GlobalCare, a Vietnam-based B2B insurtech provider, has received an undisclosed amount of funding from VinaCapital Ventures.
It is not clear how GlobalCare is going to utilise the capital. We are contacting the startup for more details and will update this news story accordingly.
Launched in 2017 by Niem Thi Ngoc Dinh and Loi Minh Hang, GlobalCare allows insurance companies and agents to sell policies via a cloud-based and on-premises app. The solution enables end-to-end service management, including monitoring transaction history and processing claims.
The firm also provides insurtech solutions to ride-sharing companies, which offer insurance coverage to its drivers and users. In addition, it develops a technological solution for more than ten major insurance distribution channels and 200,000 agents.
GlobalCare said in a press statement that its network of more than 3,000 O2O stores provides consumers with various insurance products.
“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 market is still nascent. As per a Statista report, the non-life insurance penetration rate was at a meagre 0.91 per cent in Vietnam in 2020.
“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 latest funding round rides on the tailwind of the pandemic-induced surge in demand for insurance products.
Last year, as incumbent insurers rapidly increased their technology requirements and capabilities, global investors took bets on insurtech firms to an all-time high of US$7.5 billion and are expected to accelerate in the Southeast Asia market in 2021.
Vietnam’s Medici, Indonesia’s Fuse and Lifepal, Thailand’s Fairdee and Singapore’s Bolttech are some prominent insurtech startups that have received funding in 2021.
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Image credit: VinaCapital
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