VinaCapital Ventures has invested an unknown sum in GlobalCare, a Vietnam-based B2B insurtech company.
It is unclear how GlobalCare intends to use the funds. We’ve reached out to the startup for more information and will update this article as needed.
GlobalCare, founded by Niem Thi Ngoc Dinh and Loi Minh Hang in 2017, is a cloud-based and on-premises program that allows insurance firms and brokers to sell plans. The system allows for end-to-end service administration, including transaction history tracking and claim processing.
Insurtech solutions are also provided to ride-sharing businesses, which give insurance coverage to its drivers and users. It also creates technology solutions for over 10 main insurance distribution channels and 200,000 agents.
GlobalCare claimed in a news release that its network of over 3,000 O2O outlets offers a variety of insurance solutions to customers.
“It offers a product that solves a pain point, an obvious and realistic business plan that has the potential to scale, and a committed and experienced founder and team,” said Trung Duc Hoang, Partner of VinaCapital Ventures.
The Vietnamese insurance industry is still in its infancy. According to Statista research, the non-life insurance penetration rate in Vietnam in 2020 was a pitiful 0.91 percent.
“As Vietnamese learn more about the importance of having insurance to protect them, their families, and their businesses, we aim to provide a platform that removes the inconveniences that can occur when buying insurance products,” said Dinh.
GlobalCare’s current fundraising round benefits from the spike in demand for insurance products caused by the epidemic.
Global investors boosted their bets on insurtech businesses to an all-time high of US$7.5 billion last year, as incumbent insurers quickly increased their technological requirements and capabilities. This trend is anticipated to continue in the Southeast Asia market in 2021.