Vivien Van Le experienced a series of realisations and frustrations throughout her corporate career across various industries, including online travel, consumer finance, ride-hailing/delivery, and entrepreneurship.
For instance, there was a clear need for travel insurance for visa applications and protection against travel-related risks like flight delays and hospitalisations. Insufficient coverage for passengers and goods in the ride-hailing and delivery sectors, along with challenges in obtaining healthcare insurance, highlighted broader difficulties in accessing insurance, especially for millennials and Gen Zs.
These experiences highlighted significant gaps in insurance accessibility and understanding in Vietnam and across Southeast Asia. Driven by the urge to address these challenges, Le founded Saladin in 2021 to make insurance more accessible and comprehensible for all.
Saladin is a digital platform to connect insurers, intermediaries, and customers. Its services include advanced pricing solutions, claims management tools, and resources for customers and agents to find the most affordable and personalised insurance options.
Southeast Asia’s insurance penetration rates are significantly lower than global averages, with the region averaging 3.6 per cent compared to the global 6.3 per cent and per capita premiums standing at US$135 versus the global US$682.
Empowering millions in Southeast Asia
“Saladin was established with a clear objective: to empower millions of customers and agents to find the best insurance offers, whether personalised, competitively priced, conveniently accessible, or delivered swiftly and securely. Its overarching goal remains grounded in the fundamental principles of insurance: ensuring greater protection and risk-sharing among individuals and businesses,” said Le.
Saladin has an in-house team of insurance agents dedicated to providing consulting and customer service support, both pre and post-sales, to ensure a better customer experience. Licensed as an insurance broker, corporate insurance agency, and Third-Party Administrator (TPA) in Vietnam, the startup has primarily focused on non-life insurance but is poised to expand into life insurance soon.
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Le emphasised that Saladin prioritises the value of its tech-driven products and services to enhance efficiency and customer relationships. For example, its platform allows customers and agents to obtain car insurance quotes from multiple insurers within seconds and complete purchases in minutes, with instant policy issuance. In contrast, the general market takes several days to get the same service.
Additionally, for delivery and flight insurance, Saladin can detect, notify, and process claims for trip delays within seconds.
“Customers and agents can use our platform to select or customise the products, accompanied by personalised after-sales support. Any support requests related to your insurance policy will be handled by us on your behalf, ensuring a timely resolution with the insurance company,” she added.
Saladin serves consumers, agents, and insurers across the region.
- For consumers, it offers a one-stop insurance solution that simplifies the process of finding suitable packages. It allows easy comparison, selection, payment, e-policy receipt, and claims submission.
- Agents benefit from free online tools that provide access to a vast pool of potential customers. These tools enable agents to introduce various insurance products and earn commissions without extensive expertise.
- For insurers, Saladin’s tech-driven approach attracts millennials and Gen Z customers who prefer efficient online platforms. Its technology services, customer support, and online claims platform enhance productivity, security, and customer experience while aiding in fraud control.
The company has partnered with nine leading insurers in Vietnam to date and claims to have served about 600,000 unique customers with nearly 10 million policies sold.
“Our agile and cost-effective solutions help overcome barriers associated with legacy systems, enabling insurers to reach customers faster with innovative products through revenue-sharing principles,” remarked Le.
Overcoming challenges and building trust
Le noted that the challenges faced in the insurtech industry closely mirror those in other sectors, such as e-commerce, ride-hailing, online travel agencies, consumer finance, and digital banks. These challenges mainly involve migrating customers from traditional offline practices to digital methods and building credibility as a new player like Saladin.
“To tackle these challenges, we’ve prioritised market education and collaboration with leading insurers and trusted partners nationwide,” Le explained. “By demonstrating the tangible benefits of digital transformation and ensuring seamless integration with existing systems, we’ve alleviated previous concerns and built trust amongst stakeholders at all levels.”
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Le also mentioned that the insurtech firm had made significant investments in compliance, both in technology and business operations, to meet increasingly stringent regulatory standards typically implemented in more developed markets. Obtaining broker insurance and TPA licenses in Vietnam and implementing rigorous training programs for their staff have been pivotal steps in ensuring top service standards and strict regulatory compliance.
Saladin’s investment journey and future aspirations
Saladin has been funded through a combination of angel and VC investments. Last year, it announced completing its Series A round, led by Monk’s Hill Ventures, with participation from Peak XV Partners, Venturra Capital, and Patamar Capital, as well as a group of angel investors.
The company is now open to exploring additional funding opportunities to accelerate its growth and expand its market reach. The new round will support product development, market expansion, and talent acquisition.
Saladin’s long-term aspiration is to emerge as the premier insurtech platform in Southeast Asia, delivering substantial value to all stakeholders by continually elevating its standards as its operations evolve.
“Our satisfaction stems not only from celebrating major milestones but also from the daily recognition of our ability to help both new and returning customers effectively. We find fulfilment in customer satisfaction and are especially driven by specific feedback that allows us to refine and enhance our services for the future.,” concluded Le.
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Image credit: Saladin
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