Many non-life insurance companies in Vietnam are cooperating with insurance technology companies (InsurTech) in a trend aimed leveraging the advantages of the parties.
InsurTech start-ups focus on bringing technology applications into the system to optimise the customer experience not only in product purchases but also in service, care, and advice.
Insurtech firms are seen to have the ability to keep up with new technology trends, provide unique products based on customer needs, while minimising the process of policy applications, issuance as well as compensation.
Meanwhile, traditional insurers have an understanding of the market, consumer behaviour as well as brand power.
For example, Post Insurance (PTI) is working with 9Lives, a small ticket insurance platform for mobile phone users, according to a report in the newspaper Dautu. The insurer also cooperates with Vietnamese InsurTech start-ups Miin and INSO to provide insurance products in rural areas, such as household accident insurance and hospital fee insurance.
9Lives first appeared in Vietnam in 2019 with group insurance products for officials and employees of businesses. With 9Lives, businesses only need to select the appropriate insurance package, and provide a list of employees. The employees then need to download the 9Lives application and enter the company code to receive a free insurance package.
Miin focuses on microinsurance, allowing customers to join health insurance packages provided on an app or website.
INSO is a fully automatic mobile insurance application that allows customers to choose their own insurance policy package. In addition to products such as personal car insurance, health insurance, home insurance, property insurance, INSO also offers specialised insurance plans covering incidents like flight delay and goods return.