According to the Vietnam Business Survey, in 2019, Vietnam has 65 insurance companies including 31 non-life insurance companies, 18 life insurance companies, 2 reinsurance companies and 14 insurance brokerage companies. Total insurance revenue is estimated at over VND 160,000 billion, contributing 2.9% of GDP.
It can be seen that the market potential of this industry is extremely large, besides, the operating costs of enterprises in this industry still exist many big problems, some typical issues like:
Manual Flow & Takes Time
Create and issue Insurance certificate manually by writing in the hard form, get approval and waiting for the certificate in hardcopy.
New Insurance requirement, value, customer payment…will only send back to Insurance company in excel file at the end of day/week and human resources required to mapping the information into core insurance.
No Data analytic and comparison
No tool for end customer to compare insurance product, provider and pricing.
Product for customer still as per customer search or requirement not based on data analytic or customer behavior to feature the right on demand product at surfing time.
Lack of online payment method
Payment for insurance still in traditional way of cash on delivery or bank transfer.
The process of performing an insurance business in the traditional way
Therefore, The BOD of Centech Interactive recognizes the potential from digitizing insurance management and sales processes, increasing profits from reducing operating costs.
In February 2019, Insbank – Centech Interactive’s first Insurtech project was officially launched, with the expectation that the product will help reduce the operating time in the insurance sales process, provide sales management tools. effective products for the insurance industry, thereby increasing labor productivity, increasing profits for businesses.
With an experienced technical team in the field of Information Technology, the Board of Directors with quick guidelines and decisions, Centech Interactive believes this will be an administrative revolution of Vietnam’s insurance industry in response to the spirit of today’s Revolution 4.0.