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Insurtech investments are being promoted in Vietnam

VinaCapital Ventures invested in the insurtech startup GlobalCare

VinaCapital Ventures invested an undisclosed amount in the insurtech startup GlobalCare. Hoang Duc Trung, Director of VinaCapital Ventures said that GlobalCare was a model startup they wanted to invest in. Vietnam’s non-life insurance segment reached about 2.3 billion USD in 2019. “We believe GlobalCare has enough position to significantly dominate the expected growth of Vietnam’s insurance industry”, he said. Trung said. Dinh Thi Ngoc Niem and Hang Minh Loi co-founded GlobalCare in 2017. Nhiem is a veteran with more than 15 years of experience in the insurance industry. She held many roles at Bao Viet, PVI, Liberty, GIC,… The GlobalCare team are experienced personnel in the fields of insurance and IT. 

The investment signing ceremony was carried out online.

GlobalCare supports major insurance companies and distribution agents. They are supported to sell insurance products through cloud computing technology solutions. The platform connects to more than 3,000 distributors and online merchants. GlobalCare also connects with other leading service sharing platforms. GlobalCare has provided complete solutions to more than 10 major distribution channels and 200,000 insurance agents. This platform’s current customers can purchase 15 different product categories. These include health, business interruption, cell phone, auto, and accident insurance. Bao Viet, PVI, PIT, Pjico, MIC and Liberty are all partners of GlobalCare. 

Sumitomo Corporation is to invest in Insmart

Sumitomo Corporation announced that it would invest tens of millions of dollars in Insmart. According to Sumitomo Corporation, Insmart is the largest TPA service company in Vietnam with 60% market share. The company has about 1.5 million customers and plans to expand the services it offers. The services include remote healthcare, consulting, drug delivery,… Insmart is a insurtech joint venture established in 2010 between Malaysia and Vietnam. This company specialises in providing healthcare services. Insmart is headquartered in Hanoi, registered as an insurance brokerage agent. Insmart independently settles claims for 26 insurance companies, guarantees hospital fees for more than 500 medical facilities. 

Insmart headquarter in Hanoi

TPA (Third Party Administrator) is a compensation support service. Businesses and individuals entrust a third party to assist in collecting records to verify the cause. Accordingly, benefits are settled according to contracts, agreements and rules. TPA service specialises in managing and operating health benefits for employees and insured individuals. They guarantee payment for appropriate medical care, treatment, prescriptions, hospital stays, and visits. They also provide pertinent medical organisation information. In recent years, the population and economy have grown rapidly. There is an increasing need to reduce medical costs, more advanced healthcare services. 

Sources of information include DealstreetAsia and NikkeiAsia.