Through its joint fund with Kyobo Securities from South Korea and NTUitive from Singapore, SBI Ven Capital led the Series A funding round for Vietnamese insurtech startup Saladin, raising an undisclosed sum.
Saladin said in a statement on Friday that both new and current investors, including ICMG, Peak XV Partners, and Monk’s Hill Ventures, participated in this round.
Saladin plans to go beyond non-life products after this Series A and enter markets that have traditionally required offline consultations.
For example, the company intends to launch life insurance products made especially for online distribution, like term life and comprehensive health protection.
Both off-the-shelf products and customized financial protection plans for clients are included in this expansion.
In order to guarantee a smooth and dependable customer experience from claims to service operations, Saladin will also improve its customer journey.
They have also been using the newest AI technologies to increase productivity, personalization, and trust in digital insurance interactions in order to stay ahead of the competition.
In order to co-create specialized protection solutions for end users, partnerships with big businesses will also be a major focus, particularly in the areas of health, term life, and travel insurance.
Saladin is a multi-channel distribution platform and digital-first insurance brokerage that was established in Vietnam in 2022.
For partner platforms, the company develops customized and integrated business-to-business-to-consumer (B2B2C) solutions. At the same time, it integrates with major consumer ecosystems, including payment, travel, healthcare services, and more.
Almost a million distinct clients have been served by the company’s platform to date, and it has partnered with fifteen of Vietnam’s top insurers.
With plans to greatly expand training and financial literacy support, its agent and collaborator program, Saladin Pro, has drawn over 15,000 registered partners.
It is observed that the timing of this fundraiser is intriguing given the state of Vietnamese insurance.
In the past, it has encountered macroeconomic obstacles like industry reforms and regulatory changes that impact bancassurance sales. Nonetheless, the market has proven remarkably resilient, and it is currently going through revolutionary changes that are expected to spur insurtech adoption.
Saladin’s founder and CEO, Vivien Vân Lê, is optimistic about the future of insurance in Vietnam, pointing to a legal environment that is becoming more and more digital.
