Vietnam insurtech: Navigating challenges and capitalising on emerging opportunities

The burgeoning tech-driven insurance landscape in Vietnam is swiftly progressing, disrupting the entire insurance sector. The number of Insurtech firms has accelerated since 2018, and the net revenue of these players has achieved an extraordinary CAGR of 255% during the period from 2018 to 2022.

Insurtech plays a dual role, simultaneously supporting and challenging traditional insurance companies by providing diverse insurance solutions for both industry players (B2B model) and end-users (B2B2C model).

Despite significant growth potential, Insurtech in Vietnam faces numerous obstacles, including limited funding and resources, heavy dependence on traditional insurance firms, low brand awareness and trust among middle-aged and older customers, data privacy concerns, and incomplete regulatory framework.

As Insurtech continues to evolve, its ability to navigate challenges and capitalize on emerging opportunities will shape the future of Vietnam insurance market. Here are key trends to watch:

• Extended arms of conventional insurance
• Embedded insurance with omni channel distributions: Keys for boosting coverage
• Tailoring products for diverse demographics: a strategic approach for long-term growth
• Navigating headwinds and tailwinds: data security, funding, and elevating customer experiences

You can refer to our full insight article HERE.

For FiinGroup’s firm credentials in Financial Services and Insurance sectors, please refer to this LINK

You can also check out other reports covering key sectors of Vietnam including Cold Chain, Water Supply, Banking, Healthcare, Housing Builders, and Plastic etc. on our website: https://fiinresearch.vn

About FiinGroup

FiinGroup is Vietnam’s leading provider of financial data analytics platforms, business information, market research and consulting, credit ratings, and other data-driven analytics services via Platform as a Service (PaaS), annual package, and on-call services.

FiinGroup has successfully supported various local and foreign investors conduct market assessment, commercial due diligence, merger filing support and deal/market entry advisory works to penetrate/ expand in many key sectors in Vietnam including financial services, fintech, infrastructure and utilities, environmental sectors, logistics, construction and building material, etc.

For more information about FiinGroup’s support and other investor services and how we can support, please call +84 (24) 3562 6962 or email to research.support@fiingroup.vn.

For FiinGroup’s credentials in Financial Services and Insurance sectors, please refer to the LINK.