In this paper, we propose two novel recovery
strategies based on BSRS: Cold Backup Service Replacement Strategy (CBSRS) and Hot Backup Service
Replacement Strategy (HBSRS). Experiments are conducted to show that the proposed strategies
significantly improve the performance of service composition and effectively guarantee the availability and
reliability of service composition in dynamic network.

3.2.3. Recovery Strategies of Tourism Businesses in the COVID-19 Pandemic in Indonesia

Author: Fulka 'Ilmy Avicenna Ralinas - Juhanda Juhanda - Faozen Faozen - Hadi Jatmiko

Published: June 2022

This paper explores compatible recovery strategies executed by the tourism business owners to survive their
businesses due to the undeniable stagnation of the Covid-19 pandemic in Indonesia. The present study
utilizes semi-structured online interviews to explore participants' activities, experiences, and strategies to
maintain the tourism business during the COVID-19 pandemic. We garnered all data concerning the practical
field experiences of participants by distributing google forms and collected further information from
communication via telephone and WhatsApp. The research results showcased three strategies for the
tourism business survival: improving hygiene and health standards, intensifying promotion, and operational
cost control. Practically, this research will benefit tourism businesses to be more resilient in uncertain
conditions in the future. The current study also contributes to the authority to resolve relevant policies
incorporated with economic recovery related to the crisis due to the pandemic.

IV. METHODOLOGY

We decided to create a thorough examination of Chubb Life Systems' "Business Recovery Strategy" in the
wake of the COVID 19 epidemic. Methods of quantitative research will be used in this investigation. Due to
COVID-19, 100 customers from the Chubb Life System will be referred to by one question from the
accessible questionnaire. Instead of employing techniques that only have a short-term impact, this will boost
the research's accuracy and correctness when it comes to identifying answers and strategies to increase
student productivity even when they are not present at the organization in person.

V. FINDINGS

Figure 1: What is your position at Chubb Life?

Data from The Figure shows that of the 100 respondents, 10% were leaders, 16% were managers, 50% were
employees, and the remaining 24% were others. Center directors, marketing directors, sales managers,
academic managers, and human resources directors are examples of management positions. An example of
a leader is someone who excels in sales, HR, etc. Other professionals are employed here as well. Others are
the front desk, security, etc. The fact that 50% of the Chubb Life‘s staff are current employees shows the
leadership and management team's managerial prowess.

Figure 2: Did you notice a drop in performance while working remotely at home during the Covid-19
pandemic?

As most of the time during the pandemic, people went into quarantine, and so was Chubb Life employees
who were forced to work from home. Network connection, lack of interaction maybe most responsible for
causing trouble in the work performance. However, up to 71.4% up to 3/4 of the participants select "No"
while the remaining 28.6% select "Yes".

According to a Chubb survey report published on July 14, 2020, Americans working from home as a result of
the COVID-19 epidemic are still productive, putting in the same amount of time or more, and maintaining
relationships with friends and family. A sizable majority of people desire to work from home more regularly
than in the past once the pandemic is over. The Chubb survey, however, also reveals indications of stress as
Americans battle to strike a healthy work/life balance in a work-from-home setting. Many Americans are
consuming more drinks, snacks, and meals. The risk of cyberattacks is significant, especially for wealthy
individuals. There has been an increase in wrist, back, and shoulder pain, which may be related to the poor
ergonomics of home workstations. All respondents, regardless of income level, had a significant level of
financial well-being concerns.

Figure 4: Has Chubb Life implemented an innovation strategy?

As a result, when asked if Chubb Life had adopted an innovation approach, all of the employees said "Yes."
As can be seen, Chubb Life consistently innovates, creates, pioneers in digital transformation, is customer-
centric, and offers its clients the best possible solutions.

Figure 5: What is the greatest challenge that you think Chubb Life had to face during Covid-19?
Figure 6: Are you satisfied with Chubb Life Recovery Strategy?

People were immensely happy with Chubb Life recovery strategy following the pandemic as evidenced by
the accompanying image: 44% and 22% of respondents expressed happiness, 6% said they felt normal, 14%
expressed dissatisfaction, and 14% were extremely dissatisfied with the response to the epidemic. However,
the picture also shows that there are still room for more improvement as 28% of the people asked showed.
Perhaps the insufficient circumstances and lack of experience make it difficult to carry out the plan
effectively. Development, cost-saving measures for primary operations, meetings, and travel author work
are combined with increased social security spending and resources for the control and prevention of
epidemics.

Figure 7: Consolidated profit of Chubb Life from 2017-2021

 Consolidated profit of Chubb Life from 2017-2021
1200

1000

800

600
980.568
400 821.918
565.802
200 375.511
250.128
0
2017 2018 2019 2020 2021

Consolidated profit of Chubb Life from 2017-2021(Millions VND)

Despite all that has happened in the time of Covid-19, Chubb Life Vietnam still affirms its own mark on
business performance. From what the chart shows, it can be seen that Chubb Life's consolidated profit from
2017-2021 increased drastically. Starting from 2017, Chubb Life recorded a 250.128 million VND in profit
before taxed, and it kept on increasing annually. Until the end of 2021, Chubb Life’s consolidated profit was
980.568 million VND, almost 2 times comparing to what it was in 2019, which was 565.802 million VND. Net
operating revenue of insurance business alone is 4.327.290 million VND. At the end of 2021, equity has
reached 4.270.705 million VND, an increase of 22% compared to the end of 2020 (3.486.396 million VND)
and 7.1 times the Legal Capital. Chubb Life‘s ROA (return on total assets) and ROE (return on equity) were
6.50% and 18.36%, respectively a really good percentage.

With good business results and effective capital management, the company's profitability in 2021 mostly
increased compared to the previous year to ensure that the Company can continue to follow the sustainable
development strategy in the long term.

RECOMMENDATIONS

Continue to improve the full range of online utilities for Customers in managing contracts and claims to
resolve insurance benefits (via Chubb eConnect application).
To assure the expert use of tools, continue to promote professional knowledge in online sales, allow
professionals to interact and share ideas, and provide training to improve the use of online platform
features.

Continue to focus on community support activities, contributing to creating long-term and sustainable
values for Vietnamese education.

VI. CONCLUSIONS

The covid-19 pandemic spread quickly over the world, forcing nations to enact social segregation policies
that slowed the economy. An economic recovery plan is suggested for the Chubb Life Ha Noi in the
aforementioned article. Overall, this is a pretty plausible argument given that the pandemic has subsided,
plans to open businesses in Vietnam have resumed, and individuals can now travel normally. After being
impacted by the Covid-19 outbreak for many years, this is a chance for the insurance sector to quickly
recover and prosper.

VII. LIMITATIONS AND SUGGESTIONS FOR FUTURE RESEARCH

I gathered information for the ensuing study, looked through the findings, and found that it still had several
significant faults. Expected more, there were only 100 samples gathered, as evidenced by the amount of
automatically produced feces collection checks. As a result, there is ambiguity around the data collection
process, and the population is quantitatively represented. Due to time restrictions, the study could only last
4 months, which gave me very little time to model or do additional in-depth online research on the factor
module. There won't be a comprehensive analysis of the search results. The bulk of survey assessments and
interviews are now done online using Google Forms because of the COVID-19 epidemic. Decimal data
occasionally slows and takes a while because of the frequent network and internet disruptions.
REFERENCE
Chubb Corporate Newsroom. 2022. Chubb Corporate Newsroom - Chubb Survey of Americans Working from
Home During the Pandemic. [ONLINE] Available at: https://news.chubb.com/Chubb-Survey-of-Americans-
Working-from-Home. [Accessed 29 August 2022].

www.chubb.com. 2022. No page title. [ONLINE] Available at: https://www.chubb.com/content/dam/chubb-

sites/life-chubb-com/media-center/Bao%20cao%20tai%20chinh%20tom%20tat%202021.pdf. [Accessed 29
August 2022].

www.brookings.edu. 2022. Economic recovery and strategies for recovering enterprises in time US Covid 19
recession. [ONLINE] Available at:https:// www.brookings.edu/research/11facts-on-the- economic-recovery-
from-the-covid-19
pandemic/#:~:text=Fact%201%3A%20In%20the%20second,beyonded%20its%20pre%2Dpa
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. Economic recovery and business recovery strategy during the UAE's Covid 19 recession. [ONLINE] Available
at: https://ncov.vnanet.vn/tin-tuc/uae-va- saudiarabia-se-dan- dau-da-phuc-hoi-kinh-te-hau-covid-19-in-
gcc/bb7ac186-210840ee8954a42f8a055251. [Accessed February 1, 2022].