GlobalCare, an aggregator for Vietnam’s insurance industry

(VOVWORLD) - VinaCapital Ventures, a technology investment platform of VinaCapital Group, has recently announced an investment in GlobalCare, an insurtech company that provides solutions for the sales and administrative processes for insurance agencies and business partners selling non-life insurance policies. The investment amount was decided on GlobalCare’s effective performance against the pandemic difficulties worldwide. We talked with Hang Minh Loi, GlobalCare’s co-founder, to explore the company’s path to success.
GlobalCare, an aggregator for Vietnam’s insurance industry - ảnh 1
Bao Tram: Can you describe GlobalCare?

Minh Loi: GlobalCare offers a platform that lets insurance companies and agents sell policies through a cloud-based app. This allows insurers to perform tasks such as monitoring transaction history and processing claims more easily while giving customers an access point for their non-life insurance needs.

Bao Tram:  As a 4-year-old startup, what are the company’s biggest achievements to date?

GlobalCare, an aggregator for Vietnam’s insurance industry - ảnh 2Hang Minh Loi, GlobalCare’s co-founder

Minh Loi: GlobalCare started to transform the business in early 2019 and we have been working very closely with our customers. The business model is B2B2C, so our customers are online/offline merchants who would like access to innovative tech solutions and a wide range of insurance products from top insurers in the market.

Bao Tram:  GlobalCare is an insurtech company. What is potential for GlobalCare to develop insurtech in Vietnam?

Minh Loi: In the last two years, Vietnam’s insurance industry has changed rapidly in the aspect of consumer purchasing behavior from offline to online. This is an opportunity that will escalate the digital transformation process for the entire sector. Those who do not adapt will be left behind. So insurtech is a potential market and is the first stage of digital transformation. Simultaneously with insurtech, insurance products are technologized, making it easy for people to purchase and easy to communicate with sellers, and receive useful insurance information to make insurance policies more transparent and friendlier to customers.

Bao Tram: In recent years, Vietnam has paid a great deal of attention to digital transformation in all fields. How has GlobalCare engaged in the process?

Global Care is positioned as an insurtech startup, so the vision is to lead the digital transformation to help insurance agencies and other distributed channels offer insurance products through the most flexible, convenient, and tech-driven solutions. 

Bao Tram: VinaCapital Ventures, a technology investment platform of VinaCapital Group, last month announced an investment in GlobalCare. What does the move mean to the company’s development?

Minh Loi: The GlobalCare team knows fundraising is only the beginning. It means more hard work and challenges ahead as we now shoulder bigger responsibilities and higher expectations from more people. The team is focusing on developing and scaling business to reach our next milestones as soon as possible.

Bao Tram: Thank you for taking the time to talk with us! That was Hang Minh Loi, co-founder of GlobalCare.  

Minh Loi: Thank you very much.

GlobalCare’s distributors and agencies include more than 3000 offline to online stores.

GlobalCare provides a complete technology solution for more than 10 major insurance distribution channels and 200,000 agents.

GlobalCare’s solution transforms the process of buying insurance – which can often take days – into one that takes just minutes.

More than 15 types of insurance products can be purchased through GlobalCare’s platform, including health, business interruption, mobile phone, auto, and personal accident policies. Its key insurance partners include Bao Viet, PVI, PTI, Pjico, MIC, and Liberty.