4 top Vietnamese InsurTechs digitally transforming the insurance sector

By Edil Corneille

Insurance technology or InsurTech enables individuals with greater access to the knowledge of insurance products, thus improving the current insurance industry model so that customers can make optimal decisions in the selection of insurance. InsurTech collaborations are said to drive digital innovation across the industry and maximise value. Incumbent insurers and InsurTechs must increasingly collaborate and create an InsurTech ecosystem on a large scale.  A subset of financial technology (FinTech), InsurTech replaces legacy systems and brings in digital innovation in the insurance sector for efficient administration, claims, pricing and underwriting agility. Mentioned below are the 4 Vietnamese InsurTechs that are transforming the sector with their offerings and developments in the country.

INSO

Founded in 2018, INSO aims to partner with local leading insurance companies to provide innovative, affordable and accessible online insurance products paired with optimal claiming procedures. Ultimately, the company wants to improve the life security of the Vietnamese people and ultimately increase the insurance penetration rate in Vietnam.

INSO is an insurance application on mobile phones where the InsurTech wants to shorten the time and procedure for buying and claiming insurance for customers, thereby increasing users’ awareness of the benefits of insurance and the rate of insurance registration.

The company applies OCR (optical character recognition) technology, computer vision technology, and deep learning technology along with deep customer understanding and processes.

OPES

OPES was born in 2018 with the ambition to become a pioneer in the field of digital insurance, providing insurance products integrating technology and improving user experience. OPES wants insurance not only to be a comprehensive protection solution but also to accompany customers in all the experiences of life.

The company offers smart products that are said to be unique where they are personalised and tailored to individuals and lifestyles. OPES Insurance benefits can be viewed, bought, paid and settled anytime and anywhere via any device.

Papaya

Papaya was created to improve the health and happiness of employees while simplifying the benefits administration for corporates. It is said to be focused on pioneering new employee benefits strategy by giving the employees the power to make personalised healthcare choices through the Papaya App and Benefits Administration Portal for corporates to manage all Employee Benefits aspects ranging from enrolling of the employee, adding dependents, to selecting the right benefits.

Papaya is said to be backed by global funds and strong partnerships with top tier insurers and wellness providers.

SaveMoney

The insurance technology company specialises in building a digital insurance platform for banks, hospitals, and telco companies based on strategic cooperation to share sustainable economic benefits. The company’s goal is to serve millions of Vietnamese who are currently uninsured. SaveMoney’s main business model is to develop and build personal consumer financial services for a company that owns large customer data sets.

The InsurTech is an intermediary connecting the companies who own the data sets with retail and financial service providers. Launched in August 2013, Savemoney desires to contribute to the Vietnam technology platform, focuses on AI technology which allows computer systems to perform special tasks that require the intelligent behaviour of humans.

The company provides digital insurance platform solutions for big data applications from telecommunications, banks, companies, social networks, super app companies, e-wallets, etc. Currently, SaveMoney has successfully deployed for 35 million Vinaphone subscribers who can buy insurance easily by texting on the phone.

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