The latest development involves the modernization of the insurance industry there to enhance financial inclusion and healthcare accessibility.
Vietnam’s digital transformation is taking place slowly but surely. The latest example of digital modernization has reached the insurance sector.
Under the terms of a 10-year agreement (subject to the satisfaction of certain conditions), a life insurance firm will become part of an e-commerce platform that aims to meet “the diverse and increasing financial needs of Vietnamese people.”
The partnership between insurer AIA Vietnam and e-commerce platform Tiki signals a new form of collaboration between insurers and e-commerce players in the country, offering various digital lifestyle propositions through a customer-centric distribution model. The insurer will become the e-commerce platform’s exclusive insurance partner, enabling millions of customers to gain access to health insurance and financial products.
According to AIA Vietnam’s CEO Wayne Besant: “United by a shared vision to deliver seamless health and protection to Vietnamese families, we will focus on three distinct areas: lifestyle benefits and innovative distribution; distinctive digital health and wellness offerings; and other financial and e-commerce propositions.”
Tiki’s founder and CEO Tran Ngoc Thai Sonsaid:“Insurance is a great way to take care of oneself and one’s family and help society at the same time, by creating personalized life and health insurance solutions for everyone, every need and every circumstance in a seamless, digital-first experience.”
Just last month, one of the country’s largest joint-stock banks doubled down on its digitalization efforts to gain an edge by addressing unmet needs and deepening financial enablement for both Vietnamese small and medium-sized enterprises (SMEs) as well as the larger population.
Last year, digital banking initiatives also bode well for the country’s slow-but-steady modernization. This year, TECHFEST Vietnam will continued to boost digital innovation, talent-pool education and entrepreneurship incubation.